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Two crazy things about the STOCK Act of 2012 that Burr, Loeffler et al appear to have violated by trading on inside info: 1. It's the same act that required the frequent transaction reports that got them caught. Previously, members just filed annual financial disclosures. 1/3
2. STOCK Act was largely inspired by a 2011 book by Peter Schweizer, Throw them All Out, charging widespread insider trading on Hill. He named Rs & Ds, but IIRC, his strongest case was against GOP Rep. Spencer Bacchus, who used spot on Banking Cmte to make $ in financial crisis 2
I've long believed that Schweizer's 2011 book, Throw Them All Out, because it named Rs, gave him credibility as bipartisan, which in turn led NYT and 60 Minutes to take his next book, Clinton Cash, seriously. That was a mistake with consequences...
Is there any safe harbor for blind trusts? Something in that vein seems to be the defense being offered.
How blind? Something with impact to markets on this scale no need for tip-off to be explicit the issue is knowing this before e/o else.
The look on Pelosi's face in the 60 Minutes interview. Priceless Gotcha. Toss em all.
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