Tuesday, January 25, 2011

The Corrected Link to The Wall Street Journal Story On Corrupt Legislation

Is Our Legislative Process Corrupt? Maybe.

I commented below on a story in the January 25th edition of the Wall Street Journal.

Here is the corrected link to the Wall Street Journal story:From

 Investors Weigh In on For-Profit-College Regulation - WSJ.com 

This story alarmed me because it suggests that our legislative process may be corrupt. What this involved is lobbying attempts by some Hedge Fund operators to have Congress crack down on for-profit colleges. At the same time these hedge fund guys were pushing for Congress to act, they were shorting the stock of several of these colleges.

My point is this: there should be complete transparency in our legislative process. I have no problem with these people lobbying for Congressional action. My argument is their doing so without telling Congress that they have shorted or are shorting the stock in these colleges. You see, if Congress does act, their short bet that the stock would go down would be correct and the hedge funds would make millions.

So if you are going to lobby Congress to pass legislation, then at least be honest and up front about why you are there.

What's your opinion?

Bernie Greenberg

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