December 20, 2011
An interesting read in this morning's Wall Street Journal is "Inside Capitol, Investor Access Yields Rich Tips." The story outlines how a New York based brokerage firm escorts clients(hedge fund managers) around Capitol Hill to meetings with congressmen.
I find it outrageous that these public servants cannot find time in their busy schedules to do things like read the 2,000 page Health Care Bill in its entirety or actually work on passing a budget that puts the United States on a path of fiscal prudency (the types of things we elect them to do), yet apparently have time to sit down to meetings with hedge fund managers to disclose material non-public information, (which in some cases has lead to investments by the hedge funds).
Oh, and please do not insult me with the nonsense explanation that these hedge fund managers help in forming policy decisions. Of course they do, because hedge fund managers represent congresses core constituency or, more to the point, campaign donors.
Doug Hendee, CFP(R)
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