Another from the Wall Street Journal.
Congressional Staffers Gain From Trading in Stocks
By BRODY MULLINS, TOM MCGINTY and JASON ZWEIG
Chris Miller nearly doubled his $3,500 stock investment in a renewable-energy firm in 2008. It was a perfectly legal bet, but he’s no ordinary investor.
Mr. Miller is the top energy-policy adviser to Nevada Democrat and Senate Majority Leader Harry Reid, who helped pass legislation that wound up benefiting the firm.
Jim Manley, a spokesman for Mr. Reid’s office, initially defended Mr. Miller’s purchase of shares in the company, Energy Conversion Devices Inc. He said the aide had no influence over tax incentives for renewable-energy firms, and that other factors boosted the stock.
But on Sunday, Mr. Manley added: “Mr. Miller showed poor judgment and Senator Reid has made it very clear to Chris and all his staff that their actions must not only follow the law, but must meet the higher standards the public has a right to expect from elected officials and their staffs.”
Mr. Miller isn’t the only Congressional staffer making such stock bets. At least 72 aides on both sides of the aisle traded shares of companies that their bosses help oversee, according to a Wall Street Journal analysis of more than 3,000 disclosure forms covering trading activity by Capitol Hill staffers for 2008 and 2009.
I know I am preaching to the choir here, but my friends, this is why we need a huge change in Washington. This is why we cannot have entrenched politicians who think the rules are not for them. Term limits, even is only at the ballot box, are very badly needed.
Read the rest of this article here. Oops it is behind the lockbox, try it tomorrow.