New Book: Insider Trading Rampant in Congress
Members reap benefits of policy knowledge on Wall Street
By Matt Cantor, Newser User
Posted Nov 14, 2011 10:23 AM CST
Updated Nov 19, 2011 6:58 AM CST
Peter Schweizer questions the trading moves of Sen. John Kerry.   (AP Photo/Alex Brandon)

(Newser) – In Congress, it’s easy to do the kind of stock trading that “would send the rest of us to prison,” writes Peter Schweizer in a new book on the Hill’s upside-down ethics. Members of Congress are, of course, equipped with insider knowledge about upcoming policy, and they’re able to play the market based on that knowledge, Schweizer asserts. In Throw Them All Out, the author probes the trading activities of a handful of congressional leaders of both parties, and finds evidence of questionable dealings.

The author’s “holy crap” moment came during an investigation of John Kerry. The senator’s brokers bought stock in 103 pharmaceutical firms in 2003, right around the time of new Medicare legislation that benefited the companies. If a health care exec with knowledge of upcoming legislation made a similar move, he could face an SEC probe, Schweizer notes. “The only group in America that we exempt is politicians, who are probably the last people about whom we should be saying, ‘Oh, we’ll take their word for it,’” he tells Newsweek.

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Showing 3 of 53 comments
gilgordan
Nov 21, 2011 2:43 PM CST
So whats wrong with America and Capitalism???? This is the only place in the World, that the Rich steal from the Poor! I don't think so! This is the Human Race as it has been since recorded time, so what has changed? Nada, Nothing, so stop you wining, and either participate or die. You have the choice! Only the strong should survive and the rest should serve them, right?? The above is so wrong that even the worst of dictators from ancient to modern time wouldn't concede it. If you think this then you may be destine for a rude rude awakening
Derni
Nov 19, 2011 6:23 PM CST
Let's see..Greed and insider trading is taking place in congress..=congress makes the laws..congress overlooks it's own behavior..congress lies cheats and gets away with anything until the media makes such a big deal out of it and is constantly making it a news item that change as to occur..but the money of corporations can change this attempt to go after congress..the plutocracy rules..
Reader68307102
Nov 19, 2011 6:00 PM CST
Methinks the gallows might work well for our brooks bros criminal class.