Insider trading, the practice of selling stocks based on non-public information, is illegal for private citizens. But it isn't illegal for members of Congress. They can trade on information about regulations that are not public yet. Steve Kroft, of CBS News, sat down with Peter Schweizer from the Hoover Institution to discuss this practice.
It's worth a read in full. Nancy Pelosi participated in an IPO deal with Visa based on non-public information in the credit card regulations she pushed for, adamantly. Spencer Bachus made money betting against the housing market after closed door briefings with Ben Bernanke in 2008.
At Townhall, we frequently write about how regulations benefit big business at the expense of the little guy. It seems like a logical conclusion that it would also benefit the regulators. Hedge fund billionaire Raj Rajaratnam was given 11 years in jail and a $93 million fine for doing what members of Congress do legally every day.
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