US Congressman: Insider trading Law not for us, but for u# Stock
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In a new academic study, four university professors examined investment
results on more than 16,000 The result was clear: They beat the market by an
average of 0.55% per month, around 6.6% a year. The professors note a
previous study showed members of the U.S. Senate did so well they
outperformed hedge funds.
In fact, if members of Congress didn't beat the market, they'd be bigger
morons than you already think they are. Why? Because insider trading laws
don't apply to members of Congress…
You heard that correctly. The Securities and Exchange Act does not apply to
members of the U.S. Senate or House of Representatives. Congressional ethics
rules say Congressional members aren't allowed to use privileged
information for personal gain. But it's just a rule, not a law. It's not
legally enforceable. And it's obvious they're taking excess profits out of
the stock market…
This must be one of the most underreported financial stories of the century.
Take one example: The Senate Armed Services Committee forbids staff and
presidential appointees requiring Senate confirmation from owning securities
in more than 48,000 companies that contract with the Defense Department.
But 19 of the 28 senators on that same committee held assets worth between $
3.8 million to $10.2 million in companies on the prohibited list between
2004 and 2009.
results on more than 16,000 The result was clear: They beat the market by an
average of 0.55% per month, around 6.6% a year. The professors note a
previous study showed members of the U.S. Senate did so well they
outperformed hedge funds.
In fact, if members of Congress didn't beat the market, they'd be bigger
morons than you already think they are. Why? Because insider trading laws
don't apply to members of Congress…
You heard that correctly. The Securities and Exchange Act does not apply to
members of the U.S. Senate or House of Representatives. Congressional ethics
rules say Congressional members aren't allowed to use privileged
information for personal gain. But it's just a rule, not a law. It's not
legally enforceable. And it's obvious they're taking excess profits out of
the stock market…
This must be one of the most underreported financial stories of the century.
Take one example: The Senate Armed Services Committee forbids staff and
presidential appointees requiring Senate confirmation from owning securities
in more than 48,000 companies that contract with the Defense Department.
But 19 of the 28 senators on that same committee held assets worth between $
3.8 million to $10.2 million in companies on the prohibited list between
2004 and 2009.
