They should just restrict Congress to index funds.
And require the Broker to report Trades prior to. Not the Congress person after the fact.
By requiring Planned Sales Plans - filed ahead of time- like actual corporate insiders do.
Like - hey USA, I'm gonna sell a million bucks in April to pay my taxes. Cool. No big deal.
So simple- even a 3 toed Congress Critter could do it.
Except, a lot of the time, the politician themselves isn’t investing. It’s their family, friends, business partners, etc.
So, yes, they should only be allowed into index funds, sure, but… also… We need *actual* enforcement of the law. Simply restricting their personal trades is not nearly enough. And if the law has too many loopholes? Rewrite the fucking law.
Though, wishing for the law to apply to the rich is an absolute pipe dream. I have no faith I’ll see it in my lifetime.
Politicians aren’t the only ones with access to non public information. Every accountant, auditor, tax preparer, etc in the country does. They all have ethics stipulations that prevent anyone related to them trading in companies they work with.
Yep, write it however you want, money talks and bullshit walks. Politicians don't fear repercussions for their actions, why wouldn't they skin us for all we're worth and mock us when we demand justice?
They would just have a friend or family member trade for them. There's no way to stop them, especially if they won't even punish them when they catch them.
What you describe exists already and is in use for insiders at publicly traded companies. They use a program called 10b5-1 which allows them to schedule a sell so that it executes on a specific date, minimizing the likelihood of a planned exit. I agree that congress and the likes should be subject to this too
I wonder too, because Burr should be held accountable. The difference with your original comment and Burr is we know anecdotally NYSE has Insider Trading everyday. Burr being caught and high profile means nothing will happen, and that is an inherent problem.
There are sometimes greater punishments for lawyers for breaking the law, for somewhat obvious reasons. They should know better.
This should apply tenfold to government representatives.
Ya this is fuckin bullshit. I don’t care what side of the aisle they are on. A lot of federal employees could probably be found guilty in some way or another. Charge them all just as you would a normal citizen doing the same thing.
messed up part is Martha was convicted of obstruction, she didn't even have insider info when she sold. She talked too much, and talked herself into obstruction.
No we should just allow people to break the law as long as they're rich and white.
The fact that this even has to be asked. The fact that we find out 2 years after the act and prosecution has already been declined shows that the entire system is completely and utterly corrupt. He should be in jail. He should be disgraced. But he's not. Why? What is the reason for allowing open corruption? How do you think this is going to work out when laws can be openly broken by the rich and powerful? Is their any reason to have faith in such a system?
You never noticed a single magnate of Chinese, Indian, Middle Eastern or Latin American descent? Lotta rich whites in America cause well... there's a lotta whites there
For him to be breaking the law, it would have to be illegal first; meaning, people like him would have to pass that law.
Don't get me wrong, it absolutely *should* be illegal, but as it stands, people elected to Congress can "insider trade" on upcoming legislation and with what they get privileged briefs on.
Nothing will happen. There’s so much insider trading in congress. That’s how they become multi millionaires working a public service job. It should be changed but why would the foxes deny themselves a henhouse as big the the stock exchange. you charge one you’ll have to charge them all. Pelosi certainly does not want that.
No, they should let him keep doing it with all the other lawmakers, it's a free market, so they all should be able to participate in that.
No, but seriously, feed him to the crabs.
Being an elite, a Politician, a member of the government allows you great latitude to cheat, tell lies, make great gobs of money for deals, get a great income sitting half the day, eating well, and going on TV for exuberance, self grandioment, fake love, and obtaining power. Why should these people be held to strict standards because if we were them we would probably be doing the same thing.
The only part I have an issue with was covid was common knowledge in December/January for anyone paying attention to world events, most people just didn't. I was telling people in early January we were gonna shut down but no one believed me. That's cause they weren't paying attention to China and the rest of the world. If he did have additional information influencing him perhaps still charge him though.
