Monday, November 14, 2011

A Congressional Insider Trading ETF (SCUM)

From FT Alphaville:
Introducing the Keep America Safe Job-Creating Congress ETF
CBS’ flagship 60 minutes programme carried a feature Sunday night that looked at whether Congressmen have been trading stocks based on insider information. It’s a theme that’s been well covered in the blogosphere but last night it reached prime-time....

...2. Join ‘em: This is offered in jest but since Congress doesn’t have a great record at looking out for the wider interest, how about giving the rest of the country the option to take advantage of its smarts? When President Obama was selling his health-care plan he often said that ordinary Americans should get the health-care available to those in Congress. Extending this logic suggests that US 401(k)’s should be able to invest in what we’re calling The Keep America Safe Job-Creating Congress ETF, a fund that tracks the investments of this nation’s lawmakers....MORE
UPDATE: Short the Congressional Insider Trading ETF (SCUM)