Not Clearly Pro or Con to the question "Should Insider Trading by Congress Be Allowed?"
"...[S]enators beat the market, on average, by twelve per cent annually. Since a mutual-fund manager who beats the market by two or three per cent a year is considered a genius, the politicians’ ability to foresee the future seems practically divine. They did an especially good job of picking up stocks at just the right time; their buys were typically flat before they bought them, but beat the market by thirty per cent, on average, in the year after...
It’s impossible to pin down exactly how it happened, but it’s easy to imagine senators getting occasional stock tips from corporate supplicants, and their own work in Congress often deals with confidential matters that have a direct impact on particular companies.
That the senators have done this without a hint of censure shouldn’t come as a surprise. Corporate insider trading is illegal, in theory, but prosecutions are rare..."
"Capitol Gains," the The New Yorker, Oct. 31, 2005