I don't know which is more despicable, the unethical actions of these public employees, or the fact that they get paid $170,000/yr.
This is CLEARLY a case of insider trading. They had non-public information and they traded on it for personal gain. See: Martha Stewart. At the very least, there should be some sort of code of ethics violation here -- in the accounting profession, CPAs are not permitted to own or trade the stocks of their clients because of the (potential) conflict of interest - real or perceived - that could arise from having access to information that is not publicly available. What is the difference here? Nothing.
How these individuals are not being prosecuted is unfathomable. Encourage your elected representatives to pass the Stop Trading on Congressional Knowledge (STOCK) Act. The only reason there isn't more support for the legislation in Washington is because the people that are supposed to be serving our best interests are taking advantage of the system.
Unanticipated Consequences:
Unanticipated Consequences:
- Basic Values: These individuals valued making a quick buck over ethical action. The conflict of interest will hopefully be resolved if the American people act to force the passing of a law that makes these actions illegal, thereby forcing a change in Basic Values.
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