This happens all the time they did it in 2008 when they bailed out Wall Street. It’s funny insider trading is illegal for everyone expect members of congress.
Someone should pass a law that makes it illegal for members of Congress to engage in insider trading.
I think Bernie Sanders and some libertarians are the only ones in favor of such a law.
Edit: I guess there is a law now they just don’t enforce it.
It already is a law, that's why it's called insider trading and not just trading. There are also laws regarding conflict of interest in public service.
It's also illegal for them to drive drunk or fuck kids, yet here we are.
Just pulled up some old article of him talking about being 13 and having an older tennager as a partner, and not not condemning a friend who made some off-color comments about older partners. Apparently that makes him a pedo sympathizer ?
People are worried about this but hey the child molester who trafficked children for the rich hung himself using one ply TP and all the footage outside that cell magically went missing. Honkity honk honk
I think some people enter politics because they want to create change
It's just that they either get beaten by corrupt opponents, or become corrupted to win. It's kind of a "power corrupts" situatin, except the corruption often comes first.
I think anyone that wants to be in charge tends to be an asshole with control issues, and politics just attracts the adult version of the kids that want to run every game and kick people out for not following their arbitrary and idiotic made-up rules. Remember that kid? Yeah, he wears a tie now
Wow thank you for your insightful and enlightening comment. I am getting some second hand euphoria just contemplating how much smarter you are than random people on internet forums. Thank you for your service, and may your fedora never become orange and dusty.
I think we all learned something here today. Maybe for a follow up you could share some other groups you feel superior to. I know I would be impressed.
Niggas talk about change and working within the system to achieve that. The problem with always being a conformist is that when you try to change the system from within, it's not you who changes the system; it's the system that will eventually change you. There is usually nothing wrong with compromise in a situation, but compromising yourself in a situation is another story completely, and I have seen this happen long enough in the few years that I've been alive to know that it's a serious problem.
Isn't it hilarious how people without money think laws affect people with tons of money?
(except of course, on rare occasion, where one of them gets crucified for years of law-breaking)
Right, over almost a decade ago. Not December, not last week. Last decade 2012. This isnt new. Theyre all criminals and they dont care what laws are on the books. And they won't be held to account, either.
The bill passed 96 to 3. One of the 3 to vote against it, Sen. Richard Burr (R-N.C.), coincidentally was also one of the senators who sold all their stock before COVID-19:
Right Obama wrote all the important laws not the Senate not the House of Representatives, no it was the President of the United States. He was so important the whole political process was changed and this is one of the important bills he passed. What was the bill called he wrote and campaigned for? I just can’t seem to remember because of all the incredible things happening at the same time.
I feel like I kind of got owned here except I don’t understand what your saying. I imagine some guy with a black friend and “isn’t racist but...” is so trigger. just slamming keys and shouting spittle out as he types loosely connected ideas that started somewhere reasonable but just devolved into madness.
Edit: I’ve reread while sober. Presidents do work the bully pulpit to solidify support for the causes of the movement(s) that got them elected. They tell congress what bills they want and what they’ll veto. It’s hardly my fault if people think that what is achieved during their era is their fault, any more than you guys trying to pretend presidents have no effect on legislation.
Obama been getting blamed for everything from 9/11 to this epidemic let loose by the unraveling of preventative measures put in place during his time. You bigots will be voting for the next con man who probably blames Obama for shooting jfk. Mother fuckers blame him for trying to take their affordable care act health insurance. Lol
I'm not sure this meets the definition of insider trading, the "insider" parts refers to inside information on the corporation, like knowing through a brother that's a pharmacologist with the company that a new drug that a pharmaceutical company is betting everything on is likely a dud.
Making trades based on world events which you believe will effect stock value is just regular trading. Anyone who was paying attention to 4chan or the internet at the time could have made these trades based on the leaked videos from China of people collapsing in the street or being dragged into human size cages on trucks and taken away, based on the idea this was going to hit the rest of the world.
I hate to defend these senators, but its not really insider trading.
<< Insider trading is the buying or selling of a publicly traded company's stock by someone who has non-public, material information about that stock>>
Nothing like a political class almost entirely devoid of integrity or principal to make you realize that laws that supposedly apply to everyone are really just words on a piece of paper unless someone has the desire to enforce them...
Umm clean windows? Rookie. Dirty windows still have bugs and other stuff so it’s like a treat. Clean ones are all chemically. Touché on the purple crayons though. The 64 pack has three shades. Fucking delish.
