We took a look at the phenomenon of Congressional legislators and their surprisingly successful investment portfolios back in February. One reason they might beat the market so handily, with such consistency, could have something to do with the fact that insider trading laws don't apply to members of Congress.
Or their staff members.
No, seriously.
Believe it or not, the Securities and Exchange Act does not apply to members of Congress, according to Craig Holman, legislative representative at government watchdog group Public Citizen.
“Any inside, non-public knowledge they gain can be acted upon,” Holman told me. “Some of the stories are just… breathtaking."
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