Business Insider reported yesterday that Rham Emanuel sold up to $250,000 in Freddie Mac stock on February 21, 2003, days before it dropped by 10 percent and weeks before the announcement that it was under investigation. This is reported in Peter Schwiezer’s new book “Throw Them All Out.”
The article reports:
While by no means illegal; lawmakers are exempted from the insider trading laws they impose on private traders. But the timing of the trades is certainly suspect, especially given Emanuel’s service on the board during the time period for with the federal government was investigating the actions of Freddie Mac executives.
Why are lawmakers exempted from the insider trading laws they impose on private traders?
The beginning of cleaning up Washington, D. C., might be to make all lawmakers and office holders subject to the laws they pass. Wouldn’t that be a really good idea?