EAST TEXAS (KLTV) - Boy, the stock market is doing great and if you have stock investments or a 4-0-1-k you are probably making money.
But there is a group of folks that are probably doing better than most of us when it comes to investing in stocks right before they start to move up making this group a lot of money. The group of people I am speaking of is Congress and many members have taken advantage of their positions in government resulting in financial windfalls.
Media reports from two-thousand, eleven pointed to members of congress that sat on committees that received inside information on everything from medical issues to industrial trends to various leading indicators from other sectors of the economy. This insider information gave members a head start on the rest of us and many bought or sold stocks as a result, making millions of dollars.
Through media pressure, the STOCK act or Stop Trading On Congressional Knowledge Act was passed that prohibited member of these committees from making stock transactions that were related to the committees on which they served. Well, it looked like the mess was cleaned up but wouldn't you know that the same congress that could not settle the recent budget crisis was actually able to pass a bill that revised the STOCK Act and gutted it and essentially made it O-K for congressmen to make these questionable stock trades again. The media seems to be on this again but it is doubtful that Congress will show any self governing.