US congressmen in insider trading row

John Boehner and Nancy Pelosi in share dealing controversy

Politicians from all around the world, whether in so-called sophisticated democracies or hell-hole dictatorships, are feathering their own nests. And some of these nests are in the US Congress, complete with feathers and fur. What have they been up to? Well, getting to sell shares the minute they are given secret briefings about the dire state of the nation. Treasury officials come in and tell them something, they pop their eyeballs and then go hot-foot to their brokers. Little titbits tell them that their own stock may be about to go south any minute. But these legislating insider traders have written the laws so that they don't apply to them. OK for Lehman Brothers to get to face the music, but these politicians carry on as they may. And why is that? They think they don't get paid enough!

Author Peter Schweizer, who has written a book Throw Them All Out, tells Today business presenter Simon Jack that US politicians have taken part in short selling as well as aggressively trading following these secret government briefings. He names House Speaker John Boehner (R-Ohio), Minority Leader Nancy Pelosi (D-California), House Financial Services Committee Chairman Spencer Bachus (R-Alabama), former Speaker Dennis Hastert (R-Illinois) and ex-Sen. Judd Gregg (R-New Hampshire) as among those attacked for their participation in alleged insider trading and “soft corruption” as he puts it.

If all this is true then the American people know what to do, I would hope. Vote out these insider dealers and soft corrupters and get yourselves some decent folk who don't want or need to feather their own nests in such a sneaky way.

Posted in: insider trading,John Boehner,Nancy Pelosi,Peter Schweizer,US Congress