Sunday, June 24, 2012
How to get rich on $175,000 a year
That $175K is what your beloved member of Congress makes for their services. However, that service gives the access to some of the most precious insider information available and levies no penalty for using it to make lots of money.
One-hundred-thirty members of Congress or their families have traded stocks collectively worth hundreds of millions of dollars in companies lobbying on bills that came before their committees, a practice that is permitted under current ethics rules, a Washington Post analysis has found.The one area of Congress where bipartisanship still remains. And they will fight every effort to make them honest citizens.
The lawmakers bought and sold a total of between $85 million and $218 million in 323 companies registered to lobby on legislation that appeared before them, according to an examination of all 45,000 individual congressional stock transactions contained in computerized financial disclosure data from 2007 to 2010.
Almost one in every eight trades — 5,531 — intersected with legislation. The 130 lawmakers traded stocks or bonds in companies as bills passed through their committees or while Congress was still considering the legislation. The party affiliation of the lawmakers was almost evenly split between Democrats and Republicans, 68 to 62.
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