Democrats want ethics committee to probe 'day trading' allegations
by John Byrne from RAW STORY
Published: January 19, 2006
After a comment by Rep. Louise Slaughter (D-NY) on Air America's Majority Report Wednesday evening, RAW STORY has learned that House Democrats are pushing the ethics committee to investigate allegations of congressional offices providing privleged information to Wall Street investors.
On Air America, Slaughter alleged that "day traders" in the offices of Senate Majority Leader Bill Frist (R-TN) and former House Majority Leader Tom DeLay (R-TX) had aided such investors. She mentioned as a specific example that individuals got advance notice that an asbestos bill was not going to emerge from the Senate.
An article that ran below the radar in November revealed the "day trading" practice, in which little-known firms use sources in Congress to glean information relevant to publicly-traded stocks.
Independently, RAW STORY has received word that such activity -- which involves passing on information to stock brokers on how the House is going to vote on legislation that affects large companies, such as Defense Appropriations bills -- is a practice that may go beyond a single individual or congressmember's office.More at RAW STORY.
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