However, if Rajaratnam had been a US Senator rather than a $7 billion hedge fund manager when he made the trades in question, there would be no criminal proceedings at all. Believe it or not, the Securities and Exchange Act does not apply to members of Congress, according to Craig Holman, legislative representative at government watchdog group Public Citizen.
"Any inside, non-public knowledge they gain can be acted upon," Holman tells Minyanville. "Some of the stories are just… breathtaking."
Surprised? You may be even more surprised to learn that congressional staffers, and lobbyists are also exempt from insider trading regulations.
rest at http://www.minyanville.com/businessmarkets/articles/government-corruption-insider-trading-members-of/2/17/2011/id/32881
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