Reports: 4 US senators sold stocks before coronavirus market crash

Mosinitis

Mosinitis

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This is why I never bought a single stock. I don't believe in playing in an uneven field. Wife has 401k, but that came with her job.
 
Deplorable Me

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Phazer said:
Can these bastards!

Goddamn self-important elites.
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Can?

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Drinkthekoolaid

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Blimey

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They always do this. It's called congressional insider trading. It was completely LEGAL until 2012 when Obama signed a bill which has since been apparently weakened. So yes it was, and probably still is, 100% legal for a senator to use insider knowledge of a pending catastrophe to sell stocks. It's despicable and fuck all of us for allowing our politicians to enrich themselves like this.
 
Steal2B

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If they are blind trusts without any heads up leaked to their advisor, so be it. One Senator claimed her trust made sales and reinvested the proceeds without her input and she gets notified several weeks after activity. She laughed saying she did not know results but said the books are open and assumed she took a beating. Another Senator said it was BS stating he directed his advisors last year to divest from all individual stocks and reinvest in Mutual Funds and he assumed they were likely indexed funds and his assets are following the market.

Maybe the media is just inventing clickbait headlines. If inside info was used to protect their nest eggs, may fierce karma be swift on these elected officials and may god have mercy on their souls.
 
Cooolone

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Oh how I'm just shocked and horrified by such behavior (insider)...

:violin::oops:

Want to guess how many invest in certain pharmaceutical companies amazingly just before it comes out that theirs is going to be used to help patients?
 
Robin

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Didn't see the news, but lemmme guess, they are all republican's. Had they been the other side of the aisle this would only be heard on the most radical conservative news shows. As it is, it does enhance the chance for the Rep's to lose the senate. God help us.
Robin
 
masterswimmer

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Robin said:
Didn't see the news, but lemmme guess, they are all republican's. Had they been the other side of the aisle this would only be heard on the most radical conservative news shows. As it is, it does enhance the chance for the Rep's to lose the senate. God help us.
Robin
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3 R
1D

I agree with your take on it.
 
prambo

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masterswimmer said:
3 R
1D

I agree with your take on it.
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Of the 4, I only know something about Burr and FeinSwine.

Burr is a Neocon shitweasel, and pals around with Mark Warner who is a DemonRat - a couple d-bags. They're not even human offal, and calling them earthworm shit is an insult to earthworm shit. Fuck him!

Ahhhhhhhh...and they bury FeinSwine at the end of the article, because short attention span bozos will loose interest after 2 paragraphs, if they read it at all.

And if you look at the $$$$$$$ - at minimum, FeinSwine cleared at least as much as all the Republicans put together, and Burr is a full on RINO.

Fuck the lot
 
CaseHardened

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Robin said:
Didn't see the news, but lemmme guess, they are all republican's. Had they been the other side of the aisle this would only be heard on the most radical conservative news shows. As it is, it does enhance the chance for the Rep's to lose the senate. God help us.
Robin
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I'm not sure it's even illegal for them

Democrats Attempt to Gut the Insider Trading Bill
 
spat

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S&W Fan

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While serving in public office they shouldn't be allowed to own stocks. Politics is the only public service job that I know of where you can go in a pauper and come out a multi millionaire.
 
Darth

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Here's the thing...I don't think "insider trading" should be a crime.

Unpopular opinion, sure. But if I had a ton of money in stocks, and I found out that they were going to crash in a few days, you, by law, are forcing me to lose my money and go down with the ship? Fuck you.

"Insider trading" laws scream "everybody gets a trophy."

"But he knew something we didn't, and that isn't FAAAAAAIR! :'("

"It's ok baby, we'll punish those bad money savers."

How's that work with "I stocked up on guns and ammo before the zombie outbreak and now my friend wants some. I told him to piss up a rope."

"But that's not FAIIIIIIR! Sharing is caring!"

"You're right honey, we'll punish those evil hoarders."
 
Curmudgeon

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I'll say this and this only...

I started topping off my food stocks when I realized this was coming here. Probably when Iran went crazy.

I had no other information and didnt buy or sell stock; but I knew this was coming. So let the media say whatever the fuck they want. This was obviously coming here and reacting to it should be normal behavior.
 
masterswimmer

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Darth said:
Here's the thing...I don't think "insider trading" should be a crime.

Unpopular opinion, sure. But if I had a ton of money in stocks, and I found out that they were going to crash in a few days, you, by law, are forcing me to lose my money and go down with the ship? Fuck you.

"Insider trading" laws scream "everybody gets a trophy."

"But he knew something we didn't, and that isn't FAAAAAAIR! :'("

"It's ok baby, we'll punish those bad money savers."

How's that work with "I stocked up on guns and ammo before the zombie outbreak and now my friend wants some. I told him to piss up a rope."

"But that's not FAIIIIIIR! Sharing is caring!"

"You're right honey, we'll punish those evil hoarders."
Click to expand...

Absolutely disagree 100%. Insider trading goes WAAAY beyond knowing what's going to happen due to a crash.

When a company is looking to do a leveraged buyout of another company, get notification of a pending FDA approval for a drug, sign a massive contract, lose a massive contract, merge with another company, fire a CEO, increase dividends, split the stock, etc., having inside knowledge of any of these or a myriad of other various influencing factors should unequivocally preclude an insider or anyone they tell of the pending occurrence from being able to trade that stock. With this inside information large blocks of stock can be bought and sold before the gen pop gets word of it. Those large blocks traded can and do swing share price prior to the market getting notification of the information. This puts every 'little guy' out there at a distinct disadvantage. Those on the inside can benefit with massive profits. Insider trading creates millionaires overnight.

There's a reason the SEC requires corporate officers to file Form 4 (disclosure of any purchase or sale of their corporate stock). The amount of money that would be made on insider trading is staggering if left unchecked.
 
Darth

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masterswimmer said:
Absolutely disagree 100%. Insider trading goes WAAAY beyond knowing what's going to happen due to a crash.

When a company is looking to do a leveraged buyout of another company, get notification of a pending FDA approval for a drug, sign a massive contract, lose a massive contract, merge with another company, fire a CEO, increase dividends, split the stock, etc., having inside knowledge of any of these or a myriad of other various influencing factors should unequivocally preclude an insider or anyone they tell of the pending occurrence from being able to trade that stock. With this inside information large blocks of stock can be bought and sold before the gen pop gets word of it. Those large blocks traded can and do swing share price prior to the market getting notification of the information. This puts every 'little guy' out there at a distinct disadvantage. Those on the inside can benefit with massive profits. Insider trading creates millionaires overnight.

There's a reason the SEC requires corporate officers to file Form 4 (disclosure of any purchase or sale of their corporate stock). The amount of money that would be made on insider trading is staggering if left unchecked.
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Ok, now it's sounding even MORE like a "that's not fair" participation trophy.

Why is this the government's issue instead of the shareholders going after those "in the know" with pitchforks?

Who forced you to invest with said companies?
 
masterswimmer

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Darth said:
Who forced you to invest with said companies?
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See, that's the thing. Every single company that is listed and traded publicly, 100% of them, falls into the category of 'said company'. So if you want to play the market fairly you can't, under your insider trading guidelines.
 
Darth

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masterswimmer said:
See, that's the thing. Every single company that is listed and traded publicly, 100% of them, falls into the category of 'said company'. So if you want to play the market fairly you can't, under your insider trading guidelines.
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What are my insider trading guidelines again? I have forgotten.
 
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