That is kind of my point, for them it is not illegal, for everyone else it is. They are also protected from the kind of direct insider trading that the SEC tries to stamp out in the private sector, to say that it doesnt occur is to be a bit naieve really.
"In September 2008, Bachus and other congressional leaders were privately briefed by Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke on the economy’s imminent meltdown.
The next day, Bachus was buying option funds that would increase in value if the economy tanked.It did."
Here have a read:
http://blogs.ajc.com/political-insider-jim-galloway/2011/11/...
"In September 2008, Bachus and other congressional leaders were privately briefed by Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke on the economy’s imminent meltdown.
The next day, Bachus was buying option funds that would increase in value if the economy tanked.It did."