“Questioning the integrity of congressional officials is something like a national pastime lately. Even still, reports that federal elected officials could be leveraging their positions to directly benefit themselves financially, and doing so legally, could come as a shock. But that’s exactly what a “60 Minutes” report, which aired last evening, suggests,” writes Salon.com.
The newsmagazine recently sent Steve Kroft down to Capitol Hill, where he investigated a phenomenon that looks curiously like insider trading — yet appears to be within the bounds of the law — in which members of Congress receive non-public information one day, and then make financial investments related to that knowledge the next. Conservative think-tanker Pete Schweizer, who has researched the subject at length, called the practice “honest graft.”
“This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family,” Schweizer told “60 Minutes” at the top of the report.
My guess is that this issue will blow up big time as the media starts looking into local Congressmen and checking to see who has been dipping into this treasure through.
And CBS news reported yesterday:
A bill to stop “insider trading” in Congress is gaining momentum with two new Senate supporters.
Sen. Scott Brown, R-Mass., today introduced the Stop Trading on Congressional Knowledge (STOCK) Act of 2011, which would prohibit members or employees of Congress, as well as executive branch employees, from using nonpublic information obtained through their public service for investing or any attempt at personal financial gain. Sen. Kirsten Gillibrand, D-N.Y., is introducing a slightly different version of the legislation on Wednesday.
