CoryMitchell-CMT

Some old school insider trading. From the WSJ Markets newsletter this morning.

"On this day in 1790, Treasury Secretary Alexander Hamilton submitted to Congress his "Report on the Public Credit," which proposed buying up distressed bonds to consolidate the national debt. U.S. and state bonds, which had been trading at a fraction of their value, immediately surged in price. In one of the earliest, and most shocking, cases of insider trading on record, several members of Congress hired sailboats and stagecoaches to take them south faster than the news could travel by foot, allowing them to snap up bonds at bargain prices before Southern newspapers spread the news of Hamilton's proposals."

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