While I tend to agree with your post, the article makes it sound like he was in the covid briefing and *immediately after* went and closed out 80% of his and his wife's portfolio (and called his BIL to do the same). If he was concerned about covid closures before that briefing, he sure as hell was confident of them happening after the briefing.
That's not quite how it sounds to me, the article says he was in briefings throughout January and February so sure there's possible inside knowledge there he could have used but a lot of it could have been public as well, like I said I knew what was coming and others did who paid attention as well. Then after texting with a redacted individual apparently about nonpublic information (although we don't know what this is) he sold 110k worth of stock. Two weeks later he purchased about 1m in securities. Next day he unloads 1m in equities. So really the text messages would be what's in question as that's what was right before his position changes, and sure there could definitely be some insider stuff there. What he did though is pretty natural for anyone expecting the crash. We were in insane overvaluations and anyone watching China and then Europe knew what was coming. His moves weren't unusual though.
Just a reminder the founding fathers would NOT have put up with this type of behavior, and specifically wrote the second amendment into the constitution for a reason… you say they don’t fear any repercussions for their actions? I wonder why, when half the country continuously screeches for us to “declaw” ourselves while we are surrounded by hungry wolves.
Would you declaw your cat even when it lives in your home and doesn’t face any threat in it’s day to day life at all? No? Then why do you want to force other humans to declaw? Interesting how the human mind works, isn’t it?
There were boards, forums, and news articles about a flu in China by then. I stocked up on everything in the middle of February because of methane satellite shots (crematoriums running 24/7). Conspiracy theorists got that one right and were posting about it constantly. This is more political theater.
As long as there aren't laws to restrict trading, then it's a free-for-all and not good, but also not punishable. If the Rs don't like Pelosi trading and the Ds don't like Burr trading, then change the law.
Yes - i think 90% of the politicians in office should be arrested with the amount of obvious insider trading they all do.
They should all be barred from trading, and should all have term limits.
Not surprising since there is a two tier justice system and has been since the founding of the Republic. One set of rules for the common folk, another for the ruling regime, the big shots, etc.
I can't grasp how UVXY bagholders don't see that they saved markets from recession. Because so many of you are still holding UVXY shares; markets will continue to rally.
You could easily earn some money back by getting into one of the most profitable trades of this decade, which is shorting UVXY. Selling UVXY calls has been making consistent profit even in 2022!
Like, you have to hate yourself and your family for still going long UVXY to this date. You are lighting your money on fire by going long leveraged volatility products.
The reason why UVXY keeps dumping is because European Hedge and Pension funds make their livinbg shorting UVXY's entire float. It's the only explanation for UVXY's downwards trend in 2022.
You can front run these European Hedge fund algorithms by shorting UVXY and UVIX shares, or selling UVXY calls as SPY is dropping. This is exactly how their algorithms work. You can see it playing out on the charts intraday.
TLDR: UVXY bagholders are the reason why markets have already bottomed for 2022. Watch intraday to see the collapse of UVXY due to European Hedge funds algorithmically shorting the entire UVXY float. Sell UVXY calls while SPY falls to front run these algorithms
(NOT FINANCIAL ADVICE)
I uh, I think people knew it was happening in February. I remember a video hitting the front page on publicfreakout about a woman in China screaming for 2 minutes about how people were dropping to the ground and how no one was talking about it. Knew something was happening in February, anyone who followed international subs and international news knew.
Honestly, it’s a sensible play to get out of your positions when you think shit is about to hit the fan. Sensible to buy in the dip too, but I doubt we are chasing all of those people.
Probably not. Probable cause is a very low bar. It’s enough for a warrant. This likely went to a grand jury and got no farther.
He isn’t the only person that traded on Covid related information. The difference is that he had public information plus private, governmental information. We do not know if the information gain was that significant. None of us get to see the briefing.
The question is whether he had access to material nonpublic information or if public information was presented in a readily comprehensible format. There is a giant difference. The former makes it a crime. The latter makes it an intelligent trade.
