More Congressional Evil

The Washington Post informs us-

One-hundred-thirty members of Congress or their families have traded stocks collectively worth hundreds of millions of dollars in companies lobbying on bills that came before their committees, a practice that is permitted under current ethics rules, a Washington Post analysis has found.  The lawmakers bought and sold a total of between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to an examination of all 45,000 individual congressional stock transactions contained in computerized financial disclosure data from 2007 to 2010.

It’s ok for Congress to do it because Congress makes it’s own rules for itself.  If others do it, it’s called insider trading and they go to prison for it.  Just ask Martha Stewart.

Almost one in every eight trades — 5,531 — intersected with legislation. The 130 lawmakers traded stocks or bonds in companies as bills passed through their committees or while Congress was still considering the legislation. The party affiliation of the lawmakers was almost evenly split between Democrats and Republicans, 68 to 62.

Party doesn’t matter- if they’re in Congress, they’re self-serving.

Sen. Tom Coburn (R-Okla.) reported buying $25,000 in bonds in a genetic-technology company around the time that he released a hold on legislation the firm supported. Rep. Ed Whitfield (R-Ky.) sold between $50,000 and $100,000 in General Electric stock shortly before a Republican filibuster killed legislation sought by the company. The family of Rep. Michael McCaul (R-Tex.) bought between $286,000 and $690,000 in a high-tech company interested in a bill under his committee’s jurisdiction.

Conflict of interest anyone?  And these are the sorts of people you keep sending back to Washington.  Don’t complain about them anymore if you vote for them.  You are their enablers.

5 thoughts on “More Congressional Evil

  1. Pingback: Congressional rules on trading had their start in 1789 – The Washington Post « Ye Olde Soapbox

  2. Pingback: Lawmakers sell off stock in company included in Senate investigation – The Washington Post « Ye Olde Soapbox

  3. It’s not merely insider trading. Insider trading is using non-public information to predict who will be the winners and losers.

    This is having that ability to choose those winners and losers, and make sure that you’re on the winning side of the transaction. It’s slimier, more disgusting, and more loathsome than even insider trading.

    I still think that our Congresscritters should be required to wear NASCAR-style uniforms that show their major corporate sponsors and holdings so that when they fall over themselves to apologize for CEO’s who are supposedly called to testify, we see that they’ve already been bought and paid for by said CEO’s. The recent hearing involving JP Morgan Chase, in which 16 of the 20 Senators had received campaign contributions from JPMC, are a perfect example of what’s wrong with our Congress.

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  4. Pingback: Members of Congress Profit From Stock Trades in Companies Affected by Their Legislation « News World Wide

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