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View Diary: Congress Insider Trading - A Republican And Democratic Cesspool of Corruption (104 comments)

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  •  6 percent annually means nothing w/out context. (0+ / 0-)

    What do you suppose that figure is for the entire 1%???

    •  It's not 6% annual return, it's 6% above the (4+ / 0-)

      market returns. It's quite significant. Since a significant part of the market is 1%, they get close to market returns.

    •  More: "Senators outperformed mkt. by 10%..." (1+ / 0-)
      Recommended by:
      Ray Pensador

      the same team of researchers five years ago found members of the higher chamber even better at beating the market....

      ...outperforming it by about 10 percent, an amount the academics said was "both economically large and statistically significant..."

      The researchers...noted that the circumstances are ripe for abuse...

      "In the course of performing their normal duties, members of Congress have access to non-public information that could have a substantial impact on certain businesses, industries or the economy as a whole. If used as the basis for common stock transactions, such information could yield significant personal trading profits," they wrote.

      At the same time, House rules don't require them to divest themselves of common stocks when they assume office, don't prevent them from trading freely while in office -- and don't require them to recuse themselves from votes that could affect their own interests...

      All of which could make one wonder if the people who run for Congress do so to "serve and represent" their constituents, or to enrich themselves...  Especially when we see the "Super Congress" fight so hard to keep the 1% (which includes most of them) from paying a fair and equitable amount of taxes--yet has no problem lecturing us about our need to "sacrifice" and accept austerity measures.  

      After all, who should be required to shore up the Treasury that Congress helped siphon off to the banksters and the defense industry:  The ones, like themselves, who can afford to--or the ones, like us, who they allowed to be ripped off, and who now, for the most part have lost as much or more than the Congress members have gained in personal wealth over the last few years?  

      We must do as they say, not as they do, because, well...because....they say we must...after all we elect them to serve us themselves.

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