If I were in his shoes, I would have gathered up Internet news accounts and the early professional papers and HANs that are sent to physicians all the time. HANs are Health Action Notices. The government has a warning system for doctors, dentists, veterinarians and so forth. That is all public info. Most don’t realize these systems exist.
They rarely make it to the news so people don’t treat it as public data but those systems are archived and public.
Monkey pox information is readily available but most people cannot use it. For example, rodents, not monkeys are the probable origin. Pets get monkey pox. If a cat gets monkey pox and passes into to the prairie dog population, you’ll see a permanent reservoir of it in the West. That’s tradable. It’s not useful by itself but the impact is discussable and projections can be estimated.
He may not have been charged because the White House decided not to. It was pretty corrupt at that time.
He also may not have been charged because he didn’t need nonpublic information to make the trade.
They had briefings where it was called to their attention but the news about corona was out well before the crash. I personally dumped my own stocks in early Feb 2020 and started short term preparations. They are absolute bastards in every other instance but as much of a bad taste it leaves in my mouth I will defend them on the corona crash.
Damn straight. No one in congress or the government where they make decisions on policy should ever be allowed to trade. ALL investments should be set up in a blind trust
What Senator Burr did was on it's very face, both criminal and un-ethical. Like nearly all white collar criminals... they are spared from the rod! It keeps going like this and going the same way--- year after decade and seemingly into infinity.
Unethical behavior must be stopped and punished or this country of ours will continue to head further south! Gray areas have simply become way too 'dark' grey for the wealthy, yet they're never held accountable no matter how dark grey or red are the areas they step into...
They should just restrict Congress to index funds. And require the Broker to report Trades prior to. Not the Congress person after the fact. By requiring Planned Sales Plans - filed ahead of time- like actual corporate insiders do. Like - hey USA, I'm gonna sell a million bucks in April to pay my taxes. Cool. No big deal. So simple- even a 3 toed Congress Critter could do it.
Except, a lot of the time, the politician themselves isn’t investing. It’s their family, friends, business partners, etc. So, yes, they should only be allowed into index funds, sure, but… also… We need *actual* enforcement of the law. Simply restricting their personal trades is not nearly enough. And if the law has too many loopholes? Rewrite the fucking law. Though, wishing for the law to apply to the rich is an absolute pipe dream. I have no faith I’ll see it in my lifetime.
Politicians aren’t the only ones with access to non public information. Every accountant, auditor, tax preparer, etc in the country does. They all have ethics stipulations that prevent anyone related to them trading in companies they work with.
Yep, write it however you want, money talks and bullshit walks. Politicians don't fear repercussions for their actions, why wouldn't they skin us for all we're worth and mock us when we demand justice?
The inequality in the US is insane. Epic Imperious proportion. It will blow up.
They would just have a friend or family member trade for them. There's no way to stop them, especially if they won't even punish them when they catch them.
+ Make congressional service a Lottery, like jury duty. They currently have to spend most of their time campaigning instead of their jobs.
This. Nobody, regardless of political affiliation should be against it.
What you describe exists already and is in use for insiders at publicly traded companies. They use a program called 10b5-1 which allows them to schedule a sell so that it executes on a specific date, minimizing the likelihood of a planned exit. I agree that congress and the likes should be subject to this too
For sure. Everyone is equal under the law, right?
<*cricket chirping*>
Yes, kind of a thing right now.
If not, let the unlawful have their ways.
NYSE is a huge joke, insider trading all around the place.
Sure, but Burr got caught.
[удалено]
I wonder too, because Burr should be held accountable. The difference with your original comment and Burr is we know anecdotally NYSE has Insider Trading everyday. Burr being caught and high profile means nothing will happen, and that is an inherent problem.
Honestly, it should invalidate every other conviction, as there is no equality in the application of the law.
The political class routinely breaks all sorts of laws, without consequences.
There are sometimes greater punishments for lawyers for breaking the law, for somewhat obvious reasons. They should know better. This should apply tenfold to government representatives.
