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Thursday, January 19, 2006

Day traders in Frist's and DeLay's offices

Via Americablog, we learn that last night on Air America's "The Majority Report," Rep. Louise M. Slaughter (D-NY) said that Tom DeLay and Bill Frist had day traders working out of their offices. They would give the day traders advance word on pending legislation, and the day traders would then execute stock trades to profit from the information. She wasn't clear on whether or how Frist and DeLay profited directly from this activity. The audio clip is here.

I was once involved as an "expert" in a legal case involving a physician who traded billions of dollars of currency futures and options every day. I had an image of the man, standing in the OR over his patient with six video screens in front of him displaying market quotes, shouting "buy" and "sell" between "scalpel" and "clamp." I decided I didn't want him as my physician if I ever needed surgery. I think I can say the same about not wanting Frist and DeLay as my legislators.

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