46 members of Congress have violated a conflicts-of-interest law
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24 replies
So basically this "law" is just a suggestion.
So the penalty for insider trading is $200. That's just a Pay to Play fee for illegal market trading. Let's put some jailtime on that act, FFS.
Remember, that law was written by those who it will affect most. They'll never make it more than a slap on the wrist.
Some background information for those interested: the top traders in congress this year are 50:50 DNC and GOP, top trader was DNC Brian Higgins until he left office this year. Generally GOP do place higher but former speaker of the house Nancy Pelosi also often makes the top ten given she married the owner of an investment firm when they were both in college, 25 years before she entered congress, and they have joint assets.
The law, 2011-2012 S.2038 - STOCK Act, was introduced by Independent Democrat Senator Joseph I. Lieberman. It had 1 roll call in the house, 417 to 2, and 13 roll calls in the senate with many changes and amendments proposed until it passed 96 to 3.
Personally, I don't expect anything to ever come from the STOCK act in terms of punishments, but I'm happy that we have it or we wouldn't even be having these conversations in the first place.
The penalty is $200, but only if they feel like paying it.
The cost of doing business.
Income-based fines should really be more commonplace.
Fun fact: NASA employees are unable to even talk with congressional representatives about proposed scientific missions because it is considered a “conflict of interest”. Let that sink in. Meanwhile…
To be specific, these are people who didn’t file required financial disclosures on time during those years.
If a congressman committed insider trading, but filed disclosure and paperwork on time, they wouldn’t be counted here
It's not like anything is going to happen. Laws are more like guidelines for them.
Surely they will enact legislature to put a stop to... Checks notes... Themselves
Must be another one of those checks and balances I keep hearing about
Only 46?
Those were just the ones that were lazy enough to not bother hiding it
pretty much just amounts to a congressional "swear jar"
Just because I was curious: I counted 23 R, 22 D, 1 I. That might be off by one or two but I was surprised (well maybe not really) how evenly split it was
Its a one party system in a two party costume.
Of course fucking Sarbanes is on the list
As someone who's done a ton of work getting companies to be SOX compliant I have a fresh new hatred for our system of government. I get a new one just about every day at this point.
I only did that for a decade before switching to a cash basis field. It was so good for my sanity.
Didn't Martha go to jail for inside trading?
Wasn’t it just house arrest? Idk that feels like a lifetime ago
5 months in federal correctional facility.
Maybe time to invest in that NANC ETF...