(H/T Ace of Spades HQ)
While Congress is trying to impose tighter regulations on Wall Street, they have been ignoring a bill that has been languishing in the House of Representatives for four years now. This bill would force elected officials to disclose their financial transactions within 90 days of sale/close, and prohibit them from trading on non-public information.
Yes, you read that right. Congress is currently allowed to profit from insider trading, and they have every intention of keeping it that way.
Yes, the most ethical/transparent Congress ever… EVER!!!
Remember all that scorn in Congress about evil shortsellers betting against America and bringing the country down? Well, it turns out Congress-people did it, too. And they used derivatives to do it, which they now say they abhor.
To steal a quote from the Ace of Spades post:
Tar, feathers, congress. Some assembly required.