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I'm with you. At this point the extremely open-ended, poorly written and understood laws exist to serve the uber-ambitious career-building prosecutors seeking t

• shit_parade 12y ago
  Insider trading laws also practically do not apply to members of congress -- prior to 2013 congress was exempt to insider trading restrictions and they have since scaled back reporting requirements. As a class, congress magically out performs the market every year, yet I don't know of any instances a sitting member of congress being charged with any insider trading charges.
  • rayiner 12y ago
    Maybe not: http://www.yale.edu/leitner/resources/papers/Eggmueller_2011-02.pdf http://www.yale.edu/leitner/resources/papers/Eggmueller_2011... ("The average investor in Congress underperformed the market by 2-3% annually during this period, a finding that contrasts with earlier research showing uncanny timing in Congressional trades during the 1990s. Members in- vested disproportionately in local companies and campaign contributors, and these political" investments outperformed the rest of their portfolios (local investments beat the market by 4% annually). Our findings suggest that informational advantages enjoyed by Congressmen as investors arise primarily from their relationships with local companies, and that widespread concerns about corrupt and self-serving investing behavior in Congress have been misplaced.")