A whole new kind of insider trading

[lady_*nix]

https://www.propublica.org/article/sena ... eparedness

Soon after he offered public assurances that the government was ready to battle the coronavirus, the powerful chairman of the Senate Intelligence Committee, Richard Burr, sold off a significant percentage of his stocks, unloading between $582,029 and $1.56 million of his holdings on Feb. 13 in 29 separate transactions.

The vileness of these people just completely blows my mind.

[SciFiFisher]

You know what's even worse. Congress is exempt from insider trading rules.

[lady_*nix]

According to this article that wasn't the case as of 2013, though they were certainly working in that direction:

https://www.npr.org/sections/itsallpoli ... rading-law

IDK about changes since then though.

[lady_*nix]

Oh hey here's another one: https://www.thedailybeast.com/sen-kelly ... g?ref=wrap

Loeffler’s office did not immediately respond to a request for comment on the transactions and whether they were prompted or informed by information shared at that late January briefing. It’s illegal for members of Congress to trade on non-public information gleaned through their official duties.

That "non-public" might be a sticking point, but still.

[Rommie]

Apparently four Republicans and one Democrat did a lot of selling that day. Get rid of all of them, I say.

I noticed btw that Kelly Loeffler from Georgia posted a Tweet saying she was innocent and she has a financial broker do all her stocks. I'm sure that she has one, but hopefully the SEC has enough people around to see if she called or emailed the person who sold the stocks. I'm sure the authorities are also having their hands a bit full right now.

[SciFiFisher]

I am cynical enough to think that the DOJ rarely or never prosecutes Congress members for insider trading.

[lady_*nix]

Oh sure, but that's not the same as "They're legally exempt." Having the law against it actually exist doesn't guarantee justice, but I think history shows it can be a convenient excuse for justice sometimes.