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Insider Trading in the Halls of Congress?

Earlier this month, the Wall Street Journal reported that 72 congressional aides had recently traded shares of stock in companies that their bosses help oversee.
A few examples cited in the piece:

• The top energy-policy adviser to Senate Majority Leader Harry Reid (D-NV) purchased stock in a renewable-energy firm, which, according to the WSJ, stood to benefit from tax credits supported by Senator Reid.


• The chief of staff of Rep. Shelley Moore Capito (R-WV), a member of the House Financial Services Committee, "invested $1,570 in Citigroup Inc. on Feb. 27, 2009, the day Citi and the Treasury announced the bank would issue common stock in exchange for preferred shares," a move that "helped bolster investor confidence," according to the WSJ.


• An aide for House Speak Nancy Pelosi (D-CA) "had several successful trades in 2008 in a Charles Schwab brokerage account with her husband," who purchased "about $2,000 worth of Freddie Mac and $2,700 worth of Fannie Mae on July 11, 2008, just two days before the Fed authorized emergency funding to Freddie and Fannie."

Most staffers mentioned in the piece denied that they had done anything improper. Chris Miller, the Reid staffer noted above, told the WSJ that it had "cherry-picked information and woven a misleading narrative," explaining his investment this way:

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