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Airing -- right now on alleged insider trading on Capitol Hill.
Wallets are trading is illegal for all bus while these are there are charges that members of congress have been making big time profits off inside information.
-- twentieth 2004 study found that the average insider.
Ambassador actually underperform the market while.
The guys on Wall Street and I'm sorry the -- on Capitol Hill did extraordinarily well fact check this out.
Corporate insiders and hedge funds 7% above the market -- to -- The House of Representatives 6% -- not too bad but expect this one out senator's big a market by a whopping twelve per cent.
In a new book to throw them all out Peter's wife Judy tells what he says is a routine insider trading among members of congress and he joins me now Peter I got to tell you.
You have kicked up all hornets -- lamented rather license.
Things it's it's been quite interest in addition doing something right when you're getting attacked by Republicans and then.
And -- but that's that's the ultimate bad to monitor but you -- down in DC right now testified.
Well I mean DC right now I was had not asked to testify I was told by committee staff -- I AM quote on quote politically toxic and that probably has something to do with the fact that three members of the committee that are holding these hearings.
Are actually mentioned in my book -- I disclose their interest in stock transactions in the timing of this traits.
It has I think they'll representative slaughter has had this bill what's -- the F stop trading on congressional knowledge stock act if you will be up.
She's out of for a long time and then just.
After -- sixty minutes piece.
There were nine there were nine co sponsors and now they're 127.
Co -- I mean you talk about being embarrassed into it into doing the right thing.
Yeah no that's right I mean it's been amazing god the response so what's -- -- is the divide has been.
Basically the rest of America is very angry and frustrated about this inside Washington the -- -- -- this really isn't a big deal and this really isn't necessary.
I think the stock act is a move in the right direction but it doesn't go nearly far enough and you know frankly I'm not sure the FCC is going to help the guts as a -- to enforce this law.
When the FB IA issued a search warrant solved.
Involving bribery case a few years ago members of congress were so outraged.
That a member of congress have been targeted actually threaten to cut the budget of the FBI so.
It's a move in the right direction there's a lot more that needs to be done.
And you know what else I found fascinating in your book it's not just stock trading I think the story of Heath Shuler.
And his -- that somehow you know the land that they have been more to certain amount of money but it didn't have water -- that somebody who's involved in a committee and ultimately.
That made a decision that his Lands' End up having water -- -- those kind of things are frightening.
Yeah they are meaning schindler's case he was on the committee the congressional committee that had oversight.
Of the Tennessee Valley Authority he placed a call.
To the head of the Tennessee Valley Authority and -- all I've got this land problem can help me out and certainly they did I mean what else is the Tennessee Valley Authority going do I do.
And the problem is is the ethical standards are so low that they can put earmarks that -- end up improving the -- value of their real estate.
And the ethics committee say this is -- that but that all I have to do we show one other person benefits from the -- -- it's okay for the member of congress for profit is just outrageous.
Another thing that I find very -- was or the bottlers for President Obama.
And how they make so much money almost guaranteed money.
-- of the American taxpayer I mean that that really really should be illegal.
Yeah I mean I think the problem is is that so whenever you give somebody in Washington the opportunity to literally -- out.
Tens of billions of dollars I guess what they're gonna tend to give them to their friends and their campaign supporters.
And in the Green energy program we showed that of the twenty billion dollars they've given out.
More than sixteen billion of -- have gone to companies that or.
You were linked to the 2008 Obama campaign and the fund raising operation.
Other slender case that people are familiar with is just the tip of the iceberg some of these are two or three times the size of -- -- And the companies are just a shaky and are probably going to go in the same direction which is bankruptcy it's its ripping off the taxpayer.
And taking money from world class Americans and giving it to billion.
There is really really is sickening now -- we've got a minute left but I wanna point out your book points out.
This is by the -- bipartisan both sides and it goes all the way back even talk about Alexander Hamilton.
I -- so that goes back that far.
It -- I mean you know let's -- -- human nature as you give people power they're gonna try to abuse it and make money.
The problem is is because government has become so involved in the marketplace there's so much market moving information involving what the government's doing.
That the opportunities are just so much larger than they have ever been in history that's why this problems getting worse and it needs to change or we're gonna face a situation where crony capitalism becomes that the order of the day.
What's already in order today it seems like and I would suggest everyone read your book arena and their windows that you can go out of school weighing what we have read all this up -- -- -- thanks so much we appreciate it.
Hey thanks so much -- I think.
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