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It was revealed that Senator Shelley Capito and her husband sold $350,000 worth of Citigroup stock at $83 per share, just one day before the stock dropped to $64 per share. Another shady trader was Congressman Jim Moran, who had his biggest trading day of the year days after the secret meeting, sellings stock in nearly 100 different companies.
These actions would be illegal for any American in any other circumstance, but members of Congress and high-ranking government officials are actually exempt from insider trading laws.
Years later, a 60 minutes investigation aired on television which highlighted the government’s deep history of insider trading. The investigation sparked outrage, prompting Congress to pass “the STOCK Act” which was said to hold members of the government to the same standards as any American when it came to insider trading. However, Congress watered down the bill and changed key elements that would hold them accountable, allowing them to return to business as usual, and escape any consequences for their prior crimes.
originally posted by: greencmp
a reply to: FamCore
Yes, this was the book that prompted the original act shortly after its release.
Throw Them All Out: How Politicians and Their Friends Get Rich Off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us to Prison
It is my understanding that Obama was instrumental in diluting its restrictions.