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So sad to lose such a great stock trader! - https://markets.businessinsider.com/news/stocks/as-feinstein-returns-to-congress-reports-of-her-stock-profits-upset

So sad to lose such a great stock trader! - https://markets.businessinsider.com/news/stocks/as-feinstein-returns-to-congress-reports-of-her-stock-profits-upset-aaron-rodgers-1032328380 https://markets.businessinsider.com/news/stocks/as-feinstein... - https://en.wikipedia.org/wiki/2020_congressional_insider_trading_scandal https://en.wikipedia.org/wiki/2020_congressional_insider_tra... - https://www.politico.com/news/2020/05/14/dianne-feinstein-husband-stock-trades-258693 https://www.politico.com/news/2020/05/14/dianne-feinstein-hu... etc.

matt002 3y ago
[flagged]
brigadier132 3y ago
All these senators that manage to make tens of millions of dollars on their $250k salary should really release personal finance books.
- mc32 3y ago
  No kidding! It would be a one-pager tough. Become congressperson. Use insider knowledge to make fortuitous trades, remain immune!
- rqtwteye 3y ago
  Title "If I can make millions as senator, so can you!"
- nzrf 3y ago
  As someone who is just engineer / architect and has to have all my trades approved and accounts granted access to reporting for not only my self but my partner. it really annoys me that these folks are not under more scrutiny. I don’t even have really any information to what these government officials do. This to me falls under the “rules for thee not me.”
  - capableweb 3y ago
    > I don’t even have really any information to what these government officials do. For sure you don't, it's the opposite. They sit on so much inside information that people outside the government would never have access to.
  - korse 3y ago
    Could you add a bit more context here? What sort of engineer and approved by whom?
    - NovemberWhiskey 3y ago
      If you work in engineering at a bank, all your personal account trades probably have to be pre-approved by your supervisor. You're almost certainly restricted on the products you can trade - like, maybe even "you cannot trade single stocks". You probably have to keep your account with an approved broker, who will then send your account statements to the compliance team at your firm. If you try and trade a name that's on a restricted trading list (e.g. because the investment banking part of your firm is working on a deal with them) then that is also going to be denied. If you're wall-crossed (e.g. in possession of material, non-public information, even by accident) for a deal, you absolutely cannot trade in related securities - like, go to jail, do not pass go.
      - korse 3y ago
        Thanks for the reply. That clears up a lot!
- NovemberWhiskey 3y ago
  To be fair, Senator Feinstein was married to a guy who ran his own equity capital investment management firm so it's not like we can assume her personal wealth is all derived from investing her salary.
  - swader999 3y ago
    A match made in heaven.
  - surge 3y ago
    Well no, because of compound interest.
  - rqtwteye 3y ago
    Pretty much like Pelosi. Definitely a combination that screams "insider trading"
- therealdrag0 3y ago
  Has that ever actually happened? Who is worth millions (at a rate faster than index fund) who isn’t married to a wealthy spouse or have wealthy inheritance or have lucrative book deals etc?
uoaei 3y ago
For insights into other members of Congress and their trading behaviors: https://unusualwhales.com/politics https://unusualwhales.com/politics
mc32 3y ago
Dubious congress trades aside, congresspeople should not die of old age serving. There is something wrong with people like Byrd and Feinstein dying while serving. Even without term limits they should have the decency to know when to call it quits and not become a figurehead where most of the work they’re entrusted with is done behind the scenes by others —none of this bullshit whispering in their ear on how to vote. At least have them have to pass significant cognitive tests by a panel of competent professionals who are voted in by both parties (or as many parties as have greater than 5% rep). Weekend at Bernie's should remain a farce and not become reality.
- deleted 3y ago
  [deleted]
- seanw444 3y ago
  "Professionals" arbitrarily deciding whose psychological functions are passable in order to allow an elected person to take office sounds horrendous to me, impartial panel or not. If there's anything 2020-2021 and the 4th branch of the gov't taught me, it's that we need to quit putting authority figures in positions of power over the people, for the sole reason of being an authority figure.
  - mc32 3y ago
    Why? I don’t want people with decreased mental abilities serving in important gov positions. Do public companies let aging incompetent leaders stay on as senior executives? I'm not asking for stringent qualifications. Bare minimum. Have time awareness, place awareness, be aware of the connection between action and consequences, have control over bodily functions. I'm not asking for a Chess champion or math wiz.
    - jeromegv 3y ago
      The point is that there is no good system that would allow a committee to decide if a politician is fit for office or not. Just look how Trump tried to destroy the electoral system for his own gain before and on January 6th. Now apply his tactics to to a "committee" to decide if a democrat can seek reelection. There is a good system to decide if the CEO is fit or not, it's the board of director. Those are entirely different systems.

