President Biden signed a bill that states if TikTok doesn't cut ties with its China-based parent company ByteDance over the next nine months to a year, it will be banned in the U.S.
It’s a catch-22. To get elected, you need to learn to manipulate within the system. Once elected, you know how to leverage the system, so why would you change it?
The best chance we’ll have for systemic change will come when boomers die off. That shouldn’t discourage efforts today, but impart some hope for the future.
I want to believe that the most change will happens when boomers are gone, but I don’t trust that the new era of politicians won’t get caught up in the game.
It wasn’t put to a vote after being read aloud on two separate introductions. It was then forwarded to the Senate Homeland Security and Governmental Affairs Committee where it went to die.
I’d be fine if they were allowed to invest in things like mutual funds so that they could take advantage of the market without being able to do insider trading of a specific stock.
That’s not true. It’s still illegal even though they get away with it. You’re thinking of bribery lobbying.
According to the STOCK Act of 2012, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock, prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
Just to clarify. Insider trading is illegal but it is not illegal for politicians in Congress to use the information they obtain from their jobs (such as through classified meetings) to engage in stock market trades.
It’s not a failure of the law. It’s a failure of the SEC for not enforcing it.
MYTH: Members of Congress are exempt from insider trading laws.
FACT: Both a Congressional Research Service Report and House Administration Committee memo indicates that Members of Congress are subject to the same insider trading rules as the general public.
That’s simply not true. They have no exemption to insider trading laws. It simply comes down to trade timing.
The way the law is written, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
That doesn’t change the law. It’s simply evidence that Congress lives above it. Seven Democrat Senators cosponsored a bill in September to ban the practice entirely. It died at introduction.
Fun fact: Everyone with hundreds of millions+ in holdings either trades with insider information or pays others to do it, because our metrics and enforcement for insider trading are a gallows joke.
Pathetic watching ancient, feeble rich people about to return to the dust from whence they came still frantically positioning to boost their ego scores.
It’s as if they believe their preferred invisible sky mommy/daddy will accept a bribe of earthly currency.
Congressional Representatives and Senators are shielded from most insider trading laws. She could literately buy in, flip the SEC the bird, and go on her merry way.
For real. You know Pelosi is already investing.
If she’s investing at the same time you’re getting the information, she missed the best time to buy. She might have hedged her bets and bought early
Fun fact: Congresspeople can legally inside trade, but the rest of us cannot.
Politicians should be banned from stock market. Total conflict of interest.
Eight Democrat Senators agree with you, and cosponsored a bill in September that died at introduction.
https://www.congress.gov/bill/118th-congress/senate-bill/2773/all-actions-without-amendments
if we keep electing people trying to maintain the status quo, then it’ll never happen
It’s a catch-22. To get elected, you need to learn to manipulate within the system. Once elected, you know how to leverage the system, so why would you change it?
The best chance we’ll have for systemic change will come when boomers die off. That shouldn’t discourage efforts today, but impart some hope for the future.
I want to believe that the most change will happens when boomers are gone, but I don’t trust that the new era of politicians won’t get caught up in the game.
What does that mean?
It wasn’t put to a vote after being read aloud on two separate introductions. It was then forwarded to the Senate Homeland Security and Governmental Affairs Committee where it went to die.
They don’t review it and then hand it back to congress?
If they see value in the bill they can mandate a vote. That was over six months ago, so I wouldn’t hold my breath.
Good Work just recently put out a video on this very topic. Informative and hilarious as usual!
https://youtu.be/vT-u-SPj4_c
Thanks! I never heard of this show.
I’d be fine if they were allowed to invest in things like mutual funds so that they could take advantage of the market without being able to do insider trading of a specific stock.
that would be better, but they could still invest in specific sectors or industries.
Yep, and maybe that’s somewhat acceptable, but we could also confine it to diversified mutual funds meeting specific criteria.
Edit: confine, not congratulations
Congratulations!
But yeah you gotta limit it
That’s not true. It’s still illegal even though they get away with it. You’re thinking of
briberylobbying.According to the STOCK Act of 2012, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock, prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
Just to clarify. Insider trading is illegal but it is not illegal for politicians in Congress to use the information they obtain from their jobs (such as through classified meetings) to engage in stock market trades.
It’s not a failure of the law. It’s a failure of the SEC for not enforcing it.
https://perry.house.gov/how-can-scott-help/myths-about-congress.htm#:~:text=FACT%3A Both a Congressional Research
That’s simply not true. They have no exemption to insider trading laws. It simply comes down to trade timing.
The way the law is written, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
If everyone doing it gets away with it, then is it actually illegal?
Yes. It is. They just need to be arrested and prosecuted. I agree that it should be taken more seriously, considering that it’s against the law.
No one has ever been prosecuted in the decade and change that it has been illegal, despite frequent violations.
That doesn’t change the law. It’s simply evidence that Congress lives above it. Seven Democrat Senators cosponsored a bill in September to ban the practice entirely. It died at introduction.
https://www.congress.gov/bill/118th-congress/senate-bill/2773/all-actions-without-amendments
Oh you sweet summer child.
Martha. Stewart.
Fun fact: Everyone with hundreds of millions+ in holdings either trades with insider information or pays others to do it, because our metrics and enforcement for insider trading are a gallows joke.
For sure they’re already in way before general public
Pathetic watching ancient, feeble rich people about to return to the dust from whence they came still frantically positioning to boost their ego scores.
It’s as if they believe their preferred invisible sky mommy/daddy will accept a bribe of earthly currency.
I would rather chill in my basement.
it’s an addiction
Don’t worry everyone, it’s just pelosi’s 3rd cousin doing the investing so that makes everything totally cool and totally legal.
Congressional Representatives and Senators are shielded from most insider trading laws. She could literately buy in, flip the SEC the bird, and go on her merry way.