The fact that a little-known loophole permits members of Congress and their staffs to buy and sell stocks using insider information they might obtain through their official work rightly strikes most citizens as outrageous.
Nothing surprises me more than when I read that trading on insider information is a victimless crime. In the wake of the conviction of hedge-fund giant Raj Rajaratnam, the claim has come up time and again. In fact, it is entirely untrue.
The REAL lesson most investors should take away from the largest institutional insider-trading investigation in history is that competition in the global financial markets is so intense that it's basically idiotic to trade.