Source: CBS
Following a “60 Minutes” report on how many members of Congress are making money on stock trades that are illegal for everyone else, correspondent Nancy Cordes reports a bill to ban lawmakers from insider trading is now on the fast track.

Here’s the explosive ’60 Minutes’ report that is causing an uproar around the nation:

From WSJ:

Federal Bureau of Investigation agents raided the offices of three hedge funds as part of a high-profile insider-trading investigation, and more could be on the way, according to people familiar with the matter.

The offices of Diamondback Capital Management LLC and Level Global Investors LP were raided. Both hedge funds are run by former managers of Steve Cohen’s SAC Capital Advisors.

The third firm raided is Loch Capital Management LLC, based in Boston, people familiar with the matter say. Leonard Pierce, a lawyer for Loch Capital, declined to immediately comment.

I’m not a Wall Street hater by any means. But I’m glad to see the FBI holding people accountable who broke the law. I don’t think there’s any question that illegal activity played at least some role in the current financial crisis. A free-wheeling ethically challenged atmosphere was allowed to develop in some corners of Wall Street.

The folks who chose not to play by the rules deserve to go to jail. It’s the only way to restore trust in financial services industry.

Dallas Maverick’s owner Mark Cuban has been charged with insider trading by the SEC. After learning that mamma.com was raising money in a private offering, he dumped his 6% stake the very next day. Once it became public that mamma.com was privately raising money the stock dropped by more than 10%. By using his insider knowledge, Cuban saved himself an estimated $750,000 dollars in losses.