Lawmakers should not be allowed to trade stocks
Say it louder for the people in the back
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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.
Only T-bonds.
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.
I know Pelosi is one of the magats’ favorite talking points, but last time I saw Pelosi’s market gains posted, she wasn’t even in the top 10 of Congressfucks rigging their investments, and it wasn’t close to being a one party issue.
What the right doesn’t get is that the left wants this corruption to stop, even when the corruption is from the same side. The GOP only wants the other side to be held accountable
the left wants this corruption to stop, even when the corruption is from the same side
This is very confusing. The left absolutely does want it to stop but centrist Dems do not. The left is not on the same side as Pelosi.
I was talking about the voting base, and how dem voters are willing to criticize the dem electorate, while GOP voters (even leaving MAGA aside, bc they’re a lost cause to the cult) don’t hold their representatives accountable.
Dem voters are the Dem electorate. Did you mean Dem representatives?
And you’re still eliding the difference between the left and centre-right. Left and centre-left voters are willing to criticise Dem politicians. The centre is not. And, while hypocrisy absolutely is a characteristic of the right because they know how power works, it’s nonsense to suggest that the entirety of the Dem electoral coalition holds its representatives to account. It doesn’t, not least because a large proportion are in on the grift. And that’s why we’re having another global fascist spasm. Liberals refuse to challenge power, not least because they like its perks and also believe that those perks should exist.
Right, I meant elected instead of electorate.
I don’t think a large portion of the dem voter base benefits from the grift that the dem politicians are participating in. If they were rich and wanted to benefit, they’d just vote GOP. Don’t get me wrong, the rich who vote dem absolutely benefit from the corporate center of the party (which is most of it), but the wealthy class is a tiny proportion on both sides and I was talking about the majority.
And I think you’re giving too much credit to the GOP voters by saying they “know how power works”. The vast majority of them are useful idiots taken in by culture war nonsense continually voting against their self interest.
I didn’t say GOP voters know how power works.
And there is barely any difference in the proportion of rich people voting GOP or Dem. 1-2% in the 2020 exit polls. In 2016, Clinton had swings in her favour amongst the very rich, and larger swings against amongst lower income and POC voters. Not because they switched to the GOP but because she gave them no reason to turn out.
You’re projecting your ideal onto a party which relies on the very wealthy to fund their politics. And they can do that because it is how power works and why they do not want to challenge power.
Stop confusing the left with the centre. The necessity of the electoral coalition is precisely a result of power, and its ability to silence the left while pandering to the right.
“For every blue-collar Democrat we lose in western Pennsylvania, we will pick up two moderate Republicans in the suburbs in Philadelphia, and you can repeat that in Ohio and Illinois and Wisconsin.” – Chuck Schumer, 2016
You’re projecting your ideal onto a party which relies on the very wealthy to fund their politics.
I’m not talking about the rich, because while they wield outsized clout in what their parties do, they’re a tiny percentage of the population and consequently voters. All I’m saying is the vast majority of dem voters (they’re not wealthy and they don’t benefit from the grifting that the majority that the dem pols do) are willing to criticize dems. The opposite is not true–most GOP voters, who also don’t benefit from anything the GOP elected does, will never speak a word against the people in office.
Maybe the left like you and me do, on the ground, but I guarantee that lawmakers on both sides of the aisle are just fine with how things are right now.
Yeah I was thinking more about left voters instead of pols. Almost everyone in congress is fine with the corruption. But right wing voters hardly ever criticize their own, let alone the maga cultists
Right-wingers who are critical of Trump get plenty of airtime. Left-wingers who are critical of Dems, not so much.
It’s that part of the fascist playbook where the enemy is weak and dangerous at the same time.
So? You approve of the behavior? That sounds like “what aboutism”, ignoring the point. Unless you have a spare 500k to send to me showing how little you care because it’s insignificant.
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.
Yeah Nance and the Dems are the only ones doing this stuff…
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.
I am not saying politicians aren’t routinely filling their pockets with insider information but most people who have an interest in at ai could have seen this coming. I am simply not rich enough to join the game and make profit.
I knew about AI when it was all the rage years ago. Why has nvidia been surging now because of AI when it was already a thing long ago? Kinda seems like a made-up narrative to pump the stock market (of which tech stocks drives a lot of the movement).
All the rage years ago?
I mean sure i’ve had an interest myself for longer as i am a nerd, its always been really cool. But I remember very little enthusiasm by others.
If you asked anyone on the street about ai a few years ago they might know cleverbot but definitely no machine learning. No one had any reasonable expectation for real practical use cases and a intelligence explosion even while there where real practical uses already it was a scientific niche.
Openai has absolutely blown this up. Now even my mom knows what ai is. The intelligence explosion is so tangible people literally fear the end of the world.
Everyone can see that big money can be made using ai, every major company is now trying to get hold of some form of it.
Nvidia has profiles themselves as the only real option for ai compute. They are selling more industrial ai cards then consumer ones, demand keeps climbing. Its projected to keeping climbing so even right now if you wanna invest Nvidia is probably a super safe bet (no financial advice, personally i dont play that game at all)
You can absolutely agree with the reality of it. Competition is making progress, the potential for ai has been there for years but markets are much more about public perception then annything else.
Image recognition was the big killer app back then, and there were many stories about its use. Yes, OpenAI with their fancy-pants chat bot has brought out some more hype (mainly from idiotic CEOs who think they can replace everyone with a chat bot), but the demand for nvidia hardware was always there. Actually, with all the hype about AI, it has driven more effort toward creating hardware specifically for AI by other companies, which will eat into nvidia’s dominance in the area.
As for companies making money off of AI, we’re in the stage where they’re trying to figure that out. There were a couple stories about companies trying to charge a subscription fee to monetize AI, but that’s going to fail. As monetization schemes fail, that will pop the AI hype bubble. It’s expensive running these AI models.
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.
Remember when the bill to ban stock trading well was tabled so Democratic leadership could introduce a bill to ban stock trading poorly and then that bill was quietly delayed until after the Democrats lost the house?
https://www.nytimes.com/2022/09/30/us/politics/stock-trading-vote-congress.html
Not really a bet, when you control the rules of the game.
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.
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?
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
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.
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.
Eat the rich.
Those in Congress should not be able to trade stock
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.
