Senator insider trading?

[Patriotsfatboy1 1,432]

51 minutes ago, iam90sbaby said:

Feinstein did it too.  This story will quietly go away now.

Fock her. She has needed to go for a while.

[Strike 3,944]

2 hours ago, tanatastic said:

Like any of you would do diffferent. What are they supposed to do, just let their stock dive? Pretend they didn’t know what they knew? Why the hell wouldn’t they sell? 

Yes?  Either that or they should be required to put all of their investments in to a blind trust while in office.  They will invariably be privy to inside information and they should not be allowed to profit from that information, just as we don't let people who work for those companies profit from it.

[Patriotsfatboy1 1,432]

2 minutes ago, Strike said:

Yes?  Either that or they should be required to put all of their investments in to a blind trust while in office.  They will invariably be privy to inside information and they should not be allowed to profit from that information, just as we don't let people who work for those companies profit from it.

Why would you bring logic and ethics into this discussion?  Smh

[Cdub100 3,366]

50 minutes ago, Strike said:

Yes?  Either that or they should be required to put all of their investments in to a blind trust while in office.  They will invariably be privy to inside information and they should not be allowed to profit from that information, just as we don't let people who work for those companies profit from it.

Didn't finstien have hers in a blind trust? Yet they still sold... 

[Hardcore troubadour 12,580]

The other three may have enough of a BS excuse to get away with it. But Burr doesn’t. He’s gotta go. 

[Cdub100 3,366]

BTW you know what's a load of sh1t? Due to my role as a public servant, every year I have to fill out a form with all of my investments, bank statements, and any other income. Every trade I do and every dollar I make must be accounted for. Every year I receive a "letter of concern" mainly due to my index funds which I have no control over other than buying or selling. It focking takes me hours to do.

If these guys sold their current investments I don't think that's illegal. Scummy sure, but I'm not sure that it is illegal. Fienstien, on the other hand, told her husband who also sold his investments which means she is leaking classified info.

Either way, the powers that be have made it okay for them to insider trade (even though I don't think this is insider trading.)

 

[Strike 3,944]

20 minutes ago, Cdub100 said:

Didn't finstien have hers in a blind trust? Yet they still sold... 

If she truly did and can prove it she's in the clear.  There can be coincidences.  But Feinstein has been gaming the system for her husband's benefit for decades, getting them rich in the process.  So I don't trust that to be the case.

[Strike 3,944]

This guy Richard Burr is probably toast.  He sold basically his entire net worth that day.  It wasn't just typical selling/rebalancing.  He was in private meetings comparing the coronavirus to the Spanish flu.  All the while publicly reassuring the public that all was well like Kevin Bacon in Animal House.  He may not get prosecuted but I think the pressure will force him to resign.

[Hardcore troubadour 12,580]

Tucker Carlson just took Loeffer down. Ouch. I’m surprised she went on his show. I would have told her not to. She’s FOS. 

[wiffleball 4,631]

... and anybody who's ever lived 10 minutes before this moment will tell you that the worst thing that happens is that they lose their job, retain their pension and health care for life and immediately sign on to a k Street from as a lobbyist and or lawyer for far more than they're making before and make more money sitting on various boards of directors than  they lost had they been told to recoup or return whatever money they saved on their stock sales.

 

the only difference is now they can cheat on their wives and have eight Martini lunches without risk of some pesky news reporter holding them accountable as public servants. Because they're not.

 

 

And that doesn't even count comparing their savings or non losses versus what's going on with our current resident of the White House.

[JustinCharge 2,397]

Well this.  Now Corey Booker is out saying NO senator should own stocks.  That's so stupid.  Now we're going to criminalize the idea of holding stocks?  You can bet this won't end here.  This will trickle down to the average joe.  If you or I sell stocks, the govt will scrutinize it.

https://www.yahoo.com/finance/news/cory-booker-senators-shouldnt-own-individual-stocks-fiscal-buybacks-231200494.html

 

‘Senators shouldn’t own individual stocks’: Senator Cory Booker
Kristin Myers
Yahoo FinanceMarch 20, 2020, 4:12 PM PDT

Former presidential candidate and New Jersey Senator Cory Booker says that senators shouldn’t be allowed to own individual stocks after news that Senators Richard Burr (R-NC) and Kelly Loeffler (R-GA) sold stock holdings ahead of the COVID-19 market crash. What’s more, it’s alleged both senators made their stock moves after receiving intelligence briefings about the coronavirus outbreak.

