this post was submitted on 24 Apr 2024
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[–] FigMcLargeHuge@sh.itjust.works 156 points 6 months ago (93 children)

I wonder how many of these lawmakers will be invested in the company that swoops in and saves the American public?

[–] venusaur@lemmy.world 60 points 6 months ago (10 children)

For real. You know Pelosi is already investing.

[–] hddsx@lemmy.ca 25 points 6 months ago (2 children)

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

[–] Gork@lemm.ee 36 points 6 months ago (3 children)

Fun fact: Congresspeople can legally inside trade, but the rest of us cannot.

[–] venusaur@lemmy.world 22 points 6 months ago (7 children)

Politicians should be banned from stock market. Total conflict of interest.

[–] disguy_ovahea@lemmy.world 17 points 6 months ago (6 children)

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

[–] venusaur@lemmy.world 5 points 6 months ago (1 children)

if we keep electing people trying to maintain the status quo, then it'll never happen

[–] disguy_ovahea@lemmy.world 5 points 6 months ago (1 children)

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.

[–] venusaur@lemmy.world 6 points 6 months ago

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.

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[–] disguy_ovahea@lemmy.world 9 points 6 months ago* (last edited 6 months ago) (13 children)

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.

[–] DharkStare@lemmy.world 9 points 6 months ago (2 children)

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.

[–] disguy_ovahea@lemmy.world 3 points 6 months ago* (last edited 6 months ago)

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.

https://perry.house.gov/how-can-scott-help/myths-about-congress.htm#:~:text=FACT%3A%20Both%20a%20Congressional%20Research

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[–] AllonzeeLV@lemmy.world 5 points 6 months ago

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.

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[–] AllonzeeLV@lemmy.world 7 points 6 months ago* (last edited 6 months ago) (2 children)

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.

[–] Ultragigagigantic@lemmy.world 3 points 6 months ago

I would rather chill in my basement.

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[–] Ultragigagigantic@lemmy.world 5 points 6 months ago (1 children)

Don't worry everyone, it's just pelosi's 3rd cousin doing the investing so that makes everything totally cool and totally legal.

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[–] Nurgle@lemmy.world 7 points 6 months ago

Mnuchin (fmr Trump Treasury Sec) is already setting up a group to try and buy it apparently.

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