6 mo. ago • 97%

Lawmakers Make Their Fortunes Investing Bribe Money in Insider Trading

US Authoritarianism @lemmy.world Lawmakers Make Their Fortunes Investing Bribe Money in Insider Trading

50 comments

The delay in reporting makes the information somewhat useless. Here is Gerry Connolly's (D, House, Va) recent transaction of Dominion Energy for example. He sold and by the time it is reported the stock already crashed.

Nancy Pelosi's trade of Forge Investments. Notice that by the time it is published it had already started going down.

I did not cherry pick these by any means. I just picked the first sell and buy on the list.

155
And that's with the delay...

But the more people buy after they buy, the more they make.

No one is "sticking it to the man" doing this, they're making "the man" even more money by following behind them,.

104
- No one using this would be trying to "stick it to the man" by doing this. They're trying to get some scrapes from the man by doing this.
  
  67
  
  But to fix the problem we need to regulate their trading and get donor money out of politics.
  
  You're talking about a bandaid that stops the bleeding but not infection.
  
  We need a long-term solution
  
  13
- Yeah looks like there's at least a week of delay. I would love to see some data about this.
  
  4
- "invested" does not mean profited
  
  0
The stock market is a scam and should be abolished.

54
- 20
- This but unironically for the derivatives. There are a few situations that would warrant exemption from the ban, but 99% of them is just high stakes legalized betting
  
  7
- would that involve getting rid of publicly traded/owned companies? would that in turn mean only one person could own a company and not allow investments?
  
  3
  
  would that involve getting rid of publicly traded/owned companies?
  
  no
  
  would that in turn mean only one person could own a company and not allow investments?
  
  also no
  
  7
  
  No
  
  6
  
  There's other legal forms aside stock company.
  
  1
42
- I think you can do it via Quiver Quantatative, but there's some sort of fee structure. https://www.quiverquant.com/congresstrading
  
  Theoretically, there are reporting requirements and the trades are public knowledge. Don't know where that information lives though.
  
  20
  
  You can go through publicly available government contracts like those used by FEMA, and see what corporations are getting what money. I like to cross reference the boards of the companies with congressional members and invest in ones where they have Congress people from both isles.
  
  There's a lot of them.....
  
  6
- first result on duckduckgo my man https://www.capitoltrades.com/trades
  
  8
- How is this post an empty text link to a lemmynsfw post for me without an edit mark yet everyone else seems to be replying to something tangible‽
  
  -1
  
  It's a picture for me, a meme of IASIP, very SFW. Did you block lemmynsfw? Or filter pictures generally/from a specific instance?
  
  8
The problem with this is the delay in reporting. By the time the info is public, the value has usually already changed. Has anyone modeled this with historic information? How does it compare to the S&P500?

36
- The problem with this is the delay in reporting. By the time the info is public, the value has usually already changed
  
  Which is by design, of course. That way congresspeople get the inside track of the trading, helping them profit from their insider information before anyone else knows.
  
  Not at all something that's illegal to do for everyone else, nuh-uh! 😠
  
  How does it compare to the S&P500?
  
  They consistently outperform the market, of course. Like most people engaging in insider trading do.
  
  25
  
  The politicians doing insider trading are absolutely outperforming the market, but are the people chasing after their scraps once those trades are made public doing better than the S&P500?
  
  4
We shouldn’t be able to trade municipal securities, they shouldn’t even exist yet here we are.

11
Doesn't that app give more power to congress?

9
- Yeah, I wouldn't be surprised if Warren Buffett's reputation makes him as much or more money than his analysis does because so many people just follow what he does, which pretty much ensures that prices will go up after he buys and down after he sells.
  
  This is just automating the process for Congress. Even if they set it up to avoid the reporting delay by having Congress report their trades directly to the app, Congress would still benefit from this. Outside of the occasional adverse events that have a bigger impact than their followers, but they can predict those better by being on Congress.
  
  5
- A tailwind effect in which their transactions are buoyed by pilers on.
  
  4
Seems like a pretty even mix of both parties, the motherfuckers.

7
- No war but the class war.
  
  17
Make one for blackrock so I can afford to retire.

4
We shouldn’t be able to trade municipal securities, they shouldn’t even exist yet here we are.

0
It’s called “Accessorr-ė”

0

You've viewed 50 comments.