5 ms·

GOP senators sold stocks ahead of coronavirus economic crash

33 points by threatofrain 7y ago

threatofrain 7y ago
> On Thursday, Burr came under fire after NPR obtained a secret recording from Feb. 27, in which the lawmaker gave a VIP group at an exclusive social club a much more dire preview of the economic impact of the coronavirus than what he had told the public. > The luncheon was organized by the Tar Heel Circle, a club for businesses and organizations in North Carolina that are charged up to $10,000 for membership and are promised “interaction with top leaders and staff from Congress, the administration, and the private sector.”
_bxg1 7y ago
Does insider trading apply to the public sector?
- tehlike 7y ago
  It should. This is using publicly unavailable data for profit.
  - ta999999171 7y ago
    "Publicly available" is not the "line".
- deleted 7y ago
  [deleted]
- cl0ckt0wer 7y ago
  Yes, but I'm sure there are ways around it. https://en.wikipedia.org/wiki/STOCK_Act https://en.wikipedia.org/wiki/STOCK_Act
- Xelbair 7y ago
  If i recall right it doesn't for some weird reason. Still, can't you get away with it by posting a sale order year in advance, and just cancel it last minute? just schedule it for every week - you have a proof that way that it wasn't insider trading, you were prepared to sell anyway.
  - jjeaff 7y ago
    It is illegal as of 2012.
friendlybus 7y ago
Rebirth of the class system.
- tibbydudeza 7y ago
  It has always been like that ... eagles and pigeons.
  - friendlybus 7y ago
    Yes the last few years have given a chance for all birds to rise on the updraft from the burning trees. That's ending as we speak and the flood that's coming will be sucked back up into the hierarchical class system, the invisible org tree, with "trickle down" economics.
jjeaff 7y ago
This article leaves out one juicy tidbit. Senator Burr, one of the senators who sold stock at the market peak, is one of only 3 senators in the entire Senate to have voted against the 2012 STOCK act that made insider trading by Congress illegal.

33 points by threatofrain 7y ago

> On Thursday, Burr came under fire after NPR obtained a secret recording from Feb. 27, in which the lawmaker gave a VIP group at an exclusive social club a much more dire preview of the economic impact of the coronavirus than what he had told the public. > The luncheon was organized by the Tar Heel Circle, a club for businesses and organizations in North Carolina that are charged up to $10,000 for membership and are promised “interaction with top leaders and staff from Congress, the administration, and the private sector.”

_bxg1 7y ago

Does insider trading apply to the public sector?

tehlike 7y ago
It should. This is using publicly unavailable data for profit.
- ta999999171 7y ago
  "Publicly available" is not the "line".
deleted 7y ago
[deleted]
cl0ckt0wer 7y ago
Yes, but I'm sure there are ways around it. https://en.wikipedia.org/wiki/STOCK_Act https://en.wikipedia.org/wiki/STOCK_Act
Xelbair 7y ago
If i recall right it doesn't for some weird reason. Still, can't you get away with it by posting a sale order year in advance, and just cancel it last minute? just schedule it for every week - you have a proof that way that it wasn't insider trading, you were prepared to sell anyway.
- jjeaff 7y ago
  It is illegal as of 2012.

friendlybus 7y ago

Rebirth of the class system.

tibbydudeza 7y ago
It has always been like that ... eagles and pigeons.
- friendlybus 7y ago
  Yes the last few years have given a chance for all birds to rise on the updraft from the burning trees. That's ending as we speak and the flood that's coming will be sucked back up into the hierarchical class system, the invisible org tree, with "trickle down" economics.

jjeaff 7y ago

This article leaves out one juicy tidbit. Senator Burr, one of the senators who sold stock at the market peak, is one of only 3 senators in the entire Senate to have voted against the 2012 STOCK act that made insider trading by Congress illegal.