A little-noticed bill by Rep. Tim Walz is gaining national attention this week after CBS’ “60 Minutes” aired an exposé on insider training by members of Congress. Walz, along with Rep. Louise Slaughter of New York, introduced a bill to make the practice illegal in March.
Reuters reports today that the Securities and Exchange Commission is investigating BP for potential insider trading following the oil spill, though few details on the investigation are available.
For Wall Street tycoons and corporate insiders it would be a dream come true: A hole in insider-trading laws allowing investors to profit from their access to sensitive information before the rest of the world is aware of it — like knowing the winning lottery numbers an hour before the More…
Yesterday, we ran a piece pointing out that there’s really nothing stopping lawmakers, congressional staffers and other government employees from using the non-public information they gather from their daily duties to guide investments and reap enormous profits. Although a House bill — the Stop Trading on Congressional Knowledge More…
In November of 2005, then-Senate Majority Leader Bill Frist (R-Tenn.) took to the upper-chamber floor with a major announcement. The Senate, he revealed, would soon put its full weight behind legislation creating a multi-billion dollar fund to settle lawsuits from victims of asbestos exposure — lawsuits that had already bankrupted More…
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