In his new book “Throw Them All Out,” Peter Schweizer alleges rampant insider trading by members of Congress. But if members of Congress are trading based on inside information, they’re doing a crummy job of it — at least lately. Via Nolan McCartney, here’s Andrew Eggers and Jans Hainmueller:

We examine stock portfolios held by members of Congress between 2004 and 2008. The average investor in Congress underperformed the market by 2-3% annually during this period, a finding that contrasts with earlier research showing uncanny timing in Congressional trades during the 1990s.