5 ms·
It all comes down to selective enforcement by the not-actual-real-judges at the SEC. You have to go through their kangaroo court with an ALJ, and arger likely
by pierat 3y ago
It all comes down to selective enforcement by the not-actual-real-judges at the SEC.
You have to go through their kangaroo court with an ALJ, and arger likely getting a judgement against you, can you actually go to a real court.
And this is combined with different rules for different income classes.
Kid from middle income family gets smacked down hard. Whereas billionaire employees doing work on wall street either get low scrutiny, or pay 2% of what they made (Read: cost of doing business).
The "rights" of the rich are not for the rest of us.
- sdwr 3y agoIf you read the article, it looks like he got punished pretty lightly - had to pay back some of the gains, got to keep others, and had no further repercussions.
- neomantra 3y agoThe Supreme Court is considering if Administrative Law Judges (ALJ [1]) are unconstitutional. SEC v. Jarkesy. Fun fact: adherence to law is not required in an ALJ court. If one loses in ALJ, then one may proceed to appeal in a regular court where law must be considered. [1] https://www.law.cornell.edu/wex/administrative_law_judge_(alj) https://www.law.cornell.edu/wex/administrative_law_judge_(al...
- robertlagrant 3y ago> Whereas billionaire employees doing work on wall street What's a billionaire employee?
- Brian_K_White 3y agoSlightly wrong or ambiguous parsing, but, any employee of a billionaire also works, at least as well as any other sloppy natural communication.
- robertlagrant 3y agoWould the janitor of a company that has a share owned by a billionaire count? Surely a billionaire in this case is just a share owner.
- Brian_K_White 3y agoQuestion does not seem to apply. What point are you trying to make or what mystery baffles you about the concept of an employee of a billionaire?
- robertlagrant 3y agoWhy does being an employee of a billionaire matter? I could be a janitor.
- Brian_K_White 3y agoBeing an employee of a billionaire matters because the billionaire, and by proxy their employee, is held to a different standard than everyone else. They didn't say anything that implied this applied to every single emoyee of a billionaire, so the janitor who happens to work for a billionaire and happens to buy a stock doesn't change anything or invalidate that point. The employees being referenced are the ones employed to do trades for investors or for the company itself or for the billionaire themself (which might be a person or a group or a company).
- robertlagrant 3y agoSo this is, say, for people who invest for pension schemes that the billionaire happens to have a pension with, for example?