Ya this is fuckin bullshit. I don’t care what side of the aisle they are on. A lot of federal employees could probably be found guilty in some way or another. Charge them all just as you would a normal citizen doing the same thing.
Of course everyone should be held to the same standards… But then again these are bourgeoisie…
They should be held to even higher standards, but that would make sense.
I agree... To me, it's extremely frustrating that "rules for us, but not for them..."
Martha Stewart did time … so can he
messed up part is Martha was convicted of obstruction, she didn't even have insider info when she sold. She talked too much, and talked herself into obstruction.
He is going to be investigated so let’s just see what comes of it.
No we should just allow people to break the law as long as they're rich and white. The fact that this even has to be asked. The fact that we find out 2 years after the act and prosecution has already been declined shows that the entire system is completely and utterly corrupt. He should be in jail. He should be disgraced. But he's not. Why? What is the reason for allowing open corruption? How do you think this is going to work out when laws can be openly broken by the rich and powerful? Is their any reason to have faith in such a system?
> rich and white I doubt being white has anything to do with it. When your rich, your race is green.
But you're probably white.
You never noticed a single magnate of Chinese, Indian, Middle Eastern or Latin American descent? Lotta rich whites in America cause well... there's a lotta whites there
For him to be breaking the law, it would have to be illegal first; meaning, people like him would have to pass that law. Don't get me wrong, it absolutely *should* be illegal, but as it stands, people elected to Congress can "insider trade" on upcoming legislation and with what they get privileged briefs on.
Maybe he figured it out by studying the motley fool daily. You know since they are such good help to the retail investor. Lol
Nothing will happen. There’s so much insider trading in congress. That’s how they become multi millionaires working a public service job. It should be changed but why would the foxes deny themselves a henhouse as big the the stock exchange. you charge one you’ll have to charge them all. Pelosi certainly does not want that.
The SEC just a big joke. They just show up for their paycheck and go home.
Senators and top governors officials should be held to the highest standard and prosecuted to the fullest extent possible.
No, they should let him keep doing it with all the other lawmakers, it's a free market, so they all should be able to participate in that. No, but seriously, feed him to the crabs.
Being an elite, a Politician, a member of the government allows you great latitude to cheat, tell lies, make great gobs of money for deals, get a great income sitting half the day, eating well, and going on TV for exuberance, self grandioment, fake love, and obtaining power. Why should these people be held to strict standards because if we were them we would probably be doing the same thing.
No, because charging him would mean we need to charge Speaker Pelosi. We can't do that.
Yeah that's why, because the whole thing is set up to protect Pelosi. Lol.
Very nice of the republicans to defend her so well.
Not just Pelosi, but a shit ton more of them.
[You posted this yesterday](https://old.reddit.com/r/StockMarket/comments/x86yw7/senator_richard_burr_sold_80_of_his_stock/) and again today? Why?
yes, then look into pelosi and the rest. no one is that lucky or good
Haha. You serious? Fat chance. LMAO! What show have you been watching OP? Better yet, just send me some of what you just smoked before posting this.
The only part I have an issue with was covid was common knowledge in December/January for anyone paying attention to world events, most people just didn't. I was telling people in early January we were gonna shut down but no one believed me. That's cause they weren't paying attention to China and the rest of the world. If he did have additional information influencing him perhaps still charge him though.
While I tend to agree with your post, the article makes it sound like he was in the covid briefing and *immediately after* went and closed out 80% of his and his wife's portfolio (and called his BIL to do the same). If he was concerned about covid closures before that briefing, he sure as hell was confident of them happening after the briefing.
