Federal government employees who own stock in a company are prohibited by law from being involved in any matter that may impact the financial interests of the company — whether or not the matter can plausibly impact the stock price. The restriction also applies to any stock owned by a spouse or minor child of the federal employee. Each violation of the law carries a
Insider trading has always been a crime, but these days most financial crimes are ignored or denied. Justice has disappeared for the wealthy and powerful.
IMO it's a major reason for the rise of the fascists. Obama's AG Eric Holder was unwilling to prosecute a single Wall Street banker for the 2006 financial meltdown that caused hardship to millions and Biden's AG Merrick Garland has been just as despicable.
The "tech" "geniuses" are too busy preening themselves before their mirrors to recognize that crashing the system will take them down too.
If I remember correctly it was President Obama who would not allow AG Holder to prosecute. I think AG Holder was champing at the bit to hold them accountable.
To be honest, I don’t know, but I certainly accept the possibility. I voted Green in 2008 because I did not think “hope and change” define any tangible policies. Though I wept with joy upon learning of his election (thinking, mistakenly, that it signified something about overcoming prejudice) I was immediately awaken to reality upon learning the the first overnight guest in Obama’s White House was Lloyd Blankfein, CEO of Goldman Sachs. The sinking feeling was confirmed with the appointment of Wall Street insider Timothy Geithner as Secretary of the Treasury.
Well, perhaps when I say Obama it was likely at the advice from the likes of the men you name. There’s been a revolving door of lobbyists and corporately-tied professionals in our appointed executive branch for decades. (I’m not speaking of the career government folks who are experts in their fields and remain over several presidents.)
I agree. Most of my professional life was spent as an analyst providing independent technical support for complex systems, mostly for the military. I witnessed an accelerating trend, particularly by Republicans, to gut the military labs of their authority and expertise. The claim was always that privatization saves taxpayers’ money but not only was that not true but the real reason was to allow the big contractors to fatten themselves while delivering a less capable product. Look at the Boeing 737Max and Boeing’s regulatory capture of the FAA as one of a myriad of examples.
All that said the buck stops at the President's desk, so Obama is at fault for the injustices following the financial crisis just as Biden is to blame for Trump not rotting in jail.
Every day shows yet again the need to question why some of these congress people are in congress. Is our Democracy the biggest grift going? Three supremes certainly are benefitting financially. And of course Predator trump has proven the grift is the way to go. So disheartening.
Sadly, Democrats, especially Pelosi, are hardly blameless here.
And I’m not so sure Crenshaw is being disingenuous . . . based on how little the most recent Republican led House accomplished, can’t say I’m “surprised at how little information we have.”
I worked in the financial industry my whole career (35 years), as did my husband, and both of us were precluded from owning individual stocks for conflict-of-interest reasons. It's a no-brainer that members of Congress should not be able to trade in individual stocks. But, as everyone else has noted, grifting is the new normal across the board. I would be very surprised if Congress voted to ban individual-stock trading.
This has been going on for so long. I’ve heard Pelosi argue against this being stopped. That’s sad she even admits it. Privileged? Far too many mostly Republicans feel the same. Term limits and putting all business, etc in a trust fund should be required along with no admission into lobbying and think tanks for 10 years.
This isn’t rocket science. It’s what should be a requirement to be an elected official. Everyone in the executive branch too. Oh, Supreme Court surely & no free trips too.
While we’re at it break up big businesses. Amazon, Apple, Microsoft, all five big banks, especially Chase listen to the shit out of the mouth of Jamie Dimon. “We need to get rid of all the regulations”. So we can steel your money go bankrupt and then you save us so we get bonuses. We need a Teddy Roosevelt & a FDR to clean this mess up. But what we really need is for half this countries idiots to wake up!
Sorry, The shit storm coming is gonna be bad, really bad. We will have to wait 4 years…
The Crooks & Liars are back in the White House. Along with the Amen brothers & sisters. Give me a Hallelujah! Sorry again … just need to read a book to calm down. Let’s see I’ll try Michael Lewis ‘The Fifth Risk’ .
Of all federal government employees, MOC should not be allowed to trade in single stocks. To me, it's a no-brainer. Regardless of what committees they are on, they are at the heart of insider information. The temptation is too great, and the possibility for abuse too great. It's the kind of rule that, if you're not guilty of doing it, then why not pass the Ethics Law?
Didn't more than a few senators dump hospitality stocks and buy up medical stocks after their first serious briefing on the Covid crisis? I'm thinking Loeffler for one?
A caveat: I've seen several online ads hawking "Pelosi trades". Don't buy it. Our representatives do not have to notify us of their trades for several weeks after. By that time, the stock may have completed its run or drop.
Be smart about your investments.
Lastly, as absurd as it is, no way will Congress vote to remove their income sources. Ethics be da**ed.
Insider trading has always been a crime, but these days most financial crimes are ignored or denied. Justice has disappeared for the wealthy and powerful.
IMO it's a major reason for the rise of the fascists. Obama's AG Eric Holder was unwilling to prosecute a single Wall Street banker for the 2006 financial meltdown that caused hardship to millions and Biden's AG Merrick Garland has been just as despicable.
The "tech" "geniuses" are too busy preening themselves before their mirrors to recognize that crashing the system will take them down too.
