The Washington Post has an interesting article today on the stock trades of Rep. James P. Moran Jr. (D-Va.). I have been a long critic of members playing the stock market (here) given the dangers posed by insider information and advantage. With considerable resources tied up in particular areas, members can influence the markets through legislation or anticipate market shifts due to forthcoming changes.
Moran is a former stockbroker who has been previously criticized for a loan related to a lobbyist, here.
Moran continues to actively trade on the market with as much as $3 million in stock value. In his second divorce, his ex-wife accused him of “stock market gambling.”
His staff insist that Moran has not made stock trades himself in five years. He still has considerable holdings however and the Post reports that “the holdings included small investments in two companies for which Moran requested earmarks in 2008.”
Once again, I simply will note that such dangers would be eliminated if we required all members to have blind trusts or stock portfolios so that they remain unaware of where their stocks are held.
For the full story,click here.