The day after the briefing I believe
That's not quite how it sounds to me, the article says he was in briefings throughout January and February so sure there's possible inside knowledge there he could have used but a lot of it could have been public as well, like I said I knew what was coming and others did who paid attention as well. Then after texting with a redacted individual apparently about nonpublic information (although we don't know what this is) he sold 110k worth of stock. Two weeks later he purchased about 1m in securities. Next day he unloads 1m in equities. So really the text messages would be what's in question as that's what was right before his position changes, and sure there could definitely be some insider stuff there. What he did though is pretty natural for anyone expecting the crash. We were in insane overvaluations and anyone watching China and then Europe knew what was coming. His moves weren't unusual though.
no i don’t think he should be held to account like everyone else, he should be held to a higher account ffs.
No. He is part of the ruling class an I'm just happy they let me breathe the air in it. Of course he should be held accountable.
Everyone else like Nancy pelosi
Start charging every elected and appointed position holder if they do. Start with Pelosi!
Just a reminder the founding fathers would NOT have put up with this type of behavior, and specifically wrote the second amendment into the constitution for a reason… you say they don’t fear any repercussions for their actions? I wonder why, when half the country continuously screeches for us to “declaw” ourselves while we are surrounded by hungry wolves. Would you declaw your cat even when it lives in your home and doesn’t face any threat in it’s day to day life at all? No? Then why do you want to force other humans to declaw? Interesting how the human mind works, isn’t it?
Is pelozi and Clinton held accuntwble?
Everyone else? Like Nancy and Paul Pelosi?
Him Pelosi all of them should be in jail for what they've done.
Like everyone else? You mean like Hunter Biden? Or Hillary Clinton?
Pelosi anyone?
But the media wants the SEC to go after RC lmayo
yeah just like Pelosis are being accountable
When is Pelosi getting arrested?
Very nice, now lets see Pelosi
There were boards, forums, and news articles about a flu in China by then. I stocked up on everything in the middle of February because of methane satellite shots (crematoriums running 24/7). Conspiracy theorists got that one right and were posting about it constantly. This is more political theater.
As long as there aren't laws to restrict trading, then it's a free-for-all and not good, but also not punishable. If the Rs don't like Pelosi trading and the Ds don't like Burr trading, then change the law.
Yes - i think 90% of the politicians in office should be arrested with the amount of obvious insider trading they all do. They should all be barred from trading, and should all have term limits.
This is a fringe benefit of being a politician, right?
Not surprising since there is a two tier justice system and has been since the founding of the Republic. One set of rules for the common folk, another for the ruling regime, the big shots, etc.
Nothing going on here he was just buying the dip
SEC and it's laws are not meant to stop the rich and governors. It's laws are for the masses. And people still think our government is fair.
If they held him accountable they would have to hold all the others aswell. And that would be just way to much paperwork to be honest…
Accountable like everyone else …. So not accountable at all.
What’s good for the status quo, right….
Everyone else?
Since he is a human bean of influence, I think we need to give these types of people a pass
they just got lucky and timed it right.....what?????? lol
Ed we
I mean yeah he should be held accountable. But also, I really don’t give a shit either tbh.
I can't grasp how UVXY bagholders don't see that they saved markets from recession. Because so many of you are still holding UVXY shares; markets will continue to rally. You could easily earn some money back by getting into one of the most profitable trades of this decade, which is shorting UVXY. Selling UVXY calls has been making consistent profit even in 2022! Like, you have to hate yourself and your family for still going long UVXY to this date. You are lighting your money on fire by going long leveraged volatility products. The reason why UVXY keeps dumping is because European Hedge and Pension funds make their livinbg shorting UVXY's entire float. It's the only explanation for UVXY's downwards trend in 2022. You can front run these European Hedge fund algorithms by shorting UVXY and UVIX shares, or selling UVXY calls as SPY is dropping. This is exactly how their algorithms work. You can see it playing out on the charts intraday. TLDR: UVXY bagholders are the reason why markets have already bottomed for 2022. Watch intraday to see the collapse of UVXY due to European Hedge funds algorithmically shorting the entire UVXY float. Sell UVXY calls while SPY falls to front run these algorithms (NOT FINANCIAL ADVICE)
I don't think everyone else is being held accountable... but yes he should
Two types of justice system
Yes
Even the lottery doesn't let employees or their families buy tickets
If he is guilty, then yes, absolutely.
yes
Of course they should be or it continues to perpetuate that politicians are above the law.
