Insider Trading on Capitol Hill

The facade of the New York Stock Exchange is shown in this Jan. 9, 2007 file photo. - (AP Photo/Mark Lennihan, file)

The facade of the New York Stock Exchange is shown in this Jan. 9, 2007 file photo.

(AP Photo/Mark Lennihan, file)

Insider Trading on Capitol Hill

It's legal for members of Congress to profit from information on proposed legislation and regulations: How sharing information translates into big gains for lawmakers, lobbyists, and Wall Street investors.

Insider trading is illegal. Members of Congress and their staff are not immune, but some say the law, as it applies to Capitol Hill, needs serious strengthening. In a new book, author Peter Schweizer charges that many members of Congress use information gleaned from behind closed doors to make well-timed stock trades, a practice he claims is legal under current insider trading laws. In addition he and others say Wall Street firms regularly profit from public policy insights picked up from many of these same sources. Join us to discuss insider tips from Washington: what’s illegal, what’s unethical, and what we should do about it.

Guests

Robert L Walker

Of Counsel, Wiley Rein,LLP and former chief counsel and staff director of both the Senate and House ethics committees

Brody Mullins

reporter, The Wall Street Journal

Donna Nagy

professor of law, Indiana University Maurer School of Law

Peter Schweizer

William J. Casey Research Fellow,the Hoover Institution and
author of "Throw Them All Out: How Politicians and Their Friends Get Rich off Insider Stock Tips, Land Deals, and Cronyism That Would Send the Rest of Us to Prison"

Related Video

Steve Kroft reports that members of Congress can legally trade stock based on non-public information from Capitol Hill:

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