Yeah, it's pretty obvious what the market is going to do, insider knowledge doesn't mean much.
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Members of Congress Caught Profiting Off Ukraine War
- Thread starter RVonse
- Start date
Yeah, it's pretty obvious what the market is going to do, insider knowledge doesn't mean much.
They should all be barred from trading stocks, period. Either be a stock trader or run for office, but not both because it is a conflict of interest. The SEC mandates corporate CEO's can not do the same thing, yet we allow congress. Why, because they are above the law like supreme royalty? Out of 300 million in our country, we can surely find individuals who are interested in running for congress and NOT trading stocks.
And as far as someone doing better than the S&P, do you realize how hard that is if you are not cheating? Even Warren Buffet can not do this consistently and he is pretty good at picking profitable firms.
Mostly agreed. I would allow elected officials who own businesses (ownership stake sufficient to exercise some operational control) to maintain their ownership. Otherwise, index funds or a blind trust.
Swammerdami
Squadron Leader
I watched the video and have some questions and comments.
(1) The 2013 law banned insider trading by Members. The 2014 "gutting" of that law, as shown clearly on the video, rescinded it for STAFF, so presumably NOT for Members.
(2) Jimmy charges MTG with buying oil stocks the day before the invasion. She immediately tweeted about her purchase! If she was acting on secret info, it wasn't secret after her tweet.
(3) Pelosi's husband was a rich trader before she was elected to Congress. Do they file joint returns? If so, her reports presumably include her husband's trading. BTW, a few weeks ago I clicked to view her reports and found that she (or her husband?) likes to buy call options. That is an easy way that anyone can beat the S&P-500 during a bull market.
(4) Insider trading is very hard to prove; I don't think Jimmy proves anything. I would support laws preventing public servants trading stocks at all; but until there is such a law Members can argue they have a family duty to maximize family wealth.
Expecting pristine or sacrificial behavior is unrealistic, human nature being what it is. Legislation may be appropriate. In fact there is legislation introduced already; this is yet another major issue that Joe Manchin will get to decide.
(1) The 2013 law banned insider trading by Members. The 2014 "gutting" of that law, as shown clearly on the video, rescinded it for STAFF, so presumably NOT for Members.
(2) Jimmy charges MTG with buying oil stocks the day before the invasion. She immediately tweeted about her purchase! If she was acting on secret info, it wasn't secret after her tweet.
(3) Pelosi's husband was a rich trader before she was elected to Congress. Do they file joint returns? If so, her reports presumably include her husband's trading. BTW, a few weeks ago I clicked to view her reports and found that she (or her husband?) likes to buy call options. That is an easy way that anyone can beat the S&P-500 during a bull market.
(4) Insider trading is very hard to prove; I don't think Jimmy proves anything. I would support laws preventing public servants trading stocks at all; but until there is such a law Members can argue they have a family duty to maximize family wealth.
Expecting pristine or sacrificial behavior is unrealistic, human nature being what it is. Legislation may be appropriate. In fact there is legislation introduced already; this is yet another major issue that Joe Manchin will get to decide.
I watched the video and have some questions and comments.
(1) The 2013 law banned insider trading by Members. The 2014 "gutting" of that law, as shown clearly on the video, rescinded it for STAFF, so presumably NOT for Members.
(2) Jimmy charges MTG with buying oil stocks the day before the invasion. She immediately tweeted about her purchase! If she was acting on secret info, it wasn't secret after her tweet.
You don't need to be in Congress to realize the invasion was coming. We kept announcing what the sigint people were getting.
(3) Pelosi's husband was a rich trader before she was elected to Congress. Do they file joint returns? If so, her reports presumably include her husband's trading. BTW, a few weeks ago I clicked to view her reports and found that she (or her husband?) likes to buy call options. That is an easy way that anyone can beat the S&P-500 during a bull market.
Yup, this does well in a bull market but you can lose your ass in a bear.
(4) Insider trading is very hard to prove; I don't think Jimmy proves anything. I would support laws preventing public servants trading stocks at all; but until there is such a law Members can argue they have a family duty to maximize family wealth.
I wouldn't prohibit it entirely, just limit them to index funds.