Insider Trading on Capitol Hill is Rewarding
Do you think the SEC will get involved, perhaps a House investigation? Don't hold your breath.
Congresswoman Judy Chu (D-CA27) is making a fortune trading futures and options. She is an active day trader according to public documents, and either really good or really corrupt. If she is that good, she should quit the House and open up her own trading shop or hedge fund.
Insider trading laws for Congress are a joke. Stop it! There was a theatrical effort to clamp down on congressional insider trading in February of 2012 with passage of S 2038, Stop Trading on Congressional Knowledge Act. This law again prohibits members of Congress from using nonpublic information for personal gain.
That's about it. Insider trading; prove it!
It is an interesting study to find the net worth of members when they first enter Congress against their net worth after say 5-10 years in Congress; they get rich quick. While the salary is high, $175,000 per year, and you can save some money at that level, it doesn’t allow for someone to become a millionaire like Mrs. Chu.
Not only this, have you see the pension this woman is getting from East LA Community College System and Monterrey Park City Council? Wow, six figures. This is an even bigger story.
I wonder why colleges are failing in their main role as educational institutions? I wonder why public pension plans are unsustainable?