Everybody knows that insider trading is illegal. Wall Street big wigs who get caught giving their cronies valuable information before it’s made public go to jail. Yet, those same rules don’t apply in the halls of Congress where members, their staffs and other federal officials can use the inside information they gather about upcoming legislation for their own financial gain.
Studies show that Congressional insiders do far better with their stock trades than you and I (See our earlier blog post) . A 2004 study found that investment returns for senators were 25 percent higher than for average investors. In a more recent study, Alan Ziobrowski, a business professor at Georgia State University, analyzed more than 6,000 stock transactions by members of Congress over a six year period and found that members outperformed the market by 1 percent a month and 12 percent a year, which Ziobrowski said was “way outside any random variation.” He and Craig Holman, Public Citizen’s expert on ethics and lobbying, talked about the issue on CNBC’s Street Signs and NPR’s Marketplace.
It’s not just the members of Congress and their staffs who are benefiting from insider information, either. From the NPR story:
The value of information that flows from the inner workings of Washington isn’t lost on Wall Street professionals.
Michael Bagley is a former congressional staffer who now runs the OSINT Group. Bagley sells access and research. His clients are hedge funds, and he makes it his business to mine Congress and the rest of Washington for tips.
All of this is why Holman says it’s important that Congress pass the “Stop Trading on Congressional Knowledge Act” (H.R. 682), which would make government officials abide by the same insider trading restrictions that everyone else faces. As the federal government increases its role in managing and regulating financial institutions, the need for this law becomes even more imperative, Holman said.
You can take action by writing your member of Congress and urging them to pass H.R. 682.
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The evidence in court records confirms a conspiracy to deny the right to access to a civil jury trial and an impartial court to challenge malfeasance-including the the Beltway two step. This is a “legal” issue which Congress must investigate and review the malfeasance of the Judicial and Executive Branch by abuse of delegated authority of Congress under the Rules Enabling Act, 28 U.S.C. § 2072(b); the Judicial Conference of the United States Act, 28 U.S.C. § 331; and the Judiciary Act of 1925 at 43 Stat. 936 (providing for “discretionary appellate jurisdiction”). In reconsidering these delegations Congress must recall the sorry acts of German judges, lawyers, and law schools permitting the usurping of Constitutional rights under the Weimar Republic aiding the NAZI to power, because, “[b]y the time the gas vans came and the human slaughter factories were built in Auschwitz and the other death camps, the murder of the six million Jews and other persecuted minorities was done completely within the framework of German law.” Yad Vshem, The Holocaust Martyrs’ and Heroes Remembrance Authority, 2004.
Thus, it is obvious that our Republic cannot survive the unbridled tyranny and cronyism of government attorneys and judges, and then surreally place themselves above and beyond the law by unilaterally declaring themselves absolutely immune from suit under the Federal Tort Claims Act and/or civil RICO. See, Isidoro Rodriguez, Esq. v. Editor-in-Chief, Legal Times, et al., DC Dist Ct. No 07-cv-0975 (Friedman, J.); DC Ct. Of App. No. 07-5234; cert denied Docket No. 08-411. See also denial of Mandamus pursuant to 18 U.S.C. §§ 4 and 3771, USSCT Docket No 08-339 (http://home.earthlink.net/~isidoror).