Congressional Day Trading

[hipsterdufus]

This keeps getting deeper and deeper.

Congressman Baird is calling for an investigation into reported day-trading activies of insider stock trading from the offices of - you guessed it - Tom DeLay and Bill Frist to name a few.

Quick - everyone say REFORM REFORM REFORM :roll:

“Valuable information that can drive financial markets is constantly at the fingertips of Members of Congress and Capitol Hill staffers - and at the fingertips of big investors willing to pay a pretty penny for it,” said Congressman Baird. “What would be considered insider trading in any American corporation is a perfectly legal inside-the-beltway practice. It is wrong, it is unethical, and it needs to be stopped.”

Congressman Baird has been examining “political intelligence” firms sharing non-public information about congressional action with Wall Street investors. It is believed Capitol Hill staffers, and perhaps Members of Congress, are passing non-public information on to these intelligence firms or using it to make personal investment decisions.

Congressman Baird is currently drafting a bill to curb Capitol Hill insider trading. Congressman Baird is also working with Congresswoman Louise Slaughter (D-NY), Ranking Member of the Rules Committee, to explore the possibility of a Department of Justice (DOJ) investigation into the unscrupulous practice.

http://www.house.gov/apps/list/press/wa03_baird/MSNBC012006.html