>> him. a senate committee is go b to begin a hearing on the appearance of ? insider stock trading by fellow members of congress and staffs. it stems as a new book in a 60 minutes investigation that alleged they used information learned through their jobs not known to the public and used that information to gain financially. joining me now is david drucker. thank you for your time.
>> good to be here.
>> i want to play what the senator had to say regarding the sec and hearings and appearance of insider trading . let's take a listen.
>> the appearance is a real problem. i think that the securities and exchange commission is going to say the testimony submitted feels under existing law they can prosecute members of congress guilty of using insider information to make money.
>> i know this activity is said to be legal. what we are talking about, it is about more than appearances, right?
>> i think it's about what is acceptable politically at a time when congress has approval ratings at nearly 10% or lower at a time when the country is hurting and they feel that the system has been rigged against them or in favor of others. that's why this issue has such potency following the 60 minutes investigation that was televised.
>> in that investigation, this was based on a book that we are seeing on both sides of the aisle. nancy pelosi was in this piece on 60 minutes as was john boehner and they deny wrong-doing. the timing has been curious that you have the behind the door conversations or meetings. stocks that they have an interest in benefit.
>> there is long ? been the problem of appearance and impropriety when you see they come to capitol hill with regular lives. they have investment and retirement accounts and all of a sudden they are in charge or a part of crafty legislation that could turn out one way or the other. what are they supposed to do. if the economy was doing well and people felt good about the government, they would have watched the 60 minute story and not worried about it. it's the times in which we live. i think that the smart thing to do for any member of congress , presidents do this and governors do this and senators do this. you set up a blind trust . you need money to take care of yourself and no reason you should give up earning power . somebody takes care of this and you don't know what's going on other than you see a balance. that's what high profile politicians do. i'm surprised that not more members of congress have done this.
>> you are absolutely right. i heard so many others agree with your point. why is it not mandated to have a blind trust when you see the former speaker in illinois has started. i believe the 60 minutes report said he was valued at a few hundred thousand . by the time he left it was in the millions. even real estate . this is a problem that goes all the way down to the local level in politics f. you work for a county, you know all sorts of things about development you wouldn't know otherwise. we have seen many members while in congress and after find legal ways are enriching yourself. i do think that on the hand you on the other hand, you need to make sure that congress is not viewed as having a leg up in an unseeming manner. it's not good for the body.
>> none of this is illegal and all of these members of congress who were in that report said they have done nothing wrong. greatly appreciate your time.
Source: http://video.msnbc.msn.com/newsnation/45512976/
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