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A new Rasmussen Reports national telephone survey finds that 46% of Likely U.S. Voters now view most members of Congress as corrupt. That’s up seven points from June and the highest finding yet recorded. Just 29% think most members are not corrupt, and another 25% are not sure.
Similarly, a whopping 85% of voters think most members of Congress are more interested in helping their own careers than in helping other people. That’s a record high for surveys stretching back to early November 2006. Only seven percent (7%) believe most of the legislators are more interested in helping others.
Voters under 50 believe much more strongly than their elders that most members of Congress are corrupt. Union members share that view more than those who are not unionized.
Investors are less likely to believe most congressmen are corrupt that non-investors are.
Strict laws ban corporate executives from trading on their insider knowledge, but no restrictions exist for members of Congress. Lawmakers are permitted to keep their holdings and trade shares on the market, as well as vote on legislation that could affect their portfolio values.
An extensive study released Wednesday in the journal Business and Politics found that the investments of members of the House of Representatives outperformed those of the average investor by 55 basis points per month, or 6 [sic] percent annually, suggesting that lawmakers are taking advantage of inside information to fatten their stock portfolios.
“We find strong evidence that members of the House have some type of non-public information which they use for personal gain,” according to four academics who authored the study, “Abnormal Returns From the Common Stock Investments of Members of the U.S. House of Representatives.”
To the frustration of open-government advocates, lawmakers and their staff members largely have immunity from laws barring trading on insider knowledge that have sent many a private corporate chieftain to prison.
Originally posted by SpeakerofTruth
Why is it concerning???Our whole system is corrupt. The "youngsters" as people like to say see this. It's the old timers who insist on maintaining a system that is corrupt and dying. I don't see anything concerning in the fact that people under fifty can see the system as the corrupt thing it is. If people really knew what our system was about, they'd revolt tomorrow.edit on 28-7-2011 by SpeakerofTruth because: (no reason given)
The US Senate and the US Supreme Court are the only two out of 975 federal entities that we could find that seem to have no rules and no laws prohibiting them from trading stocks based on nonpublic information they gain on the job.