The hot story of the day is this Congressional insider trading business, which was popularized by 60 Minutes last night. The basic gist: Congressmen are allowed to trade on whatever they want without legal ramifications, and in fact have a fantastic track record of beating the market.
But according to BusinessInsider, the whole thing is hogwash according to Indiana Law Professor Donna Nagy.
In this paper titled Insider Trading, Congressional Officials, and Duties of Entrustment, Nagy argues that it doesn't really make sense to say Congress is exempt from insider trading laws, since the illegality of insider trading is mostly established by the courts, and through the relatively vague SEC rule 10b5-1.
Read more at http://www.businessinsider.com/congressional-insider-trading-is-already-illegal-2011-11
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