3 ms·

Can't read the article (paywall)... is it discussing senior bureaucrats or legislators? If Congress, the STOCK act really needs update to have some teeth. Rig

Can't read the article (paywall)... is it discussing senior bureaucrats or legislators? If Congress, the STOCK act really needs update to have some teeth. Right now, they usually get a $200 fine (which is often waive) for what is effectively insider trading. Make that fine 6 figures and maybe that'll help. If bureaucrats, I'm not sure why existing insider trading laws wouldn't apply? It seems we just need the DoJ/SEC to do their job.

JumpCrisscross 4y ago
> the STOCK act really needs update to have some teeth. Right now, they usually get a $200 fine (which is often waive) for what is effectively insider trading This is not true. There is a fine for not disclosing. For actual insider trading, the FBI has subpoenaed sitting Senators' phones [1]. [1] https://en.wikipedia.org/wiki/2020_congressional_insider_trading_scandal https://en.wikipedia.org/wiki/2020_congressional_insider_tra...
- whimsicalism 4y ago
  How did investigating their bosses go?
  - 8note 4y ago
    Isn't the president the FBI's boss, not senators?
    - alistairSH 4y ago
      Yes, but regardless, has any congressperson been charged with insider trading in the last decade?
akudha 4y ago
How would a six figure fine help? If I made 125k for a few mins of insider trading work, and I get fined 100k, I still made 25k profit, right?
- cwkoss 4y ago
  Should be a multiple of profit, not a flat amount. Or else, it just means the richest representative can still exploit it profitably.
  - fragmede 4y ago
    Fwiw, Kim Kardashian (I know) was fined $1.26 million for pushing crypto, despite only getting paid $250k for the appearance, which is either a lot or a little depending on how you look at it, but fine > payment, so the concept isn't foreign to the SEC.
    - JamesianP 4y ago
      Don't know about details of the STOCK act, but for general financial crimes there's a lot more than fines they can impose. There's also restitution, forfeiture, and disgorgement. It isn't like violent crimes which can't be undone.
shagie 4y ago
Free sharing link - https://www.wsj.com/articles/covid-washington-officials-stocks-trading-markets-stimulus-11666192404?st=1hgiuuox7wgiul0&reflink=desktopwebshare_permalink https://www.wsj.com/articles/covid-washington-officials-stoc...

JumpCrisscross 4y ago

> the STOCK act really needs update to have some teeth. Right now, they usually get a $200 fine (which is often waive) for what is effectively insider trading This is not true. There is a fine for not disclosing. For actual insider trading, the FBI has subpoenaed sitting Senators' phones [1]. [1] https://en.wikipedia.org/wiki/2020_congressional_insider_trading_scandal https://en.wikipedia.org/wiki/2020_congressional_insider_tra...

whimsicalism 4y ago
How did investigating their bosses go?
- 8note 4y ago
  Isn't the president the FBI's boss, not senators?
  - alistairSH 4y ago
    Yes, but regardless, has any congressperson been charged with insider trading in the last decade?

akudha 4y ago

How would a six figure fine help? If I made 125k for a few mins of insider trading work, and I get fined 100k, I still made 25k profit, right?

cwkoss 4y ago
Should be a multiple of profit, not a flat amount. Or else, it just means the richest representative can still exploit it profitably.
- fragmede 4y ago
  Fwiw, Kim Kardashian (I know) was fined $1.26 million for pushing crypto, despite only getting paid $250k for the appearance, which is either a lot or a little depending on how you look at it, but fine > payment, so the concept isn't foreign to the SEC.
  - JamesianP 4y ago
    Don't know about details of the STOCK act, but for general financial crimes there's a lot more than fines they can impose. There's also restitution, forfeiture, and disgorgement. It isn't like violent crimes which can't be undone.

shagie 4y ago

Free sharing link - https://www.wsj.com/articles/covid-washington-officials-stocks-trading-markets-stimulus-11666192404?st=1hgiuuox7wgiul0&reflink=desktopwebshare_permalink https://www.wsj.com/articles/covid-washington-officials-stoc...