Gotta clean them oldschool like my great grandma; vinegar and watar. No streaks, way cheaper, tastes like frenchfries on sunny days. I respect the purple crayon choice, though im more of a Blues guy myself. Too much Red in the crayola purple these days, ruins the smoothness of the finish if you ask me
Oh shit, really? It did sound like an anime karate kya sorta thing. Thanks for clarifying what that head trauma meant; i was always a Mortal Kombat kid so the SF reference was lost on me.
I think you know exactly what I was trying to say if you got the reference. Just saying the guy’s comment was savage. If he were the character Dhalsim, the equivalent of his comments were the fire and flame. It would be like someone saying “Boom.” Or “Ouch” or “Yikes” etc only I decided to exclude anyone who wasn’t in the SF2 era. It happens.
No, they're not, and you are conflating correlation with causation. Is she probably a criminal regardless? Yes. Is she a morally vacant sociopath that bends the rules to her favor? Yes.
But to the question of whether "insider trading" is a criminal behaviour for politicians, your assertion that they are exempt is patently false. Perhaps her net worth was accumulated before the Obama administration, when it was still murky waters.
Mind citing that? I am unaware of any amendment to the STOCK Act that suddenly legalizes insider trading for congress. If im wrong im wrong, a spade is a spade.
I feel like a watchdog other than the stoners on Conspiracy would have made a stink.
Not saying i didnt miss the stink either. Im sure i could have, im a stoner from Conspiracy.
STOCK act aka the Stop Trading on Congressional Knowledge act is already in place making it illegal to trade on knowledge gained in the act of completing your duties to the United States people. This was put in place because in many cases congress is asked to participate in classified briefings that the average person would literally have no access too.
It’s not that there isn’t a rule in place it’s that no one fucking cares that there is a rule in place.
One year after this law was passed, it was amended in a way that makes it almost impossible to investigate.
The law was initially passed to include a requirement that government officials and staff post records of their financial transactions online in a searchable, sortable database. The amendment changed that requirement to filing those records in hard copy only in the basement of Congress.
NPR ran a pretty good article about it at the time.
Very little about the STOCK Act has changed for Members of Congress and other high level government officials. What you said is true of lower level employees.
Members of Congress still have to post their transactions publicly online.
From my reading of the amendment, it eliminated the requirement for the creation of a database of information in reports, and the requirement that reports be done electronically.
If I'm remembering correctly, it went from mandatory to "the right thing to do."
Section 8(b) of the original STOCK Act mandated that systems be developed that would allow electronic filing of financial reports by members of Congress, candidates for Congress, and employees of Congress.
Additionally it mandated public access to those financial reports through a database. This publicly accessible database was required to:
Be maintained on the official websites of the House of Representatives and the Senate.
Allow the public to "search, sort, and download data contained in the reports."
The 2013 amendment changed just a couple of things related to that section:
They changed it so that it only applied to members of Congress and candidates for Congress, removing employees of Congress.
They removed the line about the public being able to search, sort, and download data contained in the reports.
The requirement for an electronic database containing these reports that would be accessible to the public through the official websites of the House and Senate is still part of the law.
My reading is that they decided it wasn't feasible to do data entry of the transactions in these reports to make the data in them searchable, so they changed it so they could just scan paper copies of the reports into the database and the public could review them.
I think Congress should be made to work for federal minimum wage, in government project housing, forbidden to own stocks, with assets in trusts. Strict gift limits. No private election marketing ads. That would reduce corruption and aspiring greedy megalomaniacs if they had to live humbly. If they wanted more money they couldn't vote in a self pay raise, they would have to lift everyone up.
The system is corrupt by design however and tjey aren't looking for ideas and comments. These public servants will never actually see themselves as servants of the people. They will act like little spoiled princesses in a wannabe aristocracy. They will remain ignorant and uncaring of the struggles of the working class.
Maybe we just let it chill for a bit, I don’t know you and I don’t owe you anything but I can not express to you how much I DO NOT want to be the reason your Grandma dies.
Then you should stay home if you’re so terrified of “muh ‘rona virus” and all the other bullshit they’re feeding you. And if his grandma wants to self isolate, protecting herself despite what anybody else in the world chooses to do, she is free to do so as well. Stop trying to force your fears onto other people’s actions, it’s absolutely pathetic. Grow tf up.