matt002 3y ago

[flagged]

brigadier132 3y ago

All these senators that manage to make tens of millions of dollars on their $250k salary should really release personal finance books.

mc32 3y ago
No kidding! It would be a one-pager tough. Become congressperson. Use insider knowledge to make fortuitous trades, remain immune!
rqtwteye 3y ago
Title "If I can make millions as senator, so can you!"
nzrf 3y ago
As someone who is just engineer / architect and has to have all my trades approved and accounts granted access to reporting for not only my self but my partner. it really annoys me that these folks are not under more scrutiny. I don’t even have really any information to what these government officials do. This to me falls under the “rules for thee not me.”
- capableweb 3y ago
  > I don’t even have really any information to what these government officials do. For sure you don't, it's the opposite. They sit on so much inside information that people outside the government would never have access to.
- korse 3y ago
  Could you add a bit more context here? What sort of engineer and approved by whom?
  - NovemberWhiskey 3y ago
    If you work in engineering at a bank, all your personal account trades probably have to be pre-approved by your supervisor. You're almost certainly restricted on the products you can trade - like, maybe even "you cannot trade single stocks". You probably have to keep your account with an approved broker, who will then send your account statements to the compliance team at your firm. If you try and trade a name that's on a restricted trading list (e.g. because the investment banking part of your firm is working on a deal with them) then that is also going to be denied. If you're wall-crossed (e.g. in possession of material, non-public information, even by accident) for a deal, you absolutely cannot trade in related securities - like, go to jail, do not pass go.
    - korse 3y ago
      Thanks for the reply. That clears up a lot!
NovemberWhiskey 3y ago
To be fair, Senator Feinstein was married to a guy who ran his own equity capital investment management firm so it's not like we can assume her personal wealth is all derived from investing her salary.
- swader999 3y ago
  A match made in heaven.
- surge 3y ago
  Well no, because of compound interest.
- rqtwteye 3y ago
  Pretty much like Pelosi. Definitely a combination that screams "insider trading"
therealdrag0 3y ago
Has that ever actually happened? Who is worth millions (at a rate faster than index fund) who isn’t married to a wealthy spouse or have wealthy inheritance or have lucrative book deals etc?

uoaei 3y ago

For insights into other members of Congress and their trading behaviors: https://unusualwhales.com/politics https://unusualwhales.com/politics

mc32 3y ago

Dubious congress trades aside, congresspeople should not die of old age serving. There is something wrong with people like Byrd and Feinstein dying while serving. Even without term limits they should have the decency to know when to call it quits and not become a figurehead where most of the work they’re entrusted with is done behind the scenes by others —none of this bullshit whispering in their ear on how to vote. At least have them have to pass significant cognitive tests by a panel of competent professionals who are voted in by both parties (or as many parties as have greater than 5% rep). Weekend at Bernie's should remain a farce and not become reality.

deleted 3y ago
[deleted]
seanw444 3y ago
"Professionals" arbitrarily deciding whose psychological functions are passable in order to allow an elected person to take office sounds horrendous to me, impartial panel or not. If there's anything 2020-2021 and the 4th branch of the gov't taught me, it's that we need to quit putting authority figures in positions of power over the people, for the sole reason of being an authority figure.
- mc32 3y ago
  Why? I don’t want people with decreased mental abilities serving in important gov positions. Do public companies let aging incompetent leaders stay on as senior executives? I'm not asking for stringent qualifications. Bare minimum. Have time awareness, place awareness, be aware of the connection between action and consequences, have control over bodily functions. I'm not asking for a Chess champion or math wiz.
  - jeromegv 3y ago
    The point is that there is no good system that would allow a committee to decide if a politician is fit for office or not. Just look how Trump tried to destroy the electoral system for his own gain before and on January 6th. Now apply his tactics to to a "committee" to decide if a democrat can seek reelection. There is a good system to decide if the CEO is fit or not, it's the board of director. Those are entirely different systems.