From Professor Bainbridge, this:
A 2004 study of the results of stock trading by United States Senators during the 1990s found that that Senators on average beat the market by 12% a year. In sharp contrast, U.S. households on average underperformed the market by 1.4% a year and even corporate insiders on average beat the market by only about 6% a year during that period....This is a failure of justice -- perfectly in accord with the law, for the lawmakers are the ones who are manipulating the law to their advantage. When law and justice sharply diverge, there are consequences.
Under current law, it is unlikely that Members of Congress can be held liable for insider trading.
No comments:
Post a Comment