“There’s just too much insider information down here,” Senator Booker said on Yahoo Finance’s Final Round. “No senator should own individual stocks. I am fully against that. If you want to be somebody who’s playing in the stock market, don’t run for the United States Senate. Don’t run for Congress.”

“I think we should be limited to indexed funds and more,” he added. “We need to start returning our institutions to really be beyond the appearance even of impropriety. It weakens our democracy, it undermines trust in our institutions and we should just ban a lot of these practices.”

[nobody 2,031]

Agreed Congress shouldn't own stocks.  They profit enough off of the people they supposedly serve.

[Cdub100 3,366]

16 minutes ago, riversco said:

Well this.  Now Corey Booker is out saying NO senator should own stocks.  That's so stupid.  Now we're going to criminalize the idea of holding stocks?  You can bet this won't end here.  This will trickle down to the average joe.  If you or I sell stocks, the govt will scrutinize it.

https://www.yahoo.com/finance/news/cory-booker-senators-shouldnt-own-individual-stocks-fiscal-buybacks-231200494.html

 

‘Senators shouldn’t own individual stocks’: Senator Cory Booker
Kristin Myers
Yahoo FinanceMarch 20, 2020, 4:12 PM PDT

Former presidential candidate and New Jersey Senator Cory Booker says that senators shouldn’t be allowed to own individual stocks after news that Senators Richard Burr (R-NC) and Kelly Loeffler (R-GA) sold stock holdings ahead of the COVID-19 market crash. What’s more, it’s alleged both senators made their stock moves after receiving intelligence briefings about the coronavirus outbreak.

“There’s just too much insider information down here,” Senator Booker said on Yahoo Finance’s Final Round. “No senator should own individual stocks. I am fully against that. If you want to be somebody who’s playing in the stock market, don’t run for the United States Senate. Don’t run for Congress.”

“I think we should be limited to indexed funds and more,” he added. “We need to start returning our institutions to really be beyond the appearance even of impropriety. It weakens our democracy, it undermines trust in our institutions and we should just ban a lot of these practices.”

This Bozo still can't get it right. What these senators did was preserve their assets. If they held index funds nothing would have changed. They still would have sold them all and sat on cash.

[Patriotsfatboy1 1,432]

So it looks like Loeffler should go to jail, directly to jail, do not pass go, yada, yada, yada.

https://www.ajc.com/news/state--regional-govt--politics/loeffler-reports-more-stock-sales-denies-wrongdoing/YFPDT3pChO873nuzNKa44K/

 

 

 

[Hardcore troubadour 12,580]

Just go away. We all know it’s legal because our ruling class writes the rules with themselves in mind. But just get out of here. 

[DonS 3,063]

44 minutes ago, Patriotsfatboy1 said:

So it looks like Loeffler should go to jail, directly to jail, do not pass go, yada, yada, yada.

https://www.ajc.com/news/state--regional-govt--politics/loeffler-reports-more-stock-sales-denies-wrongdoing/YFPDT3pChO873nuzNKa44K/

 

 

 

Damn. Wish my senator was that hot. Instead I get this: 

https://images.app.goo.gl/yAMm5ULJkvdERB9E9

 

[Strike 3,944]

58 minutes ago, DonS said:

Damn. Wish my senator was that hot. Instead I get this: 

https://images.app.goo.gl/yAMm5ULJkvdERB9E9

 

It would have been ok not to post a pic.  We would have believed you.

[DonS 3,063]

8 minutes ago, Strike said:

It would have been ok not to post a pic.  We would have believed you.

Gotta share my pain. 

[cmh6476 748]

My US Senator, who was not accused of insider trading, just called my cell phone to check and see how things were going and if we needed anything from his office

[Leeson 54]

29 minutes ago, cmh6476 said:

My US Senator, who was not accused of insider trading, just called my cell phone to check and see how things were going and if we needed anything from his office

Like a stapler or post it notes?

[Patriotsfatboy1 1,432]

36 minutes ago, cmh6476 said:

My US Senator, who was not accused of insider trading, just called my cell phone to check and see how things were going and if we needed anything from his office

Dumbass.  He also got your SSN and checking account number with routing.  He is not going to expedite your stimulus check.  

