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View Diary: Insider-Trading by a Top DeLay Staffer in Congress? (82 comments)

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    SarahLee, Patricia Taylor

    But I am still puzzled as to what the Representative is referring too. I think, if I am understanding this right, the staffers are getting knowledge from the floor of the House that is technically public information but has yet to be widely disseminated. In other words they are getting the same knowledge that someone could get if they were sitting through the hearings and then calling those trades in from their seat in the House. In other words they are not getting non-public information which is clearly illegal no matter who you work for,they are getting better information by virtue of their proximity to the action. If that is the case then it is relatively easy to fix. Simply introduce a rule that all staffer and employees of govt. officials are prohibited from trading in accounts for some time period after a vote is taken in the in the House or Senate. This would not be dissimilar to the action taken by public companies to prohibit employees from buying or selling the stock of their company around the period of an earnings release.

    However the idea that we even have to have this discussion in the first place is just appalling. One would think that there would be plenty to do without trading stocks when you are supposed to be working for the public good.

    He who makes a beast of himself gets rid of the pain of being a man...Dr. Johnson (HST)

    by mikeypaw on Tue Mar 28, 2006 at 05:46:00 PM PST

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