4 ms·
Just to play devil's advocate: Selling stock takes 5 mins, even less than that if you just relayed the instruction to your spouse. A senator who comes out of a
by tsycho 7y ago
Just to play devil's advocate:
Selling stock takes 5 mins, even less than that if you just relayed the instruction to your spouse. A senator who comes out of a briefing convinced about the gravity of the situation, and then takes every possible action to do the right thing after, but also takes a few mins to sell their stock, is okay in my book.
Basically I care much more about what other actions they took, and how they fared at their actual job.
- valar_m 7y agoWhen you sell a share of stock, someone else bought it. How is it okay to sell a security to an unsuspecting buyer when you have nonpublic information that you know affects its value?
- icedchai 7y agoIt's unlikely the seller has enough shares to move the market. The buyer would've bought it anyway.
- valar_m 7y agoIt's not about moving the market, it's about selling a security when you have nonpublic information that it's worth less than its price. That's a crime. And of course the buyer wouldn't have bought it if they had the same information.
- icedchai 7y agoHe could easily argue that he was being cautious, trading on news reports out of China. That was all public. The buyer could've done the same.
- tsycho 7y agoInsider trading is _effectively_ legal for congresspersons after the STOCK act of 2012 was amended in 2013 to remove the online disclosure requirement. https://investmentu.com/why-congressional-insider-trading-legal-profitable/ https://investmentu.com/why-congressional-insider-trading-le...