Thursday, November 11, 2004

Quis custodiet ipsos custodes?

Evidently the SEC has decided not to press the issue of possible insider trading in the Senate:

...[T]he authors of the study conclude that these results "suggest that senators are trading stock based on information that is unavailable to the public, thereby using their unique position to increase their personal wealth...." The study adds that it is as if "senators knew appropriate times to both buy and sell their common stock." The article quotes Ziobrowski as stating in a recent interview that "there is cheating going on, at a 99 percent level of confidence."


The article also points out that "the SEC may have little incentive to tangle with the Senate, given their relationship. Senators approve members of the SEC's governing body, as well as the agency's budget."

Food Chain: Instapundit -> Prof Bainbridge -> Securities Litigation Watch -> Philadelphia Inquirer (Subscription Required)

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