The Wall Street Journal ran a front-page article yesterday that is guaranteed to enrage both the "Occupy Wall Street" movement and the Tea Party. It describes how hedge funds routinely prowl the hall of Congress to gain advance knowledge about the many thousands of new laws and regulations produced every year. Based on what they learn during their prowling, they make investment decisions.
Of course, it can be argued that the making of sausage should be transparent and subject to public viewing. Should my elected representative refuse to meet with me, just because I represent a hedge fund? Of course not! But, what information should be shared? Sharing information is like giving away money.
Coming on the heels of the unbelievable revelation that members of Congress and their staff are immune from insider trading rule, one must ask the question of HOW will we know when our system of representative democracy needs to end? What has to happen before it must be euthanized?
Of course, it can be argued that the making of sausage should be transparent and subject to public viewing. Should my elected representative refuse to meet with me, just because I represent a hedge fund? Of course not! But, what information should be shared? Sharing information is like giving away money.
Coming on the heels of the unbelievable revelation that members of Congress and their staff are immune from insider trading rule, one must ask the question of HOW will we know when our system of representative democracy needs to end? What has to happen before it must be euthanized?
