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I-Team: Congressional Trading

Updated: Saturday, August 3, 2013 |
I-Team: Congressional Trading story image
(NEWSCHANNEL 3) - Insider trading it's not, but many members of Congress profit from stock trades where their influence reigns supreme.

The Washington Post found that 130 lawmakers or their families have traded hundreds of millions of dollars worth of stock in companies that lobbied bills that came before lawmakers' committees.

While the Post found no evidence to suggest insider trading, it's nonetheless beyond the fox guarding the hen house.

"They are in essence making their own personal gain based on a legislative advantage they've given themselves," said Sue Whichmann of Common Cause Maryland.

Whichmann spoke late last year before Congress half-heartedly passed the Stock Act, which banned lawmakers from using insider information, but failed to address a loophole that permits lawmakers from investing in companies for which they carry influence.

Months after the hearings were held in 2011, the Post found that one out of every eight congressional stock trades--5,531 in all--processed between 2007 and 2010 came in the crosshairs of legislation.

The post found that Tom Coburn (R-Okla) bought $25,000 in bonds from a genetic technology company at about the time he released a hold on legislation that impacted the company.

Representative Ed Whitfield (R-Ky.) sold as much as $100,000 worth of stock in GE right before a Republican filibuster killed legislation that the company sought.

In all, lawmakers bought and sold as much as $218 million worth of stock from 323 companies registered to lobby legislation before them.
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Business News

Last Update on October 31, 2014 07:28 GMT

WORLD-FINANCIAL MARKETS

SEOUL, South Korea (AP) -- Japan's Nikkei 225 stock average surged 5 percent and the yen slid against the dollar after the Bank of Japan unexpectedly announced new stimulus to boost a flagging economic recovery.

Other Asian stock markets were also higher after the Japanese central bank's announcement Friday. The dollar rose 1.2 percent to 110.64 yen.

The bank said it would increase its asset purchases by between 10 trillion yen and 20 trillion yen ($90.7 billion to $181.3 billion) to about 80 trillion yen ($725 billion) annually.

The Nikkei was up 4.6 percent at 16,380.11 after shedding some of its initial gains. Hong Kong's Hang Seng rose 1.2 percent and Seoul's Kospi was up 0.1 percent.

ECONOMY-THE DAY AHEAD

WASHINGTON (AP) -- Today. the Commerce Department will release its September report on consumer spending, which accounts for 70 percent of economic activity in the U.S.

Also, the University of Michigan will issue its monthly index of consumer sentiment for October. In September, the index reached its highest level since July 2013, led by greater optimism that the economy will grow and incomes will rise.

The Labor Department will also release the third-quarter employment cost index.

Before the market opens, Exxon Mobil will report its quarterly financial results.

CITI-REVISED EARNS

NEW YORK (AP) -- Citigroup is slashing its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.

The New York-based bank on Thursday revised its quarterly net income to $2.8 billion from a previously reported $3.4 billion, citing legal expenses.

The bank's operating expenses rose from $12.36 billion to about $13 billion.

The company said in a statement the unexpected increase came from "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters."

Citi previously reported third-quarter net income of $3.44 billion, or $1.07 per share, on Oct. 14. The results exceeded Wall Street estimates.

Like other major banks, Citigroup has been the target of lawsuits and government investigations for its role in the mortgage meltdown that helped spur the financial crisis of 2008.

SURGICAL GOWNS LAWSUIT

LOS ANGELES (AP) -- A lawsuit says Kimberly-Clark Corp. falsely claimed its surgical gowns met the highest standards for protecting against Ebola and other infectious diseases.

Lead attorney Michael Avenatti says the Texas hospital where two nurses contracted Ebola used to stock the gowns but it's not clear if the nurses had used them.

The $500 million fraud suit was filed Wednesday in federal court in Los Angeles on behalf of a surgeon who wore the gowns.

The lawsuit says Kimberly-Clark knew for a year that the gowns failed industry tests and allowed the transfer of bodily fluids, bacteria and viruses, but the company still promoted them as having the highest level of impermeability.

The maker of Kleenex and other consumer products says it doesn't comment on lawsuits but stands behind its products' safety.

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