Its legal for Congressmen to buy and sell stocks on info not available to public

[e-brake]

It’s perfectly legal for a member of Congress to buy and sell stocks based on information that's not available to the public

http://seattlepi.nwsource.com/opinio...2_insided.html

nside Trading: Congress for sale SEATTLE POST-
Here's a little history to consider.


Congress enacted the Securities Act of 1933, which required registration of publicly traded companies -- making more information open and available to the public. A year later, Congress added more protections for investors. One of those provisions made it illegal to trade stock by corporate insiders who were privy to special information that could help or hurt a stock.
After this generation's corporate scandals, Congress passed Sarbanes-Oxley in 2002 to improve corporate governance and audit independence. But one of the measures added reporting requirements and tougher standards for insider trading.
Unfortunately, Congress forgot itself. It remains perfectly legal for a member of Congress to buy and sell stocks based on information that's not available to the public. Last year it was reported that a "political intelligence" firm tipped off its clients to an undelivered speech by Senate Majority Leader Bill Frist on asbestos liability. The information was profitable to those in the know.
"This is simply wrong that members of Congress can exchange information ... and get rich on it," says Rep. Brian Baird, D-Wash., who is co-sponsor of a bill to prohibit insider trading by members of Congress and their staffs.
Baird will report to a congressional committee today on the proposal -- and is optimistic. "When people hear about it, on both sides of the aisle, they think this is something that ought to be fixed."
We think Baird's right. Even if a congressional insider trading ban comes seven decades too late.

[zerojunkie]

haha, you've earned your degree in DDM yellow journalism. Where'd you get the impression that congressmen were buying on this non-public info?