Skip to comments.Congress Members Took Part in Insider Trading: Abramoff
Posted on 11/11/2011 9:45:39 AM PST by Dubya-M-DeesWent2SyriaStupid!
As many as a dozen members of Congress and their aides took part in insider trading based on foreknowledge of market moving information on Capitol Hill, disgraced Washington lobbyist Jack Abramoff told CNBC in an interview.
Abramoff, who was once one of the wealthiest and most powerful lobbyists in Washington before a corruption scandal sent him to federal prison for more than three years, said that many of those members of Congress bragged to him about their stock trading prowess while dining at the exclusive restaurant he owned on Pennsylvania Avenue.
(Excerpt) Read more at cnbc.com ...
Well is he going to name names?
The media will use this to distract from the real corruption in Washington.
The MSM gets breathless about nothing-burgers like Abramoff and Valerie Plame, but looks the other way about Solyndra and Fast/Furious.
hhmm....didn’t harry reid have close ties to abramhoff despite claiming it was all GOP corruption??
Seems obvious just based on their rate of return.
“Generally, however, legal analysts say that Wall Street insider trading laws do not apply to Congress. As an open and public institution, the legal assumption has long been that any member of the public can have access to information about how Congress works. In practice, though, that’s simply not true, as powerful members of Congress come into contact daily with market-moving tidbits. That gap between the law and the reality has made Capitol Hill a virtual free-fire zone for insider trading. Over the years, academic studies have found that members of the House of Representatives beat the market by as much as six percent per year and members of the Senate do even better than that.”
Note that staffers are getting rich too on insider trading. Congress critters may be exempt. But how ‘bout going after staffers?
I believe that Congress has the only exception to insider trading, which allows them to do it free from worry.
In other words , it’s legal for Congress to use insider trading.
Seriously...were they born to rip off?
Good odds the names are on this list...
All of the RINO’s and democrats on this list need impeached.
No kidding. Nancy Pelosi’s net worth has increased by some 2600% since she went to congress.
if he wants to stay alive,
abramhoff will not name names.
How much longer, Lord? How much longer?
Odd that both parties growth average is $75m.
This scandal goes back decades, how in the heck do you think most of them got so rich so fast, both parties. Hang them all I say!
If he is selective and only names Pubs, he will be fine
Why are there over 60% of lawyers in Congress? EASY MONEY? Greed? Naaah, they are there to help the people who put them there. Riiiiight. Term limits for Congressman, and share the wealth.