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IIUC, insider trading your own corporate stock is illegal (depending on your position at the company). This doesn't apply to what you're talking about, though.
by onlyrealcuzzo 4y ago
IIUC, insider trading your own corporate stock is illegal (depending on your position at the company).
This doesn't apply to what you're talking about, though.
The more common crime is giving insider information. Not acting on it - which would be what congress does.
Am I wrong?
Assuming Pelosi is giving her husband insider info (and come on - why NOT assume) - congress has pretty clear laws on things that cannot be shared.
IIUC - giving INSIDER info is only illegal when you either 1) work at the company or 2) obtain the info illegally. Congress people do not work at these companies, and they also are not getting the info illegally.
Is anything we're assuming she's sharing breaching any law?
I can get behind banning Congress from trading - but what about their spouses? What about their cousins and friends? Where do you draw the line?
- nickff 4y agoThe law surrounding insider trading is incredibly opaque and hard to understand. The way things are currently interpreted, Congress members cannot be guilty of insider trading for acting on confidential information acquired as part of their official duties.
- missedthecue 4y agoHave you heard of the STOCK Act? https://en.m.wikipedia.org/wiki/STOCK_Act https://en.m.wikipedia.org/wiki/STOCK_Act
- hayst4ck 4y agoI don't know. I am a layman. There is clearly a conflict of interest when a person who has the power to kill competition via regulation, or give corporate handouts via incentives and subsidies can invest in those very same companies. I was wrong to state trading with insider information (although knowing what regulation will happen certainly seems like a form of privileged information) was the root problem here. The conflict of interest is what is corrosive to society.