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Four university researchers examined 16,000 common stock transactions made by approximately 300 House representatives from 1985 to 2001, and found what they call "significant positive abnormal returns," with portfolios based on congressional trades beating the market by about 6 percent annually.
What's their secret? The report speculates, but does not conclude, it could have something to do with the ability members of Congress have to trade on non-public information or to vote their own pocketbooks -- or both.
A study of senators by the same team of researchers five years ago found members of the higher chamber even better at beating the market -- outperforming it by about 10 percent, an amount the academics said was "both economically large and statistically significant."
"In the course of performing their normal duties, members of Congress have access to non-public information that could have a substantial impact on certain businesses, industries or the economy as a whole. If used as the basis for common stock transactions, such information could yield significant personal trading profits," they wrote.
Originally posted by klarkowski67
And people sit and type angry replies to each other over Obama, Bush, Clinton etc.. Sheep.. I don't believe in that Political religion everyone gets all uptight about. It's a game that you are either playing or watching.
Originally posted by Homedawg
Well,they are all crooks and they go up there to get rich and accumulate power....so what else is new about them?
Originally posted by TDawgRex
reply to post by Hijaqd
I wish that the SEC would actually investigate these people. Think about it, to you or me, a Congressman gets a good paycheck, but they may not be elected next time around, so of course they pad their portfolios. As far as I'm concerned, they are out in the open crooks.