Letters to the Editor

Insider trading in Congress awful

It should be mandatory for every American that votes to watch one recent edition of “60 Minutes.”

In June, they aired the second expose of how our elected officials, of both parties, trade stocks and buy acreage on non-public information. They showed examples and named names of elected officials who entered Congress as middle class citizens and while in Congress became multi-millionaires. The laws written by our elected officials were enacted in such a way that Congress would be exempt from such devious behavior.

As a result of the first “60 Minutes” expose, aired last year, the Stock Act was finally enacted, prohibiting members of Congress from benefiting from non-public information. However, the Stock Act does not go far enough and does not address the new $100 million cottage industry, known as political intelligence.

This industry, composed of former congressmen, staffers and lobbyists, scour the hall of Congress picking up non-public information and then selling this information to hedge fund managers.

Are these the type of individuals we want to elect to any public office?

The writer lives in Myrtle Beach.

  Comments