Must-See TV
You really need to take 15 minutes and watch this 60 Minutes segment. It’s all about the legal insider trading that goes on in Washington. It involves both Republicans and Democrats…including Nancy Pelosi and John Boehner (true leaders).
CNN quoted Pelosi’s spokesman as saying, “It is very troubling that 60 Minutes would base their reporting off of an already-discredited conservative author who has made a career out of attacking Democrats.” This is classic. Did he watch the piece (he was in it…so I hope he watched it)? If anything, it was more about Republicans (Boehner, Bachus and Hastert) than Democrats. So I don’t think that this was some attack of Democrats. It was just an attack on corruption – which certainly isn’t party-specific. Boehner wasn’t available for comment. I assume he was crying somewhere.
You might also want to go back and read my blog from July 17th, titled “The World’s Best Asset Managers?” The blog was written about a paper called, “Abnormal Returns From the Common Stock Investments of Members of the U.S. House of Representatives.” It was written by four academics (Alan J. Ziobrowski, James W. Boyd, Ping Cheng and Brigitte J. Ziobrowski). The paper had just been published in Business and Politics (2011) when I wrote the entry. It’s interesting how often academic papers uncover big news before we hear about it in the mainstream media.
Have a great week. Keep kidding yourself that you’re trading in fair markets.
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Sandy Leeds, CFA is a Senior Lecturer at The University of Texas at Austin. He teaches graduate level classes in the MBA program and also serves as President of The MBA Investment Fund, L.L.C. Prior to teaching, he had careers as a lawyer and a money manager. He did his undergraduate work at The University of Alabama and also has a law degree from The University of Virginia and an MBA from the University of Texas. At UT, he has received many teaching awards, including Outstanding Professor in the MBA Program. He is married and has three children.
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