Many Lawmakers Don’t Fare So Well in Financial Markets

Friday, 30 Dec 2011 02:30 PM

By Dan Weil

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
A storm of complaints has arisen about insider trading by members of Congress, and legislation is gathering momentum on Capitol Hill to curb such abuse. But it turns out that members of Congress don’t have much of a green thumb when it comes to growing their investments – with or without insider trading.

Working off financial disclosure forms, The Wall Street Journal found that more than 50 members of Congress traded actively in financial markets or reported very big transactions last year. Few of the lawmakers made much money, and many suffered losses.

The poor trading results came on both sides of the aisle.

Sen. Tom Coburn, R.-Okla., made more than 200 stock and bond trades last year and says he has lost money trading in each of the seven years he has spent in Congress.

Rep. Luis Gutierrez, D-Ill., made dozens of trades in stocks and mutual funds. Two of the fund trades represented a purchase and a sale of a fund on the same day – not too smart a move given that fund prices don’t change during a day.

"If the congressman ever writes a book, it will not be about how to get rich playing the market from your laptop," Douglas Rivlin, a spokesman for Gutierrez, told the Journal.

The paper says its research shows that “in many cases, members of Congress make common investment mistakes despite their seeming advantage of possessing information not readily available to other investors.”


© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Boehner's Christmas Carol Celebrates a GOP Congress

Thursday, 18 Dec 2014 23:15 PM

Republican House Speaker John Boehner put his own political spin on "a Christmas reading" on his YouTube page Thursday,  . . .

Dershowitz: Hollywood Should Have Followed Rushdie Example

Thursday, 18 Dec 2014 22:29 PM

Hollywood should have rallied around Sony Pictures and released "The Interview" jointly online, says Harvard law profess . . .

Army Pulls ROTC Job Posting Requiring Christian Candidates

Thursday, 18 Dec 2014 22:18 PM

The Army has pulled a job posting at an Illinois religious college that required leaders of its ROTC program to be Chris . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved