As we posted here, 60 minutes on congressional insider trading, the cesspool of traitors Congress has the privilege of not abiding by laws the rest of us must go by. But hey, thats o.k. it's our trusted elected servants right. Why should be entitled to use the power of their positions to get rich first. Maybe second to because after all, when is it that they actually serve us?
From the Wall Street Journal (emphasis and comments as always we are guilty of):
Members of Congress already get better health insurance and retirement benefits than other Americans. They are about to get better insider trading laws as well.
So this is how it works. People get pissed because congress uses their position of power to do what is illegal for everybody else. So what do they do? They increase their potential to profit off their elected positions!
Several academic studies show that the investment portfolios of congressmen and senators consistently outperform stock indices like the Dow and the S&P 500, as well as the portfolios of virtually all professional investors. Congressmen do better to an extent that is statistically significant, according to studies including a 2004 article about "abnormal" Senate returns by Alan J. Ziobrowski, Ping Cheng, James W. Boyd and Brigitte J. Ziobrowski in the Journal of Financial and Qualitative Analysis. The authors published a similar study of the House this year.
Democrats' portfolios outperform the market by a whopping 9%. Republicans do well, though not quite as well. And the trading is widespread, although a higher percentage of senators than representatives trade—which is not surprising because senators outperform the market by an astonishing 12% on an annual basis.
How can that be astonishing. When you have an edge no one else in the country has 12% is only testament to their stupidity. Yet they are in control of our money.
These results are not due to luck or the financial acumen of elected officials. They can be explained only by insider trading based on the nonpublic information that politicians obtain in the course of their official duties.
Strangely, while insider trading by corporate insiders has long been the white collar crime equivalent of a major felony, the Securities and Exchange Commission has determined that insider trading laws do not apply to members of Congress or their staff. That is because, according to the SEC at least, these public officials do not owe the same legal duty of confidentiality that makes insider trading illegal by non-politicians.
And why is that we might wonder. No we won't wonder, we know. It is an incestuous relationship between corporations, lobbyist, politicians and those that are supposed to police them!