I'm not sure about the specific number of days but 90 does sound right, as a general rule! And also - ideally the Congress[pronoun] should NOT be personally announcing/making records available of the trade. As I understand it, the way the law works is they must not have any access to stocks/funds etc. (financial products) who could become affected in any way by their role in government. What happens usually is they have a brokerage of some kind manage all their stuff for them and they are required to publicly disclose all communications they maintain with that entity. THAT is where the 90 day thing comes in I think - maybe they have 90 days to release communication activity, or are supposed to only communicate with the brokerage once per 90 days or quarterly, idk something like this. Also there are STRICT rules about those who sit on the various committees - they are FORBIDDEN COMPLETELY from owning stocks that could be directly or indirectly affected by their respective committees (for example: you can't own shares of Rand Corp or General Dynamics and be on House Armed Services) because the actions taken by them is tantamount to insider trading!
So what they all do (i believe it IS a requirement) is pay someone else to manage their portfolio for them and all contact between the Congressional official and that person or firm managing their $ is supposed to be public record and submitted to a supervisory element (SEC? Maybe? Bah, I mean they are ALL SOOO TRUSTWORTHY one is as good as the other right!?) that handles and oversees that logged communication to make sure there is nothing being passed along to give the Congress member an unfair advantage by way of inside knowledge they possess.
So the big deal with the COVID thing was these Congress folk were on the relevant committees to learn about COVID infecting the military olympic thing in the Fall and they were briefed about it being brought back and making landfall here in late January. Just days after some of them moved LARGE amounts of their money out of the market with some of them such as the Senator of NC being recorded as having made the trades DIRECTLY himself. Yeahhhh NGL this story bothered me a lot when it came out back then... I guess I'll just let this article do the talking before I get too upset.
Meanwhile Fox and CNN were presenting an optimistic case on how we'd do in the fight the virus! Presumably so everyone didn't panic and do EXACTLY WHAT SENATOR BURR DID. So you know, where's the pain for him? What kind of fines and fees? Anything criminal, insider trading? Cuz you know his wife is selling her stuff 2 hours later and pretty soon half of his family just decided to sell their entire net worth from the market within 2 weeks. Nothing to see here folks! 😂🤠🤐
To close this I'll just give you some more of the news filth that metastasized out of the saga.
Burr was one of several senators — including California Democrat Dianne Feinstein — whose sale and purchase of stock at the start of the COVID-19 pandemic were scrutinized by the Justice Department for potential violations of a congressional insider trading law. But his was the only case in which warrants were obtained. All investigations were closed without charges being filed.
Investopedia says of the current law: "Compliance with the law's provisions has been spotty, and new congressional trading controversies emerged in connection with the COVID-19 pandemic." "Several bills pending in Congress as of February 2022 would prohibit members from trading individual stocks and require them to place assets in blind trusts."
No one knows how to enforce this clown shit, which itself was made out of earlier clown shit done in another major market downturn. Compliance is laughable - "just minutes after a call with the Senator.... broker sells entire portfolio." "YEP! NOTHING FISHY THERE, LOOKS GOOD TO ME!"
The sad truth is they will just update the law and then bypasses will be found and exploited and compliance will remain 'spotty' until the next asshole who knows something is coming violates. Then they will investigate him and another 5 of his ape colleagues with similar size brains, talk shit to the Washington media, and vote for a new and improved bill. There is no 'penalty' or 'enforcement' going on here, like so much other horse shit that is illegal everywhere else except the Capitol building. Toothless rules for careless rulers. Gotta love it!
I have a new saying - there are 2 rules
- "Punish" the rules, not the behavior.
- "Change" the definition, not the policy. This was a #1 Almost all the problems fit into this.
I'm not sure about the specific number of days but 90 does sound right, as a general rule! And also - ideally the Congress[pronoun] should NOT be personally announcing/making records available of the trade. As I understand it, the way the law works is they must not have any access to stocks/funds etc. (financial products) who could become affected in any way by their role in government. What happens usually is they have a brokerage of some kind manage all their stuff for them and they are required to publicly disclose all communications they maintain with that entity. THAT is where the 90 day thing comes in I think - maybe they have 90 days to release communication activity, or are supposed to only communicate with the brokerage once per 90 days or quarterly, idk something like this. Also there are STRICT rules about those who sit on the various committees - they are FORBIDDEN COMPLETELY from owning stocks that could be directly or indirectly affected by their respective committees (for example: you can't own shares of Rand Corp or General Dynamics and be on House Armed Services) because the actions taken by them is tantamount to insider trading!
