Friday, May 28, 2010

Another Case of Do As I Say

It's not as though I need to work hard to find examples of government abuse. Case in point, Congress's reluctance to admit that access granted by virtue of their position does not constitute the same sort of insider knowledge that is afforded board members or executives of the same companies about which that knowledge pertains:
Congress Refuses to Outlaw Insider Trading For Lawmakers
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While each of us would argue that we would not succumb to the elixir of influence and power, we are equally vulnerable to the dictates of human nature. This is why it is so important that the limitations prescribed by the Constitution are adhered to. Despite (or perhaps due to) their position, members of Congress should have no more access to sensitive information than should the average person. Yet they not only have such access, they also have the ability to make that access legal. Had this concerned an evil executive or a greedy industrialist, there would be no question about this fact.

Actually, the idea of insider trading should be revisited. Instead of prohibiting this activity, there should be public access to the actions of those intimately involved in the workings of a company. In this way, any benefit of insider trading would be eliminated and the activities of those in a position to know would do what they should: benefit all investors.

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