I think it's only natural that the Senators would beat the market like this. After all, they must be the smartest and most prescient people in the country or they wouldn't BE senators in the first place.
posted on 03/09/2004 5:34:35 AM PST
(Too nuanced for a bumper sticker)
You assume WAY too much...Brains gave very little to do with lawmaking (see: Maxine Waters, Tom Lantos, Ted Kennedy, Dan Quayle, Al Gore, et. al.). Why, Hilary! (Trademark @) is supposed to tbe the SMARTEST woman on the planet and she didn't even tell her husband was screwing the hired help. To this day she still believes it was a "Vast, right-wing, conspiracy'. Yet somehow, she managed to turn over a 100K profit on a busted cattle deal.
Now, how could someone be so dumb and gullible and still make a killing in the Market?
When you stop to consider that, in the financial world, the concept of ethic flew out the window quite some time ago, that compliance departments are completely for show and there is no such thing as a "Chinese Wall" anymore (especially if you're a big earner), I have no doubt that Senators are either being bribed, directed towards prime investments, etc, etc, by firms and people that have business before them.
Twelve percent return (assuming this is after tax profit) when the average financial "professional" (I use the term loosely) is averaging 5 percent, is incredible. Especially when you consider the resources at his/hr command (firm research, possession of information BEFORE it goes public, often personal contact with movers and shakers, etc), it's mind-boggling. In fact, it's almost downright impossible. Nostradamus could not pull a 12% after-tax profit down, what makes you think this load of folks could?
posted on 03/09/2004 5:57:39 AM PST
(Sanitized for YOUR protection....)
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