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Wow, not even sure how to answer to that, but insider trading is illegal. So you either implying that they are all crooks, or that they could do that if they wa

Wow, not even sure how to answer to that, but insider trading is illegal. So you either implying that they are all crooks, or that they could do that if they wanted but in the latter case that doesn't answer the question of how they make their money.

skyechurch 3y ago
https://en.m.wikipedia.org/wiki/2020_congressional_insider_trading_scandal https://en.m.wikipedia.org/wiki/2020_congressional_insider_t...
askonomm 3y ago
I thought it was common knowledge that politicians are crooks. There's even information out there on politicians trading patterns, and how they very often seem to buy or sell certain stock right before a huge news affecting that stock comes out.
- satellite2 3y ago
  If it was so easy to prove it would be enforced. You can't have it both ways.
  - d1sxeyes 3y ago
    Buying and selling stock is one thing, how do you prove it is insider trading though?
  - Gyrantula 3y ago
    >If it was so easy to prove it would be enforced What makes you think that?
  - fennecbutt 3y ago
    Rich and powerful people don't do time, lmao.
yawpitch 3y ago
Hate to break it to you — and hate even more to point you at a link behind a paywall — but legislators (and especially their family) indirectly trading on what they learn in their “work” isn’t, legally speaking, insider trading, and while it is now technically illegal getting members of Congress on either side to effectively police their own behavior has proven (shockingly) ineffective. https://www.nytimes.com/interactive/2022/09/13/us/politics/congress-stock-trading-investigation.html https://www.nytimes.com/interactive/2022/09/13/us/politics/c...
- jjeaff 3y ago
  ya, but they aren't really making money insider trading. at least in aggregate. full analysis of their trades usually show an underperforming portfolio, despite grandiose articles that claim the opposite, which just cherry pick a few successful trades and ignore the bad and mediocre ones. It's mostly power brokering and it's the same way rich people and their children get and stay rich. Money flows to those with money because people want to buy influence and power.
  - yawpitch 3y ago
    Top 10 congressional performers last year beat the S&P 500 by at least 200%, in the top case by nearly 1000%… that doesn’t appear to be cherry-picking a few successful trades. https://www.dailymail.co.uk/news/article-12930805/Members-Congress-money-trading-stocks-2023-Nancy-Pelosi.html https://www.dailymail.co.uk/news/article-12930805/Members-Co...
    - kasey_junk 3y ago
      That’s not what the linked story says. It says that the top case beat the market by 200% and that it was through an Nvidia position purchased 4 years ago. The Congress person in question hasn’t made a single trade in the last 3 years. The 10th best position was 63% better than the s&p. That’s just a touch better than keeping your money in qqq. There might be evidence of congressional insider trading but the bare numbers aren’t it. In a population of 540 people you’d probably find similar outliers to what that article outlines.
deleted 3y ago
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skyechurch 3y ago

https://en.m.wikipedia.org/wiki/2020_congressional_insider_trading_scandal https://en.m.wikipedia.org/wiki/2020_congressional_insider_t...

askonomm 3y ago

I thought it was common knowledge that politicians are crooks. There's even information out there on politicians trading patterns, and how they very often seem to buy or sell certain stock right before a huge news affecting that stock comes out.

satellite2 3y ago
If it was so easy to prove it would be enforced. You can't have it both ways.
- d1sxeyes 3y ago
  Buying and selling stock is one thing, how do you prove it is insider trading though?
- Gyrantula 3y ago
  >If it was so easy to prove it would be enforced What makes you think that?
- fennecbutt 3y ago
  Rich and powerful people don't do time, lmao.

yawpitch 3y ago

Hate to break it to you — and hate even more to point you at a link behind a paywall — but legislators (and especially their family) indirectly trading on what they learn in their “work” isn’t, legally speaking, insider trading, and while it is now technically illegal getting members of Congress on either side to effectively police their own behavior has proven (shockingly) ineffective. https://www.nytimes.com/interactive/2022/09/13/us/politics/congress-stock-trading-investigation.html https://www.nytimes.com/interactive/2022/09/13/us/politics/c...

jjeaff 3y ago
ya, but they aren't really making money insider trading. at least in aggregate. full analysis of their trades usually show an underperforming portfolio, despite grandiose articles that claim the opposite, which just cherry pick a few successful trades and ignore the bad and mediocre ones. It's mostly power brokering and it's the same way rich people and their children get and stay rich. Money flows to those with money because people want to buy influence and power.
- yawpitch 3y ago
  Top 10 congressional performers last year beat the S&P 500 by at least 200%, in the top case by nearly 1000%… that doesn’t appear to be cherry-picking a few successful trades. https://www.dailymail.co.uk/news/article-12930805/Members-Congress-money-trading-stocks-2023-Nancy-Pelosi.html https://www.dailymail.co.uk/news/article-12930805/Members-Co...
  - kasey_junk 3y ago
    That’s not what the linked story says. It says that the top case beat the market by 200% and that it was through an Nvidia position purchased 4 years ago. The Congress person in question hasn’t made a single trade in the last 3 years. The 10th best position was 63% better than the s&p. That’s just a touch better than keeping your money in qqq. There might be evidence of congressional insider trading but the bare numbers aren’t it. In a population of 540 people you’d probably find similar outliers to what that article outlines.

deleted 3y ago

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