The SEC busts its own for insider trading

Well, well, well, look what we have here. Two employees of the Securities and Exchange Commission (SEC) are under investigation by federal criminal authorities for using insider information to trade stocks.

The SEC's internal watchdog alleges that the two SEC lawyers traded in stock of a "large financial services company," after another SEC employee told them of ongoing investigations of the company. According to CBS News, the SEC inspector general report noted that one SEC attorney under investigation works in the office of the SEC's chief counsel and has access to "a tremendous amount" of nonpublic information.