M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

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Monday, November 14, 2011

There oughta be a law!

What would you do if Fed Chairman Ben Bernanke and Treasury Secretary Hank Paulson gave you a confidential briefing on the day before the 2008 financial crisis - a briefing in which they said everything was going to hell?  Well, if you are Rep. Spencer Bachus (R-AL) the anwer is clear - you rush out and buy Proshares Ultra-Short QQQ the next day. 

I suppose insider trading is illegal unless you are congressman.  Unfortunately, this isn't even a new story!  See papers from Donna Nagy and Stephen Bainbridge on congressional insider trading. Moving on. 

-bjmq

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