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Given how common it is for members of Congress to become mega millionaires over a few decades on a job that pays ~$200k/yr, I wouldn't trust them in this capaci
by just2n 9y ago
Given how common it is for members of Congress to become mega millionaires over a few decades on a job that pays ~$200k/yr, I wouldn't trust them in this capacity.
How many of us would hold steady in our own ethics and morals if someone routinely offered something like a $2,500,000 payday and we had no risk at all of being fired or jailed?
- bdhess 9y ago> Given how common it is for members of Congress to become mega millionaires over a few decades on a job that pays ~$200k/yr Can you provide a source for this? Don't know much about the topic but I've always assumed that, in general, Congressmembers who are wealthy were already wealthy before they were elected to Congress.
- devonkim 9y agoIf you look at the rate of returns on their investments, they would outpace a lot of Wall Street and definitely most index funds. https://mobile.nytimes.com/2011/07/10/business/mutfund/congressional-portfolios-outpacing-the-market-essay.html https://mobile.nytimes.com/2011/07/10/business/mutfund/congr...
- rayiner 9y agoFrom a different article, that study has some odd data points: > The study found some significant difference based on party membership and seniority, with the Democratic sample beating the market by nearly 9% annually, versus only about 2% annually for the Republican sample. > And representatives with the least seniority considerably outperformed those with more seniority.
- panarky 9y ago"Congress Tells Court That Congress Can’t Be Investigated for Insider Trading" https://theintercept.com/2015/05/07/congress-argues-cant-investigated-insider-trading/ https://theintercept.com/2015/05/07/congress-argues-cant-inv...