72 Hill staffers traded stocks in companies their bosses oversee: WSJ






72 Hill staffers traded stocks in companies their bosses oversee: WSJ

By Sahil Kapur
Monday, October 11th, 2010 -- 1:03 pm
submit to reddit Stumble This!
78Share
4diggsdigg

Insider Trading1 72 Hill staffers traded stocks in companies their bosses oversee: WSJThe perception among many Americans is that there's no shortage of corruption in Washington or on Wall Street, and a new report finds possibly unseemly activities between dozens of Capitol Hill staffers and the businesses their offices tasked with keeping honest.

At least seventy-two Congressional staffers traded stock shares of companies their bosses were involved with overseeing and writing laws for in 2008 and 2009, a Wall Street Journal investigation found Monday.

Although the aides in question denied that they were involved with unethical activity, their positions afford them access to information that individuals who are trading could profit from. “Even if they had done so,” the Journal notes, “it would be legal, because insider-trading laws don't apply to Congress.”

The report points to staffers from both major political parties who could be at fault, and says the activities were occurring primarily in the financial services and energy industries. It opens by highlighting the activities of Chris Miller, an energy policy aide to Senate Majority Leader Harry Reid (D-NV).

Chris Miller nearly doubled his $3,500 stock investment in a renewable-energy firm in 2008. It was a perfectly legal bet, but he's no ordinary investor. ..
Story continues below...

Jim Manley, a spokesman for Mr. Reid's office, initially defended Mr. Miller's purchase of shares in the company, Energy Conversion Devices Inc. He said the aide had no influence over tax incentives for renewable-energy firms, and that other factors boosted the stock.

But on Sunday, Mr. Manley added: "Mr. Miller showed poor judgment and Senator Reid has made it very clear to Chris and all his staff that their actions must not only follow the law, but must meet the higher standards the public has a right to expect from elected officials and their staffs."

In another example, an unnamed aide to a Republican on the Senate banking committee made a profitable purchase of Bank of America shares before the government's "stress test" on financial institutions was released last year. Another aide to energy-interested GOP lawmakers allegedly made money by trading renewable energy stocks.

The Journal notes that some aides traded up to tens or even hundreds of thousands of dollars in shares of companies their bosses are responsible for overseeing.

Perceptions of potentially dodgy links between Capitol Hill and Wall Street have been deeply exacerbated in recent years following the taxpayer-funded bailouts of financial institutions following the economic meltdown of 2008. This story only adds fuel to that fire.

Yet the Journal's insinuations may be overblown, posits business writer Felix Salmon of Reuters. Describing the article as a "non-story," he argues that the instances of profitable trading activity among the aides surveyed were hardly more prevalent than those in the populace at large.

"The fact is that if you took two years of trading data from 1,700 upper-middle-class American households, you’d certainly find a handful of profitable trades in there," Salmon wrote. "And there’s no indication in the WSJ story that what they found was anything more than you’d expect from chance alone."
Loading comments...

Views: 45

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

tjdavis posted a video

Most Corrupt Series: Elizabeth Warren | Forgotten History

Elizabeth Warren has built her reputation as a "reformer", but her political career has also drawn sharp criticism. Questions have been raised about her fina...
yesterday
Doc Vega commented on Doc Vega's blog post Ashrams and Moonies Perfect Case for Mind Control
"less prone, Thanks for your support Buddy! "
Thursday
Doc Vega posted a photo

main-thumb-ti-6724328-100-cnsgqkrgkrhyeyyerazynmuwoplecnbx

When will they put Trump on Mt. Rushmore?
Thursday
Doc Vega's 4 blog posts were featured
Thursday
Burbia's blog post was featured

Charlie Kirk Assassination

September 10th 2025 in Utah Turning Point USA CEO has been assassinated. Coincidentally,  answering…See More
Thursday
Charles Magus's blog post was featured

FURTHER PROOF OF WALK-INS! Prisoners of the Dulce Base by Sherry Shriner

There is a real connection between the Cabal and what is happening at this Undergroung…See More
Thursday
Less Prone favorited Doc Vega's blog post Ashrams and Moonies Perfect Case for Mind Control
Thursday
Less Prone commented on tjdavis's blog post Sentient World Simulation
"Cannot open the link"
Thursday
Tina Sullivan is now a member of 12160 Social Network
Thursday
Doc Vega posted blog posts
Wednesday
Sandy posted a video

We’re cooked

We’re cooked
Wednesday
Sandy posted a photo
Wednesday
tjdavis posted a video

Tom Horn discusses Masonic view of 2025

Startling perspective by Tom Horn of the upcoming year: 2025
Wednesday
cheeki kea posted a photo
Tuesday
cheeki kea commented on Doc Vega's blog post Grooming the New Generation of Assassins
"It's a distressing state of affairs when evil leftists hardwire impressionable students and…"
Tuesday
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia Charlie Kirk's wife is a real firebrand! God bless that poor woman! "
Sep 15
Doc Vega commented on Doc Vega's blog post This Memorable Anthem Given by Nick Freitas Hit the Nail on the Head Please Listen!
"Burbia thanks for the videos! "
Sep 15
Doc Vega posted blog posts
Sep 15
Burbia commented on tjdavis's video
Thumbnail

Charlie Kirk: Grief And Outrage From Turning Point USA in Phoenix

"Early reports said a.second shooter was there. Talk of Dischord chats. Peyton Gendron was coerced…"
Sep 15
tjdavis posted a video

America In Crisis: Illegals and Drug Smugglers Have Us Beat

An inside look at how bad the situation is at the Arizona/Mexico border. This exclusive tour with retired Arizona Sheriff Mark Lamb reveals just how bad thin...
Sep 15

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted