Sunday, November 06, 2005
What would you say if you knew that Senators and Congressmen, when it came to picking stocks, somehow managed as a collective group to beat the market by 12%? Would you suspect that insider trading might have anything to do with it? Well, that was the question put to former Senate Minority Leader Tom Daschle Friday by HBO's "Real Time" host Bill Maher.
How else do you explain the fact that our elected officials' portfolios are appreciably outperforming that of the average American? Yes, these are the same elected officials who are responsible for monitoring, regulating and often investigating U.S. commerce, and are courted and greased by lobbyists daily.
Responding to Maher, Daschle smiled coyly and said the Senate and House are full of millionaires who likely have very good investment advisors. Thanks for the insight, Tom.