So what they all do (i believe it IS a requirement) is pay someone else to manage their portfolio for them and all contact between the Congressional official and that person or firm managing their $ is supposed to be public record and submitted to a supervisory element (SEC? Maybe? Bah, I mean they are ALL SOOO TRUSTWORTHY one is as good as the other right!?) that handles and oversees that logged communication to make sure there is nothing being passed along to give the Congress member an unfair advantage by way of inside knowledge they possess.
So the big deal with the COVID thing was these Congress folk were on the relevant committees to learn about COVID infecting the military olympic thing in the Fall and they were briefed about it being brought back and making landfall here in late January. Just days after some of them moved LARGE amounts of their money out of the market with some of them such as the Senator of NC being recorded as having made the trades DIRECTLY himself. Yeahhhh NGL this story bothered me a lot when it came out back then... I guess I'll just let this article do the talking before I get too upset. Like honestly it's amazing, this FUCKING DOUCHE WAD left the meeting and sold 70% of his equity (just a small 600K or so he ISNT A RICH PERSON GUYS) in one trade from his office minutes later the records show. Meanwhile Fox and CNN were presenting an optimistic case on how we'd do in the fight the virus! Presumably so everyone didn't panic and do EXACTLY WHAT SENATOR BURR DID. So you know, where's the pain for him? What kind of fines and fees? Anything criminal, insider trading? Cuz you know his wife is selling her stuff 2 hours later and pretty soon half of his family just decided to sell their entire net worth from the market within 2 weeks. Nothing to see here folks! 😂🤠🤐
To close this I'll just give you some more of the news filth that metastasized out of the saga.
Burr was one of several senators — including California Democrat Dianne Feinstein — whose sale and purchase of stock at the start of the COVID-19 pandemic were scrutinized by the Justice Department for potential violations of a congressional insider trading law. But his was the only case in which warrants were obtained. All investigations were closed without charges being filed.
Investopedia says of the current law: "Compliance with the law's provisions has been spotty, and new congressional trading controversies emerged in connection with the COVID-19 pandemic." "Several bills pending in Congress as of February 2022 would prohibit members from trading individual stocks and require them to place assets in blind trusts."
No one knows how to enforce this clown shit, which itself was made out of earlier clown shit done in another major market downturn. Compliance is laughable - "just minutes after a call with the Senator.... broker sells entire portfolio." "YEP! NOTHING FISHY THERE, LOOKS GOOD TO ME!"
The sad truth is they will just update the law and then bypasses will be found and exploited and compliance will remain 'spotty' until the next asshole who knows something is coming violates. Then they will investigate him and another 5 of his ape colleagues with similar size brains, talk shit to the Washington media, and vote for a new and improved bill. There is no 'penalty' or 'enforcement' going on here, like so much other horse shit that is illegal everywhere else except the Capitol building. Toothless rules for careless rulers. Gotta love it!
I have a new saying - there are 2 rules
- "Punish" the rules, not the behavior.
- "Change" the definition, not the policy. This was a #1 Almost all the problems fit into this.
I'm not sure about the specific number of days but 90 does sound right, as a general rule! And also - ideally the Congress[pronoun] should NOT be personally announcing/making records available of the trade. As I understand it, the way the law works is they must not have any access to stocks/funds etc. (financial products) who could become affected in any way by their role in government. What happens usually is they have a brokerage of some kind manage all their stuff for them and they are required to publicly disclose all communications they maintain with that entity. THAT is where the 90 day thing comes in I think - maybe they have 90 days to release communication activity, or are supposed to only communicate with the brokerage once per 90 days or quarterly, idk something like this. Also there are STRICT rules about those who sit on the various committees - they are FORBIDDEN COMPLETELY from owning stocks that could be directly or indirectly affected by their respective committees (for example: you can't own shares of Rand Corp or General Dynamics and be on House Armed Services) because the actions taken by them is tantamount to insider trading!
So what they all do (i believe it IS a requirement) is pay someone else to manage their portfolio for them and all contact between the Congressional official and that person or firm managing their $ is supposed to be public record and submitted to a supervisory element (SEC? Maybe? Bah, I mean they are ALL SOOO TRUSTWORTHY one is as good as the other right!?) that handles and oversees that logged communication to make sure there is nothing being passed along to give the Congress member an unfair advantage by way of inside knowledge they possess.
