60 Minutes aired a report in which it claimed that politicians have used private information to make stock trades, i.e. “soft corruption”. While it doesn’t appear that any of the politicians actually broke the law with their questionable stock trades, that is probably because U.S. insider trading laws don’t apply to members of congress.
The WSJ.com is reporting that Spencer D. Mindlin allegedly misused his position at Goldman Sachs to let his father, Alfred, know of some information that they used to net $57,000.
Goldman Sachs released a statement claiming that since the trades were conducted using a TD Ameritrade account they had nothing to do with it:
“All of the trading was conducted in private, undisclosed accounts held outside of Goldman Sachs and none of the trading involved client information.”
Not really the strongest defense, but I’ll leave it to the experts at Goldman Sachs to explain the intricacies of insider trading and how they are never involved.