Senators Sold Stock, Sounded No Alarms
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- dualstow
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Senators Sold Stock, Sounded No Alarms
What do you make of this?
I don't have any problem with them selling their stock.
The combination of dumping stuck before the crash and simultaneously sending a message that all is well does indeed look fishy.
I could probably be persuaded either way.
https://www.thedailybeast.com/sen-kelly ... ref=scroll
I don't have any problem with them selling their stock.
The combination of dumping stuck before the crash and simultaneously sending a message that all is well does indeed look fishy.
I could probably be persuaded either way.
https://www.thedailybeast.com/sen-kelly ... ref=scroll
If you were unable to log into Bitwarden today around 3:30pm EST, you’re not alone. (May 6) That was brief, but unsettling.
Re: Senators Sold Stock, Sounded No Alarms
I read in another article that they are making the case that the sales were handled by a third party without their knowledge. Interesting defense...
I can also see them making the case that they were not privy to knowledge that was specific to a given company. If a climate scientist has especially bad “inside information” concerning the latest climate models, is it insider trading for him to buy a stock based on that? I’m actually not 100% sure. That’s probably a spotty defense, but potentially something a good lawyer could seize upon.
I can also see them making the case that they were not privy to knowledge that was specific to a given company. If a climate scientist has especially bad “inside information” concerning the latest climate models, is it insider trading for him to buy a stock based on that? I’m actually not 100% sure. That’s probably a spotty defense, but potentially something a good lawyer could seize upon.
MicroBachelors
Re: Senators Sold Stock, Sounded No Alarms
Also, interestingly, if she had just held the PP this never would have happened.
MicroBachelors
- dualstow
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Re: Senators Sold Stock, Sounded No Alarms
Even though they didn't have inside info on the companies?
That's an interesting take on it. Inside info on world events.
They probably didn't hold enough shares to influence the price of the stock by selling, but from the perspective of a regular joe left holding the shares when the virus hit...
This is all aside from the question about whether or not they should have been more forthcoming to the public about the dangers ahead, after the briefing.
--
Right, Smith!
That's an interesting take on it. Inside info on world events.
They probably didn't hold enough shares to influence the price of the stock by selling, but from the perspective of a regular joe left holding the shares when the virus hit...
This is all aside from the question about whether or not they should have been more forthcoming to the public about the dangers ahead, after the briefing.
--
Right, Smith!
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Re: Senators Sold Stock, Sounded No Alarms
I think there is a least a couple more who did the same thing.
I was also under the impression that insider trading is not Illegal for Congress.
I know at one time that is was a perk, did it change?
I was also under the impression that insider trading is not Illegal for Congress.
I know at one time that is was a perk, did it change?
¯\_(ツ)_/¯
- dualstow
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Re: Senators Sold Stock, Sounded No Alarms
Yeah, it's been picked up by other news sites and reported in different ways, with updates. People wrote to the NYT about sales made by other senators, and the Times said that there wasn't anything strange about those sales. e.g. the sale of a biotech company that has actually since gone up in value; the use of a blind trust etc.
You've given me something new to look up. The article I put in the OP does mention this:
Burr was one of just one of three senators who voted against legislation in 2012 banning so-called congressional insider trading.
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Re: Senators Sold Stock, Sounded No Alarms
Who are they going to tell without causing panic?
I don't know but for some reason everyone in CONgress is a millionaire.
Maybe they just use a Buy and Hold strategy
¯\_(ツ)_/¯
- dualstow
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Re: Senators Sold Stock, Sounded No Alarms
Aha, STOCK Act (2012)
https://en.wikipedia.org/wiki/STOCK_Act
https://en.wikipedia.org/wiki/STOCK_Act
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- vnatale
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Re: Senators Sold Stock, Sounded No Alarms
Until recently they WERE permitted to do this type of insider trading based upon the information only they knew.
No surprise given that they generally exempt themselves from many of the laws that apply to the rest of us.
Vinny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Re: Senators Sold Stock, Sounded No Alarms
Thanks for the link, dualstow. Time to read up.
MicroBachelors
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Re: Senators Sold Stock, Sounded No Alarms
You are correct. But it did change some time in the last ten years or so.
VInny
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
Re: Senators Sold Stock, Sounded No Alarms
To be fair here... everyone had access to the data about the virus well in advance. Everyone had the same opportunity to act on that info and derisk before the crash.
Re: Senators Sold Stock, Sounded No Alarms
Insider trading is when somebody on the inside of a company has some inside-the-company knowledge about the stock and trades based on it.
Regardless of how unseemly this is, it isn't insider trading. Maybe it's something else that's illegal.
Regardless of how unseemly this is, it isn't insider trading. Maybe it's something else that's illegal.
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Re: Senators Sold Stock, Sounded No Alarms
Once it was revealed what all the Congressional scoundrels were routinely and regularly doing, i.e., maybe not actions that fulfilled all the definitions of "insider trading" but with the same results, Congress quickly realized that they had to bar these actions. Happened nearly ten years ago.
https://represent.us/action/insider-trading/
Vinny
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Re: Senators Sold Stock, Sounded No Alarms
Yes, Vinny, see my link on page 1.
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Re: Senators Sold Stock, Sounded No Alarms
Don't see it here after I quickly scanned the article you provided there.
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I don't have any problem with them selling their stock.
