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Are Congressional Staffers Engaged In Insider Trading?
Oct 13, 2010
This story from the Wall Street Journal has been making the rounds of the blogosphere: “Congressional Staffers Gain from Trading in Stocks,” by Brody Mullins, Tom McGinty, and Jason Zweig.
Professor Bainbridge explains the current law on insider trading here, and argues that the staffers could be found in violation of insider trading regulations.
Far be it from me to encourage the wider application of this alleged crime. To me, insider trading seems like a violation of trust and more properly handled as a legal issue between the two parties than as a crime. That is, as I said in the case of Bob Moffat, insider trading seems to me more like adultery than larceny.
Still, I can agree with this concluding remark by Professor Bainbridge: “It’s appalling what those folks in DC get up to, especially when most of them spend so much of their time demonizing business.”