He’s been in office for 17 years and only worth 2 million. He’s minor league compared to most in DC
Yes.
Of course. If the lawmakers don't have to follow the law then we have a failure of the rule of law
>Do you think he should be held accountable like everyone else? Really? everyone else is being held accountable? Tell me more about this
Put his ass in jail
You’re confusing probable cause with “there’s was a provable case that would have led to a conviction”
Yes
Supposedly there was a meeting to let David Tepper and others know what was about to happen as well. Money takes care of money.
"He was legally found guilty" they all do it which way or another
I uh, I think people knew it was happening in February. I remember a video hitting the front page on publicfreakout about a woman in China screaming for 2 minutes about how people were dropping to the ground and how no one was talking about it. Knew something was happening in February, anyone who followed international subs and international news knew. Honestly, it’s a sensible play to get out of your positions when you think shit is about to hit the fan. Sensible to buy in the dip too, but I doubt we are chasing all of those people.
Probably not. Probable cause is a very low bar. It’s enough for a warrant. This likely went to a grand jury and got no farther. He isn’t the only person that traded on Covid related information. The difference is that he had public information plus private, governmental information. We do not know if the information gain was that significant. None of us get to see the briefing. The question is whether he had access to material nonpublic information or if public information was presented in a readily comprehensible format. There is a giant difference. The former makes it a crime. The latter makes it an intelligent trade. If I were in his shoes, I would have gathered up Internet news accounts and the early professional papers and HANs that are sent to physicians all the time. HANs are Health Action Notices. The government has a warning system for doctors, dentists, veterinarians and so forth. That is all public info. Most don’t realize these systems exist. They rarely make it to the news so people don’t treat it as public data but those systems are archived and public. Monkey pox information is readily available but most people cannot use it. For example, rodents, not monkeys are the probable origin. Pets get monkey pox. If a cat gets monkey pox and passes into to the prairie dog population, you’ll see a permanent reservoir of it in the West. That’s tradable. It’s not useful by itself but the impact is discussable and projections can be estimated. He may not have been charged because the White House decided not to. It was pretty corrupt at that time. He also may not have been charged because he didn’t need nonpublic information to make the trade.
Who the hell has been accountable for anything out there in DC.
Yes. Charge him. As you would anyone else
Yes, but this is a loaded question. Moreover, it falsely implies that the SEC actually holds the rich and powerful accountable.
Who is everyone else? They all do it.
Nah.
No way /s
Always two sets of rules for the normal people, people in government and the elites...
They want to keep the small man down. In north korea it's called "keep them hungry"
Yes, that asshat and his family should be strung up for a generation of politicians to remember.
https://a.webull.com/1F6tes0hos8Dc82Bde 20 free stocks enjoy
No body in congress is held accountable.
They had briefings where it was called to their attention but the news about corona was out well before the crash. I personally dumped my own stocks in early Feb 2020 and started short term preparations. They are absolute bastards in every other instance but as much of a bad taste it leaves in my mouth I will defend them on the corona crash.
Damn straight. No one in congress or the government where they make decisions on policy should ever be allowed to trade. ALL investments should be set up in a blind trust
You have to clean up the Pelosi family first.
Lock him up!
Should definitely be punished he should be held to a higher standard
Why him? Because he is a Republican? I imagine this pales to what NP has done over the years.
BAG UM AND TAG UM BOYS
What Senator Burr did was on it's very face, both criminal and un-ethical. Like nearly all white collar criminals... they are spared from the rod! It keeps going like this and going the same way--- year after decade and seemingly into infinity. Unethical behavior must be stopped and punished or this country of ours will continue to head further south! Gray areas have simply become way too 'dark' grey for the wealthy, yet they're never held accountable no matter how dark grey or red are the areas they step into...