“60 Minutes” probes congressional insider trading

Report describes how federal elected officials could be using non-public information to legally make fortunes VIDEO

Topics: Morning Clip, 60 Minutes, Congress, ,

"60 Minutes" probes congressional insider trading (Credit: CBS News)

Questioning the integrity of congressional officials is something like a national pastime lately. Even still, reports that federal elected officials could be leveraging their positions to directly benefit themselves financially, and doing so legally, could come as a shock. But that’s exactly what a “60 Minutes” report, which aired last evening, suggests.

The newsmagazine recently sent Steve Kroft down to Capitol Hill, where he investigated a phenomenon that looks curiously like insider trading — yet appears to be within the bounds of the law — in which members of Congress receive non-public information one day, and then make financial investments related to that knowledge the next. Conservative think-tanker Pete Schweizer, who has researched the subject at length, called the practice “honest graft.”

“This is an opportunity to leverage your position in public service and use that position to enrich yourself, your friends, and your family,” Schweizer told “60 Minutes” at the top of the report.

You Might Also Like

Among the elected officials put under the microscope were John Boehner, Nancy Pelosi and former Speaker Dennis Hastert, each of whom scored financial windfalls under questionable circumstances. In one particularly alarming instance, Congressman Spencer Bachus — the ranking Republican on the House Financial Services Committee in 2008 (now it’s chairman) — bet against the market at the same time as he was receiving “apocalyptic briefings”on the state of the financial sector.

Check out the full report below:

Peter Finocchiaro is the deputy editor of Salon. Follow him on Twitter @PLFino.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 10
  • Close
  • Fullscreen
  • Thumbnails
    Michael Ohl/Museum fur Naturkunde

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    Soul-Sucking Dementor Wasp

    Latin name: Ampulex dementor

    Truong Ngyuen

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    10,000th reptile species

    Latin name: Cyrtodactylus vilaphongi

    Jodi Rowley/Australian Museum

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    Colour-changing thorny frogs

    Latin name: Gracixalus lumarius

    Judith L. Eger

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    Long-fanged bat

    Latin name: Hypsugo dolichodon

    Neang Thy Moe/FFI

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    Stealthy wolf snake

    Latin name: Lycodon zoosvictoriae

    Michael Janes

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    Feathered coral

    Latin name: Ovabunda andamanensis

    Jerome Constant

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    World's second-longest insect

    Phryganistria heusii yentuensis

    Nantasak Pinkaew

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    Slide 8

    Latin name: Sirindhornia spp

    Tim Johnson

    Soul-sucking 'dementor' wasps and 8 other crazy new species

    Slide 9

    Tylototriton shanorum

  • Recent Slide Shows

Comments

0 Comments

Comment Preview

Your name will appear as username ( settings | log out )

You may use these HTML tags and attributes: <a href=""> <b> <em> <strong> <i> <blockquote>