In Oliver Stone’s terrific 1987 movie, Wall Street, Bud Fox, played by Charlie Sheen and Gordon Gekko, the infamous “greed is good” character played by Michael Douglas, are both indicted for insider trading. The movie shed light on a crime unfamiliar to most Americans.

By the time Stone directed Douglas in the 2010 sequel, Wall Street: Money Never Sleeps, many more Americans understood the definition of insider trading. What they didn’t understand, is that for years, members of Congress have been guilty of the same crimes that sent Bud Fox and Gordon Gekko to prison.

Currently, investment advisers for hedge funds and equity funds are not required to register as lobbyists, which means they can call a Congressional staffer to ask about the status of a bill the relates to the fund’s investment decisions. Based on that information, the fund can choose to buy or sell shares. This practice, called “political intelligence services,” is estimated to be a $400 million a year global industry that involves nearly 300 companies. Members of Congress are also unregulated.

When 60 Minutes ran the story about Congressional Insider trading last November, largely based on the book, Throw Them All Out, by Peter Schweitzer, members of Congress panicked. The Senate quickly produced a bill that would force fund managers and investment advisers to register as lobbyists.

The Stop Trading on Congressional Knowledge (STOCK) Act prohibits members of Congress from buying or selling securities based on confidential information they receive as lawmakers. House Republicans rejected the provision that requires “political intelligence” firms to register as lobbyists. A conference committee will try to reconcile the differences, but many are concerned that the bill will be so watered down and full of loopholes, that nothing will actually change.

According to a study done by the Center for Responsive Politics in 2010 about 47% of Congress are millionaires. That number has continued to increase, despite the economic meltdown and lingering recession.

Is it any wonder that a recent Gallop poll found that more people approve of porn (30%) and polygamy (11%) than of Congress (9%)? I’m guessing that those same people believe that Congress should be held to the same standards as Bud Fox, Gordon Gekko, and all other American investors.