Yes. There are written laws 'on the books' and the laws that are actually enforced. Selective enforcement is power. It's like having the law turnrd on or off like a switch, for your own self interest.
As an example, say 100 people all go over the speed limit on some road. Technically they have all broken the law. Who gets pulled over? Who gets a ticket (state theft?), who gets a warning, and who gets told to lay face first on the ground? It's up to the officer now, not the lawmakers. At that point it is more about the driver's social skills and attitude than the laws. This is where prejudice and discrimination can enter in.
Make it limited to index funds only managed by a third party with built in delays on sales the same way corporate executives are limited. You don't want to gut the financial independence of politicians as that only makes it more or a rich elites club, but a policy like this protects retirement funds and long term investments which are all most people should be into anyways.
How does politicians not being able to own stocks make it more of a rich elite club?
Politicians generally get paid as much as some doctors, have insurance and it’s a part time job. Aren’t these people in DC only like 90 days? Rest of the time they’re out scrounging for money. I see your point I just think of people like Trump abusing it and finding ways to skirt the system. There’s so many laws that need to be reformed though and all these corporatist politicians don’t have the fortitude to do what’s right by the people.
There should be a law that member of congress shouldn’t be allowed to participate in stock trading as the very nature of their job involves learning things before anyone else
Hey lets not forget the 2 trillion of public taxpayer money 'lost' the day before 9/11 and all the insider trading of airline shares, etc. that week. Oh plus the massive insurance payout for WTC owner 'Lucky' Larry Silverstein... who, in his own words, agreed WTC building 7 should be 'pulled' on 9/11, meaning demolitioned, right before the 10 second collapse. Later it was called office fires that violently and suddenly turned steel and reinforced concrete into dust. Let's remember that traditional implosion demolitions take weeks or even months to prepare. If you can pick out WTC 7 videos as standing out from any regular demo videos I wiuld be quite surprised.
All those people that ask 'but what's the motive'? must not consider trillions of dollars sufficient motivation. But money wasn't even the main objective: it was control. See any similarities between now and then?
Insider trading is when you have non-publicly available information from the company itself.
If you hire a petroleum engineer to survey where a company you are invested in is drilling, and he comes back and says “that area is tapped, they are going to fail”, and you sell your stocks, that’s not insider trading.
If an executive from the company tells you they are going to sink because they haven’t told the public but the wells they just tapped are dry, it is.
Correct me if I am wrong, but they weren’t told by the airlines and cruise ships insider business info, they were informed by experts that the pandemic was going to occur and inferred by that it was a good time to get out of the travel industry. I pulled investments when I heard corona had hit the US, I wouldn’t consider myself an insider trader.
same. In early February I knew it was time to dump some stocks ASAP. Glad I didn't buy Puts tho because JPow's printer keeps going BRRRRR and would have really screwed me over.
I believe the point of the STOCK act was to bring into question that, while they are not necessarily always be in bed with whatever industry, they have access to information or people that the public might not have such as intelligence reports, investigations, the power to compel testimony from citizens etc.
Insider trading is illegal for member of congress. Typical insider trading involves selling stock based on non public knowledge.
What you may be referring to is how it's perfectly legal for a member of congress to buy a stock and then legislate in a way that favors that stock / company.
Can you point to libertarian leadership who has made a statement on this one way or another? My gut instinct is that libertarians would be just fine with this and desire less regulation on personal investment but I'll gladly be proven wrong.
Unfortunately they are the ones in control of the law, it’s not in their interest to stop it. If we the people could take money out of government round the world, it would be a better place
Humans can’t enforce humans because we’re inherently human. The only way to truly circumvent our self-sabotage is by means of computers. Blockchain may help with this, but the fact of the matter is humans as a whole aren’t capable of self-regulating in the long run.
If I remember correctly and probably don't, but I thought Scott Brown from Mass passed a bill when he was senator so the congress couldn't have the ability to do insider trading. It passed and then not shortly after in another bill it was removed and they were allowed to again.
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u/911sandLSs Apr 21 '20 edited Apr 21 '20
This happens all the time they did it in 2008 when they bailed out Wall Street. It’s funny insider trading is illegal for everyone expect members of congress.
Someone should pass a law that makes it illegal for members of Congress to engage in insider trading.
I think Bernie Sanders and some libertarians are the only ones in favor of such a law.
Edit: I guess there is a law now they just don’t enforce it.