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Defendant Rationalized Insider Trading Was OK Because ‘Members of Congress Can Do It’ – Compliance Week

By on December 19, 2013, 4:18 pm

I have heard countless rationales through the years for why people engage in insider trading, but here is a new one courtesy of today’s case filed by the SEC against a Microsoft employee: “‘I told myself, ‘Members of Congress can do it.'”

via Defendant Rationalized Insider Trading Was OK Because ‘Members of Congress Can Do It’ – Compliance Week

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2 responses to “Defendant Rationalized Insider Trading Was OK Because ‘Members of Congress Can Do It’ – Compliance Week”

  1. Rick Murray December 20, 2013, 11:24 am at 11:24 am |

    The Congressional defense may not work. But what is wrong with the position?

    Is it not fair to assume that Congress does collectively behave in contravention of law? If so, in the very murky confusion over what actions constitute illegal insider trading vs an edge of insight, why is Congressional behavior not a safe guide.

    The alternative proposition, that Congress is legally or morally exempt, may be what prosecutors believe, but it is an unassertable and unsustainable proposition with Congress already viewed with such opprobrium.

  2. IvanaBoastsky December 20, 2013, 2:47 pm at 2:47 pm |

    To my knowledge, Senators Murray and Cantwell do not load up BA call options prior to snagging DOD deals for them. This young man certainly has had a late to the party “come to Jesus” moment, hasn’t he? Nothing like post FBI agent visit remorse, is there?