Insider Trading Allegations with a Political Twist — Kennedy asks SEC to investigate SLM stock sales

(AP) – WASHINGTON-Senator Edward M. Kennedy asked the U.S. Securities and Exchange Commission to investigate whether officials of big student lender SLM Corp. engaged in illegal insider trading in selling company stock ahead of release of U.S. President George W. Bush’s budget proposal.

Kennedy, who heads the Senate panel that oversees educational issues, asked for an official review of the stock sales, and of whether any members of the Bush administration “were complicit in such violation,” in a letter to SEC Chairman Christopher Cox.

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