Lawmakers Got Inside Information From Bush Administration Officials During The 2008 Financial Crisis

It pays to be a Member of Congress during a financial crisis

The Washington Post reports today that 34 lawmakers – including Speaker of the House John Boehner – got inside information from high-ranking Bush Administration officials during the 2008 financial crisis – and immediately changed their investment portfolios. As the Post uncovered – lawmakers changed their investment portfolios 166 different times within two days after speaking with Secretary Treasury Hank Paulsen, Federal Reserve Chairman Ben Bernanke, and incoming Treasury Secretary Tim Geithner. Speaker Boehner reportedly moved as much as $100,000 out of a risky mutual fund following the briefing. The most shocking part of this is that none of it is illegal, even after Congress passed the watered-down STOCK Act earlier this year to prevent insider trading. Becoming a lawmaker used to be about representing your constituents and having a sense of duty; today it’s about helping the rich, and getting rich yourself.