[cmh6476 748]

[Cdub100 3,366]

1. I think this is scummy

2. I think this is different than just selling everything and going to cash.

3. Nothing will be done because this wasn't illegal for HER to do it.

[Intense Observer 344]

She is the very definition of swamp. Husband is chairman of NYSE. She is co-owner of Atlanta's WNBA team. She never ran for office and was appointed in Dec 2019 to replace a GA senator who stepped down for health reasons, essentially she bought the seat. Donated $750k to Romney in 2012. Lived in a 15k sf house, most expensive ever sold in ATL.

Sworn in to Senate on 1/6/2020.

18 days later starts selling stonks.

It doesn't look good on the surface, but she had been in DC for less than 3 weeks. Was she really in secret meetings discussing Wuhan Flu during that time? 

There were probably a lot of people (especially those with market experience and advisors) who were making trades in January as China started killing their citizens and covering things up.

Is it possible her trades were based on smart investing and not top secret insider info that a 3 week old senator likely was not privy to?

 

Either way I'd like to see Collins whoop her arse in the primary. No need for Romney loving swamp creatures in DC.

[lod001 1,235]

Jail for that skanky biatch.

[TimmySmith 2,782]

14 hours ago, Cdub100 said:

1. I think this is scummy

2. I think this is different than just selling everything and going to cash.

3. Nothing will be done because this wasn't illegal for HER to do it.

Scummy? Sorta. Illegal? No. Not a soul has brought up any allegation of specific information she could have had. No industries have been shuttered by the feds from that meeting. At worst she was given a more accurate prediction of the scope than was released to the public. This appears to be a witch hunt. The fact that she might be a witch is coincidence. 

[Patriotsfatboy1 1,432]

36 minutes ago, TimmySmith said:

Scummy? Sorta. Illegal? No. Not a soul has brought up any allegation of specific information she could have had. No industries have been shuttered by the feds from that meeting. At worst she was given a more accurate prediction of the scope than was released to the public. This appears to be a witch hunt. The fact that she might be a witch is coincidence. 

So, if she was briefed and then took money out of stocks in particular industries, that isn't insider trading or illegal under any laws?  Hmmm.  I might have to wait until digby weighs in before I buy that. 

[TimmySmith 2,782]

1 hour ago, Patriotsfatboy1 said:

So, if she was briefed and then took money out of stocks in particular industries, that isn't insider trading or illegal under any laws?  Hmmm.  I might have to wait until digby weighs in before I buy that. 

The DJIA was already down 15-20% when she sold.  Do you have any specifics on the briefing the rest of us don't? 

[Patriotsfatboy1 1,432]

20 minutes ago, TimmySmith said:

The DJIA was already down 15-20% when she sold.  Do you have any specifics on the briefing the rest of us don't? 

I don't have any specifics.  I think that it should be investigated before we say that she did it.  I just don't believe that you automatically exonerate her based on your lack of knowledge.  

[TimmySmith 2,782]

4 minutes ago, Patriotsfatboy1 said:

I don't have any specifics.  I think that it should be investigated before we say that she did it.  I just don't believe that you automatically exonerate her based on your lack of knowledge.  

We have a thing here in the US about innocent until proved guilty.  So it's your lack of knowledge that will be the crux of any investigation.  Lastly, I assume you know that she cannot be found guilty, no matter what.  This will be a charade.

[lickin_starfish 1,477]

On 3/20/2020 at 9:19 PM, wiffleball said:

And that doesn't even count comparing their savings or non losses versus what's going on with our current resident of the White House.

When someone uses the term "current resident of the White House", I picture this:

https://media1.tenor.com/images/61230c0ccdb9f3b1efa47dd9bea25429/tenor.gif?itemid=7636823

[Patriotsfatboy1 1,432]

7 minutes ago, TimmySmith said:

We have a thing here in the US about innocent until proved guilty.  So it's your lack of knowledge that will be the crux of any investigation.  Lastly, I assume you know that she cannot be found guilty, no matter what.  This will be a charade.

So, a couple of things:

1. The Senate can open an ethics investigation because she can be removed from office as a result of an ethics violation

2.  It is illegal for government employees to use information not available to the general public to buy or sell stock.  See the STOCK Act.