The combination of dumping stuck before the crash and simultaneously sending a message that all is well does indeed look fishy.
I could probably be persuaded either way.
https://www.thedailybeast.com/sen-kelly ... ref=scroll
-----------------
Vinny
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- dualstow
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Re: Senators Sold Stock, Sounded No Alarms
It was just a link to the wiki page on the STOCK Act of 2012.
A one-line post.
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My beloved Mark Shields commented on this topic on Newshour. With some careful contingencies, he said that this was “unacceptable”, “blood money” and “something that should be investigated.’
A one-line post.
—-
My beloved Mark Shields commented on this topic on Newshour. With some careful contingencies, he said that this was “unacceptable”, “blood money” and “something that should be investigated.’
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Re: Senators Sold Stock, Sounded No Alarms
Classified briefing to senator: it's gonna suck
Senator to public: nothing to worry about
Senator to business leaders: prepare for the worst
(I think there was article like this; North Carolina senator?)
Business leaders to trustee (or Senator to aid to trustee): SELL
AFAIK, no proof.
But it sure has the appearance of impropriety.
Re: Senators Sold Stock, Sounded No Alarms
The data that it was going to suck was public though. I was listening to a Podcast back in mid January that predicted this exact scenario. I wish in hindsight I would have acted more on that... but oh well. The data was there for all to see well in advance. It was all over the news, but the stock market kept powering higher like nothing was wrong.Dieter wrote: ↑Fri Mar 20, 2020 6:19 pmClassified briefing to senator: it's gonna suck
Senator to public: nothing to worry about
Senator to business leaders: prepare for the worst
(I think there was article like this; North Carolina senator?)
Business leaders to trustee (or Senator to aid to trustee): SELL
AFAIK, no proof.
But it sure has the appearance of impropriety.
Re: Senators Sold Stock, Sounded No Alarms
The shit thing about the law is that if you do something illegal without even knowing it's illegal, that does not give you a valid defense.
It's super scary. Just so scary. There are so many laws, and the legal code gets more stacked every year.
It's one of my biggest fears surrounding, say, starting a business. There's just so many ways to get totally f@#$ed over, even without any kind of malicious intent.
Not saying that's the case here with the Senator in question, but just thought it was a valid point worth mentioning.
It's super scary. Just so scary. There are so many laws, and the legal code gets more stacked every year.
It's one of my biggest fears surrounding, say, starting a business. There's just so many ways to get totally f@#$ed over, even without any kind of malicious intent.
Not saying that's the case here with the Senator in question, but just thought it was a valid point worth mentioning.
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Re: Senators Sold Stock, Sounded No Alarms
Borowitz’ take on it:
Richard Burr Demands Assurance That Senators Working from Home Will Still Get Stock Tips
https://www.newyorker.com/?source=EDT_N ... Y_Borowitz
Richard Burr Demands Assurance That Senators Working from Home Will Still Get Stock Tips
https://www.newyorker.com/?source=EDT_N ... Y_Borowitz
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Re: Senators Sold Stock, Sounded No Alarms
Now I see it. But looking at it again I can see that without you having provided any context (i.e., quoting something so I could see what it was in response to) I can see why I just looked at it and moved on to the next post.dualstow wrote: ↑Fri Mar 20, 2020 6:13 pm It was just a link to the wiki page on the STOCK Act of 2012.
A one-line post.
—-
My beloved Mark Shields commented on this topic on Newshour. With some careful contingencies, he said that this was “unacceptable”, “blood money” and “something that should be investigated.’
Sometimes if I'm reading the newest post that could be my first one I'm seeing and with what you had there was no context.
Vinny
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Re: Senators Sold Stock, Sounded No Alarms
Senate Democrats blocked the first coronavirus bill**. Look what they're putting in their version:
Tucker Carlson is on it.
Politics continues to disgust me.
** If anyone is aware of stupid stuff in the first one, plz post it.
Tucker Carlson is on it.
Politics continues to disgust me.
** If anyone is aware of stupid stuff in the first one, plz post it.
You there, Ephialtes. May you live forever.
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Re: Senators Sold Stock, Sounded No Alarms
Why they are doing this is just flat out stupid. This bill should be like 5-10 pages long. Substituting one ideology for another.
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Re: Senators Sold Stock, Sounded No Alarms
I flew through the Republican one, which I found here. It was long as hell, but covered a lot of different aspects of what they wanted done to fight the coronavirus and its economic damage to companies (via loans and taxes)** and people (helicopter money). They wanted to give a handout to fucking UNIVERSITIES, for fucks' sake, which I think it totally idiotic. (colleges refused to refund students for room and board and campus-related stuff which they were no longer using, or to lower tuition, or anything, really.). They're doing special things for women and minority-owned businesses, and have a weirdly long section on menstruation (yes, really), but... fuck it. Absolutely nothing indicating that Republicans were trying to sneak shit past Democrats, like making abortion illegal or requiring every citizen to buy a gun.
That one was 247 pages long. The Democrat's new one is more than 1,400 pages long. I haven't gone through it yet, I'm assuming there is more insanity than we've seen so far.
That one was 247 pages long. The Democrat's new one is more than 1,400 pages long. I haven't gone through it yet, I'm assuming there is more insanity than we've seen so far.
You there, Ephialtes. May you live forever.