Members of congress trading against a pandemic is as low as it gets. On the long and winding history of elected officials eluding rules against political profiteering
Recapping: the Senate’s Intelligence Committee chief was briefed by intel officials, actively reassured the public, dumped stock, whispered the real dope to rich connected folk, got busted by media, then feebly claimed he made financial decisions watching CNBC, before a seething public bracing for years of agony due to financial collapse. If there’s such a thing as a grand slam of political assholedom, Burr hit it.
Modern efforts to stop the political insider trading problem seem to trace back to 2004, with the publication of a University of Washington School of Business Administration . Those academics reported that an analysis of Senate portfolios from 1993-1998 showed that “a portfolio that mimics the purchases of U.S. Senators beats the market by 85 basis points a month.”, this led to the 2006 introduction of the STOCK Act by House Democrats Louise Slaughter on New York and Brian Baird of Washington. The Act made it illegal for members of congress to trade stocks on non-public information.
“It just flat died,” Baird later said. “You could have ‘National Cherry Pie Week” and get 100 cosponsors.”Slate ran a piece on “the silly effort to stop senators and bureaucrats from trading on their inside knowledge,” insisting that, with the subprime mess and the Iraq war taking up government time, “it’s difficult to see why this far-reaching legislation” is necessary.pushed the STOCK Act into overdrive. CBS hammered Democrats and Republicans alike, going after House Speakers from each party.
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