BEYOND INSIDER TRADING: Here’s How Members Of Congress Get Rich Off Earmarks

November 15, 2011 17:02


Like Congress’s questionable trading practices, mixing real estate investments with taxpayer money is technically legal. Actually, it’s pretty easy for members of Congress to get rich off of federal projects — land deals are more difficult to detect than trades, and land, unlike stocks, doesn’t have a set price.

Grace Wyler and Zeke Miller at Business Insider


EXCERPTS:

Like Congress’s questionable trading practices, mixing real estate investments with taxpayer money is technically legal. Actually, it’s pretty easy for members of Congress to get rich off of federal projects — land deals are more difficult to detect than trades, and land, unlike stocks, doesn’t have a set price.

In the corporate world, using company money for personal financial gain would at minimum get you fired. But in Congress, the practice is not only legal, but common.

[Details on each of these culprits in the full article]

House Minority Leader Nancy Pelosi (D-CA)

Senate Majority Leader Harry Reid (D-NV)

Former House Speaker Dennis Hastert (R-IL)

Sen. Judd Gregg (R-NH)

Rep. Ken Calvert (R-CA)

Rep. Carolyn Maloney (D-NY)

Rep. Maurice Hinchey (D-NY)

Here’s how members of Congress gamed the financial crisis to make big bucks in the stock market >

FULL ARTICLE at Business Insider

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