Welcome to City-Data.com Forum!
2,500,000 members. Thank you!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 07-13-2009, 12:39 PM
23,838 posts, read 22,997,711 times
Reputation: 9407


The legality of Congressional insider trading constitutes an unfortunate gap in securities law.

"Minor waves were created by President Barack Obama’s brush with accusations of financial conflicts of interest as a senator. In 2005, Obama invested $5,000 in a biotech company—and campaign donor—that was trying to create a drug to combat avian flu. According to a New York Times report, Obama “took the lead in a legislative push for more federal spending to battle the disease” just two weeks later. Obama’s investment portfolio was reportedly a blind trust. However, Obama sold his stocks at a loss. Upon learning about his biotech investment and another investment in a campaign donor’s company, Obama immediately traded both away, losing $13,000. Incidentally, Obama is not the only Democrat with presidential aspirations whose investment history has created some speculation about wrongdoing; Hillary Clinton’s 1978 trades of cattle futures, on which she earned a $99,541 profit on a $1,000 initial investment over a ten-month period, have also been a focus of investigation (in addition to jealousy)."

Yale Law School Legal Scholarship Repository - Alex O. Kardon, Matthew Barbabella, Peter Molk, and Daniel Cohen: Insider Trading in Congress - The Need for Regulation

To be fair, insider trading is not limited to Obama or Clinton. Politicians of all stripes have enrichened themselves through their political connections.


"The American people expect Members and staffers to work on their [the people’s] behalf and to represent their interests, not to increase the returns on our investments and to fatten stock portfolios."

Very often, Congress has access to market and business environment information as a result of the work they do and the corporate influence that pervades American politics.

Should Congress be held to the same insider trading restrictions as the rest of the investing public?

What say you?

Last edited by AeroGuyDC; 07-13-2009 at 12:59 PM..
Reply With Quote Quick reply to this message

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top