Remove the provisions that congress critters can't be charged with insider trading.
Posted on 12/16/2021 5:33:05 AM PST by MarvinStinson
House Speaker Nancy Pelosi on Wednesday said lawmakers should not be barred from trading stock, a practice that has come under scrutiny because it gives members of Congress the opportunity to profit from inside information gained through their official duties.
“We are a free-market economy. They should be able to participate in that,” Pelosi, whose venture-capitalist husband holds tens of millions of dollars’ worth of stocks and options, told reporters.
Pelosi has long said she has no involvement in or prior knowledge of her husband’s trading decisions.
The issue of congressional stock trading has taken on new urgency since the beginning of the pandemic, when suspiciously timed stock trades by lawmakers in both parties provoked outrage and led to multiple investigations.
To date, no one has been charged in connection with stock-trading investigations undertaken by the Justice Department and the Securities Exchange Commission.
But the often lucrative trades nonetheless shine a spotlight on the inadequacies of a 2012 law called the Stock Act, which bars members from using inside information to make investment decisions and requires that all stock trades be reported to Congress within 45 days.
Yet, in the nearly 10 years since it was enacted, no one has been prosecuted under it, even as many members continue to conspicuously trade.
In some recent cases, lawmakers have failed to report their trades altogether, as required by the law.
When asked whether lawmakers and their spouses should be prohibited from trading stock while in Congress, Pelosi said, “No,” adding that “this is a free market.”
Many ethics experts have advocated for a ban on congressional stock trading to remove any temptation altogether.
Pelosi’s most recent financial disclosure shows her husband has millions of dollars’ worth of holdings.
(Excerpt) Read more at marketwatch.com ...
Remove the provisions that congress critters can't be charged with insider trading.
Of course she does! How else are congress people supposed to rake in millions? Governing the businesses that they invest in?
Every American citizen is subject to laws prohibiting securities trading based on insider information, and every American citizen is part of our free-market economy.
Typical leftist deflection and not addressing the real issue.
It doesn't matter if Pelosi knew anything about her husband's trading. What matters is, does her husband know what she and her cronies are about to do in Congress? Because decisions, press statements, etc. can (and do, regularly) have a significant impact on the market, some segments and specific companies. Prior knowledge of that kind of thing... Well, that's how someone earning a few thousand dollars a year can become a multi-millionaire...kind of like Pelosi.
It isn't really a question of if he's been trading on inside information. It really is only a question of how overt and obvious has it been, and can he be prosecuted for it.
That’s great, Botoxian. Glad to hear it. Then, how about giving the “unwashed masses” the same insider legislative information that greatly affects the move of the market so we can buy/sell like you bunch of crooked and corrupt thieves.
Whadda dimwit.
Since you have no money and are not a player....... it doesn’t matter.
The point is moot
Pelosi makes about $190,000 per year. Explain to me how someone with that income, only a fraction of which would be disposable or available for investment, can be so ah “fortunate” to amass over $195,000,000 in investments? That’s pretty darn good trading. So good or lucky at picking investments it strains credulity.
When I can go to jail for doing things you would do with impunity, then yes, it is wrong, and it should be illegal.
Pelousi: “‘We are a free-market economy’...
AND a closed insider information club and YOU AIN’T IN IT.”
“..Since you have no money and are not a player....... it doesn’t matter. The point is moot...”
I’m assuming that was supposed to have a “/s” after it.
But tru, I don’t have, or rake in, the millions those jerks rake in. Like many others on here, I have retirement funds that could use a little boost from “insider info”...LOL.
Pelosi, you’re in an abuse of power. I guess Martha Stewart wasn’t in a free economy.
No, all of their meetings are not public knowledge. Only the ones they want us to know about. The other ones are recorded as “closed sessions” if I recall correctly. Then there are the unofficial meetings we hear nothing about. Parties with lobbyists, attending social events, etc. Greed and power are their religion and they practice it in front of and out of sight of the camera.
“...Pelosi makes about $190,000 per year. Explain to me how someone with that income, only a fraction of which would be disposable or available for investment, can be so ah “fortunate” to amass over $195,000,000 in investments? That’s pretty darn good trading. So good or lucky at picking investments it strains credulity.....”
The Pelosi and her husband own tuna processing facilities in America Samoa that are exempt from U.S. minimum wage laws, OSHA and EPA laws, etc. It’s, in essence, pretty much a slave labor operation. She made sure any legislation that would have affected that operation, they were exempted from em. These people are greedy, corrupt and vile.
and some ... are above all Law, even those
they pass and enforce for others.
The people that choose the winners and losers by the bills they pass MUST be allowed to invest!
Disgusting swamp creatures, all.
Isn’t she one of the ones who tell us capitalism doesn’t work and we have to have complete government control over the economy?
Although comfortable, I am not a real player either.
That doesn’t mean I want to restrict a free market
I see. Every American citizen.
Congress is exempt from insider trading laws.
Therefore Congressmen, -women, and -other are not American citizens.
That explains much!
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