Lawmakers should not be allowed to trade stocks
Say it louder for the people in the back
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Only T-bonds.
It’d be better just to require blind trusts. The trust has a fiduciary duty to invest their money well, and the politician can write a letter requesting a certain high-level investment strategy prior to the start of their term (ie, primarily large cap, primarily bonds, high/low risk tolerance). If they want they can add or remove money as USD during their term and they’ll get back whatever’s left at the end.
That’s not really what people consider “stocks” but yes of a lot of economists and political theorists were able to debate the details of the policy people could decide and urge their reps to do the right thing. Worth a shot I guess.
What is your solution, that she resign or that she divorces her husband whom she married in college? Her husband’s primary income is from the investment firm he owns, so basically she cannot be a legislator while married to him if those are the rules.
Sounds perfectly reasonable to me.
I would sooner reform shared finances of married couples, at least that of congress, or better yet bar shareholders from running for office, than end Nancy’s marriage of 60 years over her supposed insider trading (which I’ve never even seen a decent argument about, if anything Paul’s trades are kind of shit given her position of power).
Carter sold his family’s peanut farm.
Legislators, members of governments and their households should either be forbidden from doing insider trading, with regular detailed audits to ensure it, or should be forced to use blind trusts for investments.
I wish more people could have been like Carter. He wasn’t perfect, far from it, but he was a legend given the time period and how he spent his later years.
Her husband’s not a lawmaker. Once again: lawmakers should be banned from trading stocks.
That’s exactly the issue, in the USA marriage gives joint ownership of assets barring anything outlined in prenuptial agreements. So while Nancy Pelosi has never traded any stocks she still reports all of her husbands stock trades as per the transparency legislation that she helped pass into law. Paul Pelosi would also be banned from trading stocks, his lifelong primary employment, as a result of the ban.
Insider trading is theoretically illegal in all other contexts, why are congress creeps special?
Former Congressman Stephen Buyer went to prison for 2 years for insider trading.
What is Nancy Pelosi’s insider trade? I recommend submitting a tip to the SEC, you could get payed a pretty penny for it if it leads to evidence and a conviction.
Well considering she made the purchase a couple weeks before there was an announcement of a new chip plant in China. The game is rigged folks.
Well considering she made the purchase a couple weeks before there was an announcement of a new chip plant in China. The game is rigged folks.
I mean. Its absolutely nothing compared to the post ChatGPT runup.
If anything I could see that China news harming the stock evaluation. Bad publicity is real, and allying with China is risky in this market.
vote blue no matter who
Vote progressive in the primary.
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It’s obvious you’re being sarcastic, but actually yes, vote blue no matter what. This is literally the best thing you can do to fight blatant fascism with your vote.
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You should add a /s, friend
All of the top stock traders are GOP reps, Nancy’s husband Paul didn’t even make top 10 in 2022.
I’m criticizing Pelosi because she is a democrat. We don’t expect anything better from the GOP. We can hopefully exert some pressure through outrage to make democrats change this. Democrats by and large suck but it’s a given that republicans do this too.
Making money isn’t the problem, insider trading is the problem. Did she do something as a congressperson that gave her inside knowledge of how AI was going to blow up Nvidia stock?
If not this is a non story.
Last time she bet on Nvidia was right before she voted on passing the chips act which directly benefited Nvidia. Thats why this is a story.
I think that the concern would be less her vote – she’s just one vote – and more that she knows how legislators, more-broadly, are going to vote.
She also holds/held the power to coerce others to do the same.
Nah, see, the reality is the stock market is a fundamentally manipulatable thing that is weakly coupled to anything.
Oh OK then, thanks for clarifying.
She’s probably one of the ones who made a bunch of trades just before the first lockdown of the pan. Or her husband. I don’t trust any of 'em without full transparency.
Quick, ask her again if representatives should be able to trade stocks.
The house always wins.
Actually, Paul has lost money some years.
Did he lose money or did he declare losses. Not the same if you have any decent accountant.
Even if you declare losses you have to make at least as much the next year in order to get any tax credit benefit from the loss, but at that point we’re talking about America’s shitty tax policies and nothing to do with Legislator owned investment as a result of joint ownership caused by marriage.
Not really a bet, when you control the rules of the game.
Stop voting for these people you fucktards.
Stop voting for who? Democrats? Republicans? Politicians? Insider trading is effectively legal in congress, no matter your party affiliation.
We need a complete overhaul. But we still need to keep voting. Progressives at least favor improvements to the system itself, so if you mean “vote progressive instead of these others”, then I agree.
vote progressive instead of these others
Yes, this.
It turns out the two party system is sort of like a hostage situation
Anyone with Nvidia stock made a stupid amount of money.
Not everyone who has Nvidia stock has a hand in policy that influences stock prices.
What legislation involved nvidia?
The gain was from a call though, not ownership of existing stock over long term.
Is that what happened?
How do 80 year olds know what stocks to buy and I don’t?
Because they get all the insider info that they are legally allowed to use for investment strategies which commoners are not.
Well excuse her for finding a permanent life partner while in college. I suppose she should be ashamed of herself, is that the consensus here?
BTW, what exactly are her inside trades? Is it when her husband bought a large stock offering from VISA right before a big vote on VISA legislation where she *checks notes voted against VISA’s interests and passed regulation against them in 2007? Is that the big secret, voting against the big companies while buying their stock?
Fun Fact, the top traders in Congress are all GOP reps. In 2022 she wasn’t even top 10, some years her husband makes Negative profits.
If someone who isn’t of congress nobility tells their investment firm owning spouse of insider information, they’d face severe penalties. Congress is taking advantage of the fact that they write the laws by exempting themselves.
congress nobility lmfao
She married a man in college who would later become the owner of an investment firm. Have you tried doing that?
They’re in a job where they often are the first to hear significant public info that will affect the markets. This lets them make stock deals to their benefit before anyone else.
If they’re being scummy, they use info that isn’t public.
Progressives in the DNC are pushing for this to be reformed, so that’s the best path for change.
What methods have you tried? She’s tried ALL of them
Who says they do? Everyone holding Nvidia got the gains, it’s the 6th largest company by market cap, everybody with enough money in the stock market (or any shares in an S&P 500 index fund) owns some.
And you’ll never see an article about Nancy Pelosi losing money because nobody cares, so if she has a lot of money in a lot of places, you’ll just see the bets that succeeded and think she’s killing it.
The (already rich) members of Congress get to break the law and commit insider trading whenever they want. If you COULD commit insider trading, they would throw your ass in jail.
It’s a big club and you ain’t in it.
Eat the rich.
Those in Congress should not be able to trade stock
Girlboss financial crimes 💅
What’s the crime? anyone who follows the market knows people have been drooling over nvidia for a long time now.
There is a lot of financial crime in congress, but this isn’t it. Heck, even I knew to buy Nvidia.
Is it really a bet if you know the outcome?
Pray tell the supposed known outcome you speak of? Did I miss the big 2023/2024 nVidia legislation? Was it somehow completely unrelated to announcements by companies like OpenAI’s new model and nVidia’s expansion in China? Or are you saying Pelosi knew about the nVidia Announcement somehow?
Other countries should be following our great example. Not only do we have the best legislators, but in their spare time they are also financial geniuses, doubling their salary easily. Other countries are envious that our government workers are so efficient and financially savvy.
