ZSMICHAEL,

What Nancy Pelosi and her ilk do is NOT trading on insider info about a corporation's health relative to its public announcements.

What they do is buy and sell stock to coincide with LEGISLATION that favors or disfavors a company or industry segment. AND they participate in invitation-only IPO's that provide a good opening day bounce.

Big difference.

On another subject, the useless unproductive idiots like "The Squad" raise campaign funds and then hire members of their family and pay them outrageous consulting fees from the campaign, effectively laundering embezzlement.

No matter what law is passed, they will find a way to line their pockets. And this is a fundamental issue with our country today - the unproductive but entitled think they deserve a share of what the productive produce. And our colleges create more and more unproductive people every year...

This message has been edited. Last edited by: Lefty Sig,

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Carefully read what I posted. My response was directed at the LEGALITY of insider trading by Congressional members. I do not believe I mentioned Pelosi.

In reality for many members of Congress the money is made after they leave office. Trent Lott for example became a lobbyist for Big Pharma, a far more lucrative field.

quote:

Originally posted by Skins2881:


Just like Biden and Sanders did it?

Politics should not be a job that makes you rich or that lasts a lifetime.

Jesse, I made no specific statement other than the thread title.
I don't disagree that there is massive corruption in Congress.

quote:

Originally posted by ZSMICHAEL:
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Carefully read what I posted. My response was directed at the LEGALITY of insider trading by Congressional members. I do not believe I mentioned Pelosi.

In reality for many members of Congress the money is made after they leave office. Trent Lott for example became a lobbyist for Big Pharma, a far more lucrative field.

I did. Just saying that the illegality of the technical SEC definition insider trading does not stop them from trading on issues the materially affect a corporation's stock price. Pending legislation is not "insider" info about a company.

Now, trading on stock in a defense contractor shortly before public announcement of inside info that they are getting a big contract with the military, say by a member of a congressional oversight committee, may be prohibited. That is what the referenced legislation was going after, because prior to that there were no restrictions on members of Congress.

But you know they will never ban the things they really do to get rich, just pass a showpiece law to pretend to "do something" about it.

Congressional Blind Trust Act of 2011 - Amends the Ethics in Government Act of 1978 to require each Member of Congress to place all of his or her stocks, bonds, commodities futures, and other forms of securities, including securities held jointly with a spouse, in a qualified blind trust.

Exempts from such requirement any financial interests in or income derived from: (1) the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS), including the Thrift Savings Plan (TSP); (2) any other federal retirement system for U.S. officers and employees, including the President, or for members of the uniformed services; or (3) benefits received under the Social Security Act.

Requires new Members to comply with this Act within 30 days after taking office, and incumbent Members within 30 days after enactment of this Act. Allows a Member to file, as appropriate, with the Clerk of the House of Representative or the Secretary of the Senate for an additional 30-day extension in order to comply.

Authorizes the Attorney General to bring a civil action against any Member of Congress for noncompliance.

LINK: https://www.congress.gov/bill/...se-bill/3549?s=1&r=3

quote:

Originally posted by ZSMICHAEL:
Authorizes the Attorney General to bring a civil action against any Member of Congress for noncompliance.

Well, now we can rest easy. We got Top Men on it.

Top......Men..

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hahaahaa

On the list of the top ten most active stocks members of Congress invested in in 2020, Pfizer was #4. Need we really debate this issue much further. The vast majority of politicians in Washington spend their time rubbing shoulders with certain people and then voting in such a way as to make those people and themselves riches. We peons are totally irrelevant in that world. Maxipad Watters comes to mind. IQ less than 100, bank account north of $2 million, chance any of her wealth was ethically or morally acquired 0%.

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I have owned Pfizer now for over forty years. Other stocks I own have made much more money. As I posted earlier members of Congress are required by law to put their money in blind trusts. I am much more concerned about the other deals they make. Duke Cunningham is an excellent example. There are plenty of others. To refresh your memory:
Randall Harold "Duke" Cunningham is an American politician, serving as member of the U.S. House of Representatives from California's 50th district from 1991 to 2005. After resigning from office, he served eight years in prison for accepting at least $2.4 million in bribes from defense contractors.

Former President Harry Truman once said that any one who gets rich in public service “is a crook.”