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Report Alleges Congressional Leaders Trading Stocks On Inside Information

November 15, 2011 by  

Report Alleges Congressional Leaders Trading Stocks On Inside Information

A report on 60 Minutes alleged that top leaders in Congress, including Speaker John Boehner (R-Ohio) and Minority Leader Nancy Pelosi (D-Calif.), are getting rich by trading stocks on inside information, The Hill reported.

According to the news outlet, the report alleged that these leaders used information that was gleaned from their Congressional duties. This knowledge was allegedly provided to these individuals because of their positions in government.

The Hill reported that the special on 60 Minutes drew heavily from an upcoming book by the Hoover Institution’s Peter Schweizer. He alleged that the practice, despite being unethical, is not illegal.

“The people who make the rules are the political class in Washington. And they’ve conveniently written them in such a way that they don’t apply to themselves,” Schweizer said in the report.

CBS News reported that Pelosi, despite the allegations, defended her record and a spokesman for the Congresswoman said that Schweizer was “an already-discredited conservative author who has made a career out of attacking Democrats.”

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