3 ms·

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?

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?