If I found out that we were going to have some great new business venture at Wabash, and purchased a bunch of stock based on that I could and should go to jail.
But if the government is passes a law that is going to benefit them financially in any way, it is NOT illegal for them to trade the stocks. Insider trading DOES NOT apply to the government. I am not making this up.
Please see this link..http://www.thedailyshow.com/full-episodes/wed-february-15-2012-louise-slaughter Yes I get that this is a show from the Comedy Channel and YES i know that it's supposed to be crazy, but the information is TRUE. How do we allow this to go on?
If you have trouble believing it from Jon Stewart...Here "The buying and selling of stock by corporate insiders who have access to non-public information that could affect the stock price can be a criminal offense, just ask hedge fund manager Raj Rajaratnam who recently got 11 years in prison for doing it. But, congressional lawmakers have no corporate responsibilities and have long been considered exempt from insider trading laws, even though they have daily access to non-public information and plenty of opportunities to trade on it." How about CBS news?
I am so sick of this supposed "democracy" that we live in. Geezzz..
Also get this, they keep rejecting laws to fix this .. Hmm wonder why? Why would I pass a law that wouldn't earn me money? How frustrating? Too bad we don't gather together and fix things like this.