If I remember correctly it was President Obama who would not allow AG Holder to prosecute. I think AG Holder was champing at the bit to hold them accountable.
To be honest, I don’t know, but I certainly accept the possibility. I voted Green in 2008 because I did not think “hope and change” define any tangible policies. Though I wept with joy upon learning of his election (thinking, mistakenly, that it signified something about overcoming prejudice) I was immediately awaken to reality upon learning the the first overnight guest in Obama’s White House was Lloyd Blankfein, CEO of Goldman Sachs. The sinking feeling was confirmed with the appointment of Wall Street insider Timothy Geithner as Secretary of the Treasury.
Well, perhaps when I say Obama it was likely at the advice from the likes of the men you name. There’s been a revolving door of lobbyists and corporately-tied professionals in our appointed executive branch for decades. (I’m not speaking of the career government folks who are experts in their fields and remain over several presidents.)
I agree. Most of my professional life was spent as an analyst providing independent technical support for complex systems, mostly for the military. I witnessed an accelerating trend, particularly by Republicans, to gut the military labs of their authority and expertise. The claim was always that privatization saves taxpayers’ money but not only was that not true but the real reason was to allow the big contractors to fatten themselves while delivering a less capable product. Look at the Boeing 737Max and Boeing’s regulatory capture of the FAA as one of a myriad of examples.
All that said the buck stops at the President's desk, so Obama is at fault for the injustices following the financial crisis just as Biden is to blame for Trump not rotting in jail.
My Daddy always said, "You don't have to believe in the Hereafter, to know what some people are here after."
Very applicable. Thank you for this article. It will be widely read.
I would like to see the Senate list.
The list of those who had stockaded gains includes the Senate— my senator is on it.
Every day shows yet again the need to question why some of these congress people are in congress. Is our Democracy the biggest grift going? Three supremes certainly are benefitting financially. And of course Predator trump has proven the grift is the way to go. So disheartening.
Sadly, Democrats, especially Pelosi, are hardly blameless here.
And I’m not so sure Crenshaw is being disingenuous . . . based on how little the most recent Republican led House accomplished, can’t say I’m “surprised at how little information we have.”
I worked in the financial industry my whole career (35 years), as did my husband, and both of us were precluded from owning individual stocks for conflict-of-interest reasons. It's a no-brainer that members of Congress should not be able to trade in individual stocks. But, as everyone else has noted, grifting is the new normal across the board. I would be very surprised if Congress voted to ban individual-stock trading.
"...he doesn’t “get anything up here..." In Tuberville's case, that just might be true.
Judd, Great reporting! Timely too!
This has been going on for so long. I’ve heard Pelosi argue against this being stopped. That’s sad she even admits it. Privileged? Far too many mostly Republicans feel the same. Term limits and putting all business, etc in a trust fund should be required along with no admission into lobbying and think tanks for 10 years.
This isn’t rocket science. It’s what should be a requirement to be an elected official. Everyone in the executive branch too. Oh, Supreme Court surely & no free trips too.
While we’re at it break up big businesses. Amazon, Apple, Microsoft, all five big banks, especially Chase listen to the shit out of the mouth of Jamie Dimon. “We need to get rid of all the regulations”. So we can steel your money go bankrupt and then you save us so we get bonuses. We need a Teddy Roosevelt & a FDR to clean this mess up. But what we really need is for half this countries idiots to wake up!
Sorry, The shit storm coming is gonna be bad, really bad. We will have to wait 4 years…
The Crooks & Liars are back in the White House. Along with the Amen brothers & sisters. Give me a Hallelujah! Sorry again … just need to read a book to calm down. Let’s see I’ll try Michael Lewis ‘The Fifth Risk’ .
Apropos the post I heartedly recommend The Big Short. Also the movie version.
Nancy Pelosi has also openly argued against barring lawmakers from trading stock. This is truly bipartisan corruption.
Of all federal government employees, MOC should not be allowed to trade in single stocks. To me, it's a no-brainer. Regardless of what committees they are on, they are at the heart of insider information. The temptation is too great, and the possibility for abuse too great. It's the kind of rule that, if you're not guilty of doing it, then why not pass the Ethics Law?
“Many of them cleaned up, with gains that far outpaced the broader market” - this is proof enough for perception of conflict of interest.
Owning tens of thousands in an app while trying to kill off its biggest competitor is perception of conflict of interest.
Of course, they are dirty dealing! Poor babies barely getting by in Congress 🙄 so they’ve gotta do something! Right?
Just a strong statement from an elected official can change stock prices and we're expected to believe that they don't have any influence?
Great letter Judd, I am going to share with Zach Nunn as he is working to ban members of Congress from trading in stocks. One thing we see eye to eye.
Didn't more than a few senators dump hospitality stocks and buy up medical stocks after their first serious briefing on the Covid crisis? I'm thinking Loeffler for one?
A caveat: I've seen several online ads hawking "Pelosi trades". Don't buy it. Our representatives do not have to notify us of their trades for several weeks after. By that time, the stock may have completed its run or drop.
Be smart about your investments.
Lastly, as absurd as it is, no way will Congress vote to remove their income sources. Ethics be da**ed.
Tommy Tuberville, always the biggest fool among fools.