So the big deal with the COVID thing was these Congress folk were on the relevant committees to learn about COVID infecting the military olympic thing in the Fall and they were briefed about it being brought back and making landfall here in late January. Just days after some of them moved LARGE amounts of their money out of the market with some of them such as the Senator of NC being recorded as having made the trades DIRECTLY himself. Yeahhhh NGL this story bothered me a lot when it came out back then... I guess I'll just let this article do the talking before I get too upset. Like honestly it's amazing, this FUCKING DOUCHE WAD left the meeting and sold 70% of his equity (just a small 600K or so he ISNT A RICH PERSON GUYS) in one trade from his office minutes later the records show. Meanwhile Fox and CNN were presenting an optimistic case on how we'd do in the fight the virus! Presumably so everyone didn't panic and do EXACTLY WHAT SENATOR BURR DID. So you know, where's the pain for him? What kind of fines and fees? Anything criminal, insider trading? Cuz you know his wife is selling her stuff 2 hours later and pretty soon half of his family just decided to sell their entire net worth from the market within 2 weeks. Nothing to see here folks! 😂🤠🤐
To close this I'll just give you some more of the news filth that metastasized out of the saga.
Burr was one of several senators — including California Democrat Dianne Feinstein — whose sale and purchase of stock at the start of the COVID-19 pandemic were scrutinized by the Justice Department for potential violations of a congressional insider trading law. But his was the only case in which warrants were obtained. All investigations were closed without charges being filed.
Investopedia says of the current law: "Compliance with the law's provisions has been spotty, and new congressional trading controversies emerged in connection with the COVID-19 pandemic." "Several bills pending in Congress as of February 2022 would prohibit members from trading individual stocks and require them to place assets in blind trusts."
No one knows how to enforce this clown shit, which itself was made out of earlier clown shit done in another major market downturn. Compliance is laughable - "just minutes after a call with the Senator.... broker sells entire portfolio." "YEP! NOTHING FISHY THERE, LOOKS GOOD TO ME!"
The sad truth is they will just update the law and then bypasses will be found and exploited and compliance will remain 'spotty' until the next asshole who knows something is coming violates. Then they will investigate him and another 5 of his ape colleagues with similar size brains, talk shit to the Washington media, and vote for a new and improved bill. There is no 'penalty' or 'enforcement' going on here, like so much other horse shit that is illegal everywhere else except the Capitol building. Toothless rules for careless rulers. Gotta love it!
I have a new saying - there are 2 rules
- "Punish" the rules, not the behavior.
- "Change" the definition, not the policy. This was a #1 Almost all the problems fit into this.
I'm not sure about the specific number of days but 90 does sound right, as a general rule! And also - ideally the Congress[pronoun] should NOT be personally announcing/making records available of the trade. As I understand it, the way the law works is they must not have any access to stocks/funds etc. (financial products) who could become affected in any way by their role in government. What happens usually is they have a brokerage of some kind manage all their stuff for them and they are required to publicly disclose all communications they maintain with that entity. THAT is where the 90 day thing comes in I think - maybe they have 90 days to release communication activity, or are supposed to only communicate with the brokerage once per 90 days or quarterly, idk something like this. Also there are STRICT rules about those who sit on the various committees - they are FORBIDDEN COMPLETELY from owning stocks that could be directly or indirectly affected by their respective committees (for example: you can't own shares of Rand Corp or General Dynamics and be on House Armed Services) because the actions taken by them is tantamount to insider trading!
So what they all do (i believe it IS a requirement) is pay someone else to manage their portfolio for them and all contact between the Congressional official and that person or firm managing their $ is supposed to be public record and submitted to a supervisory element (SEC? Maybe? Bah, I mean they are ALL SOOO TRUSTWORTHY one is as good as the other right!?) that handles and oversees that logged communication to make sure there is nothing being passed along to give the Congress member an unfair advantage by way of inside knowledge they possess.
So the big deal with the COVID thing was these Congress folk were on the relevant committees to learn about COVID infecting the military olympic thing in the Fall and they were briefed about it being brought back and making landfall here in late January. Just days after some of them moved LARGE amounts of their money out of the market with some of them such as the Senator of NC being recorded as having made the trades DIRECTLY himself. Yeahhhh NGL this story bothered me a lot when it came out back then... I guess I'll just let this article do the talking before I get too upset. Like honestly it's amazing, this FUCKING DOUCHE WAD left the meeting and sold 70% of his equity (just a small 600K or so he ISNT A RICH PERSON GUYS) in one trade from his office minutes later the records show. Meanwhile Fox and CNN were presenting an optimistic case on how we'd do in the fight the virus! Presumably so everyone didn't panic and do EXACTLY WHAT SENATOR BURR DID. So you know, where's the pain for him? What kind of fines and fees? Anything criminal, insider trading? Cuz you know his wife is selling her stuff 2 hours later and pretty soon half of his family just decided to sell their entire net worth from the market within 2 weeks. Nothing to see here folks! 😂🤠🤐
To close this I'll paste the text of the rule as per the article I linked.