Press Release

The Hottest Book In Washington Sparks Congress To Act

WASHINGTON, DC – “THROW THEM ALL OUT: How Politicians and Their Friends Get Rich Off Insider Stock Tips, Land Deals and Cronyism That Would Send the Rest of Us to Prison” by Hoover Institution fellow Peter Schweizer (Houghton Mifflin Harcourt) hit bookshelves amid a firestorm of publicity on November 15, 2011. Initial attention focused on suspicious stock trading by Nancy Pelosi, Spencer Bachus, and a few others, but the full story in the book is about an entire political class that operates by different rules than the rest of us. Schweizer highlights stock trades, land deals, and suspicious earmarks by dozens of members––all perfectly legal under current law.
This instant New York Times Bestseller has inspired remarkable movement on Capitol Hill concerning the problem of congressional insider trading. As Senator Scott Brown (R–Mass) wrote the other day in the Boston Herald, “Why is it that the American people are held to one set of laws, but members of Congress are held to some lesser standard?” On the very day of the book′s publication, Brown introduced the Stop Trading on Congressional Knowledge Act (“STOCK Act”) for the first time in the Senate, and Senator Kirsten Gillibrand (D–NY) introduced a similar bill as well. Meanwhile, Rep. Louise M. Slaughter′s STOCK Act had been languishing in the House for six years with only nine sponsors. Two weeks after THROW THEM ALL OUT was published, her bill now has 127 co–sponsors. These bills prohibit members and employees of Congress and the executive branch from trading or disclosing any nonpublic information they obtain because of their status and to report any securities transaction in excess of $1,000 within 90 days. Public pressure has led to Senate Hearings on congressional insider trading by the Homeland Security and Governmental Affairs Committee chaired by Senator Joe Leiberman (Thursday, December 1) and the House Financial Services Committee chaired by Cong. Spencer Bachus (Tuesday, December 6).
“Great credit for these initial steps toward reform goes to the American public who are just fed up with what is going on in Washington,” says THROW THEM ALL OUT author Peter Schweizer. “I′m glad that the book has provided them with the ammunition to begin the process of reform in Washington. It′s time to end crony capitalism in Washington. Information is power, and THROW THEM ALL OUT is all about informing the public and the news media about what is going on in the nation′s capital.”
Schweizer writes that it′s time to close the loophole allowing members of Congress to legally profit from trading stocks based on non–public information. He says, “These hearings will give citizens and journalists a rare opportunity to see just how serious members of Congress truly are about cleaning up the cronyism and corruption rampant in Washington. It′s a pivotal moment that will hold electoral consequences.”

About Houghton Mifflin Harcourt′s Trade & Reference Division

With nearly two–centuries of award–winning history, Houghton Mifflin Harcourt′s Trade and Reference Division continues to publish some of the most renowned novels, non–fiction, children′s books and reference works in hardcover, Mariner Books trade paperbacks and ebooks. Its distinguished author list includes eight Nobel Prize winners, 47 Pulitzer Prize winners, 13 National Book Award winners, and more than 100 Caldecott, Newbery, Printz, and Silbert Medal and Honor recipients. HMH publishes such distinguished authors as Philip Roth, Temple Grandin, Tim O′Brien, and Umberto Eco, as well as The Best American series®, The American Heritage® family of dictionaries, The Gourmet Cookbook and other culinary classics, the Peterson Field Guides and books by J.R.R. Tolkien. Along with a celebrated lineup of children′s authors, Houghton Mifflin Harcourt Children′s Book Group is the publisher of some of the best–loved children′s books and book characters including Curious George, The Little Prince and The Polar Express. For more information, visit