Wednesday, October 13, 2010

Congressional staff gain from trading in stocks overseen by employers

The Wall Street Journal on October 11 looked at congressional financial disclosures and found 72 staffers of both Republicans and Democrats who held shares in companies overseen by the staffers' employers.
    "Unlike many Executive Branch employees, lawmakers and aides don't have restrictions on their stock holdings and ownership interests in companies they oversee. Congressional rules say that requiring employees to do so could "insulate a legislator from the personal and economic interests that his or her constituency, or society in general, has in governmental decisions and policy." An analysis of financial-disclosure forms for 2008 and 2009 compiled by the website LegiStorm shows that several hundred congressional aides bought or sold stocks. At least 72 traded the stocks of companies their bosses write laws for."
Congressional Staffers Gain From Trading in Stocks -
While the rest of us piddle around in 4-5% gains, they're doing 90%+, but hey--no conflict; husbands and wives don't even discuss what's going on--the money just keeps on rolling in. And if you believe that. . .


Anonymous said...

Murray sez:
Perhaps THIS is the "trickle down" we hear so much about!

Norma said...

You might be right--rich congressional staffers can spread the wealth around, buy new homes, boats, pay for college, and eventually the rest of the peons will benefit.