No More Legalized Insider Trading for Congress?
April 4, 2012
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It’s nice that President Obama signed the so-called “STOCK Act” today thus putting into effect legislation that “prohibits members of Congress from financial market trading based on nonpublic information they have obtained in the course of their congressional work” (quote from CBSNews.com). Well, we’ll see. I’d bet anything that before the one-year anniversary of today’s signing comes around, our representatives in DC will have found ways around the law and will be profiting from privileged information just as they always have.
Plus ça change, plus c’est la même chose.