Sunday, December 4, 2011

Congress and Insider Trading -- Should We Just "Throw Them All Out?"

[Photo of U.S. Capital from]
In the book, Throw Them All Out, author Peter Schweizer recently exposed, among other things, the problem involving various members of Congress using insider information to profit in the stock market.  C.B.S. News also did a follow-up story on 60 Minutes in which they exposed that former House Speaker Nancy Pelosi allegedly profited from such insider information available only to members of Congress.

It is no wonder that Congress is rated below lawyers and used car dealers in the public eye! This practice is outrageous and should be illegal!  Part of the problem is that Congress had exempted itself, (its own members), from application of insider trading laws!  Now, Senator Lieberman and others are reportedly leading the way in Congress to change the insider trading law and make it applicable to members of Congress, too!

This legislation is long overdue.  But is it enough?  Do you believe the new legislation will solve the problem?  Maybe, Schweizer had it right!  Maybe, instead, we should just "throw them all out" and start over!  What do you think?

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