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NYT investigation into politicians trading stocks (1 Viewer)

the moops

Footballguy
Good twitter thread on this investigation. There is zero reason why this **** should be allowed. Here is a sampling of their findings https://twitter.com/Chrisjjosephs/status/1570491404153159680

They found that 81 Democrats & 101 Republicans filed up to 3,700 trades and $100M in possible volume Many had 100% winners, with some perfectly timed Here’s examples of just how good they were

Alan Lowenthal (D) CA sits on the Transportation Committee His wife made some well timed trades on Boeing, $BA On Mar 5 2020 she sold ~30K of $BA shares One day later his committee releases damaging findings on the 737 Jet $BA went onto fall 35%+ in a week

(Again) Alan Lowenthal (D) CA sits on the Natural Resources Committee His wife perfectly played two rallies on Sunrun $RUN Nov 2019, bought ~$30K @ $14.50 Feb 2020, sold ~45K @ $21 Mar 2020, bought back in @ $9 & sold 78 times as the stock ran to $80 Thats a cool 780% return

Mike Kelly (R) PA His wife bought ~$50K of $CLF just one day after being briefed that the Commerce Dept. launched an investigation to benefit the company She bought at $4.70 and sold at $18.11, a 300% gain Interestingly, this was the only individual trade she made that year

Richard Burr (R) NC sits as the Head Intelligence Committee On 2/13/20 him & family liquidated their entire portfolio and went into treasury bonds One month later the $SPY had its fastest 30% decline in history This saved him $300K+ in possible losses
 

-fish-

Footballguy
The last one could simply be Covid related. Anyone who dumped their portfolio in February 2020 probably saved themselves significant losses.

There is a site that tracks all of the reported transactions of members of the house and senate. It's interesting to see how they make moves. A lot of buying and selling the same stocks.
 

The General

Footballguy
I mean clearly these people are working with inside info with these trades and this should be treated like any other insider trading investigation. There are probably many, many more.

Allowing these people to trade stocks at any level is another issue. Do they have to put all investments in a blind trust? Do we have them report all trades and ones like these are blatant red flags?

Not sure what the timing is on them reporting but there are sites that track all the trades made by members of Congress. Someone should base fund around that...I'd invest.
 

The General

Footballguy
The last one could simply be Covid related. Anyone who dumped their portfolio in February 2020 probably saved themselves significant losses.

There is a site that tracks all of the reported transactions of members of the house and senate. It's interesting to see how they make moves. A lot of buying and selling the same stocks.
Yep. I did something similar with a significant chunk of my investments.

This guy was publically telling people to relax, everything is fine IIRC. I guess there is something to be said about him doing that.
 

Amused to Death

Footballguy

The General

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Thanks. I missed this when it was proposed. It doesn't address things like what the Burr guy did necessarily. I definitely seeing many in Congress not wanting to do that but if they can't control themselves something needs to address this.

I would think a solution would be blind trust or they make all their trades public (which I believe is already a thing, not sure of the specifics timing of reporting, etc).
 

the moops

Footballguy
The last one could simply be Covid related. Anyone who dumped their portfolio in February 2020 probably saved themselves significant losses.
In February we were hardy panicking though. This guy had inside info that **** was gonna get real and instead of relaying that info to the public he quietly dumped all his stocks to preserve his wealth.
 

The General

Footballguy
The last one could simply be Covid related. Anyone who dumped their portfolio in February 2020 probably saved themselves significant losses.
In February we were hardy panicking though. This guy had inside info that **** was gonna get real and instead of relaying that info to the public he quietly dumped all his stocks to preserve his wealth.
I‘d have to go back and look but I believe I sold a large chunk of stuff March 5 or so. I’m not saying this was smart (in most circumstances it is definitely not) but at the time but it was sounding beyond scary which was why I did this.

I am also not saying that these people are not using inside info - which is illegal - and that they have gotten away with it is of course BS. It seems like in many cases they obviously have. Why this hasn’t been investigated and people charged is wild.

Flatly making a law that says Joe Blow congressman can’t trade Google or Starbucks doesn’t necessarily seem the best way to do this either. If they make trades they should all be tracked and made public seems reasonable to me.
 

the moops

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
The sad part of that proposal is people working for financial institutions are held to a higher standard.
I don't understand what you mean?
 

stlrams

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
The sad part of that proposal is people working for financial institutions are held to a higher standard.
I don't understand what you mean?
My friend works for a financial institution, he must hold individual stocks minimum of 90 days, only allowed x number of trades per month, must file al trades etc. I believe all of Wall Street have restrictions.
 

the moops

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
The sad part of that proposal is people working for financial institutions are held to a higher standard.
I don't understand what you mean?
My friend works for a financial institution, he must hold individual stocks minimum of 90 days, only allowed x number of trades per month, must file al trades etc. I believe all of Wall Street have restrictions.
Ahh I see. Yea, there are even reporters who aren't allowed to trade stocks. I was confused by your "sad part of the proposal" part. Seems that this proposal would place stricter controls than any other industry
 

stlrams

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
The sad part of that proposal is people working for financial institutions are held to a higher standard.
I don't understand what you mean?
My friend works for a financial institution, he must hold individual stocks minimum of 90 days, only allowed x number of trades per month, must file al trades etc. I believe all of Wall Street have restrictions.
Ahh I see. Yea, there are even reporters who aren't allowed to trade stocks. I was confused by your "sad part of the proposal" part. Seems that this proposal would place stricter controls than any other industry
From my quick review, the restrictions are below Wall Street requirements.
 

the moops

Footballguy
From my quick review, the restrictions are below Wall Street requirements.
I don't know Wall St requirements, but this proposal outright bans any member of congress or their spouse from owning and trading individual stocks, bonds, commodities, futures, and other securities
 

Sand

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
 

the moops

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
I think she has more recently relented and has come out in support of this moving forward
 

The General

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
I don't doubt that. I'd think many of them wouldn't want it completely removing their ability to do this. Not being able to trade stocks, I'd assume for your spouse as well, would be prohibitive for many people.

It's a tricky thing. what they have now is pretty ****ed though.
 

The Commish

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
It's not going anywhere regardless of who's in charge :lol:
 

stlrams

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
It's not going anywhere regardless of who's in charge :lol:
Let’s make money... suckers.
 

Sand

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
I think she has more recently relented and has come out in support of this moving forward
Publicly relented, but as we all know this has died on the vine. So quietly quashed.

In other words, until something actually happens I don't believe a bloody word. Her husband makes way, way too much off of her access to easily give that up.
 

The General

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
I think she has more recently relented and has come out in support of this moving forward
Publicly relented, but as we all know this has died on the vine. So quietly quashed.

In other words, until something actually happens I don't believe a bloody word. Her husband makes way, way too much off of her access to easily give that up.
What trades did he make that are suspicious?
 

The General

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
I think she has more recently relented and has come out in support of this moving forward
Publicly relented, but as we all know this has died on the vine. So quietly quashed.

In other words, until something actually happens I don't believe a bloody word. Her husband makes way, way too much off of her access to easily give that up.
We’ll see

Pelosi Says Congress Stock Trading Bill Could Go To Floor This Month​

 

fruity pebbles

Footballguy
Maybe Gary Gensler will come out his coma and look into it. Nah, he's too busy talking about climate rules. Not sure what that has to do with the SEC.
 

FairWarning

Footballguy
Maybe Gary Gensler will come out his coma and look into it. Nah, he's too busy talking about climate rules. Not sure what that has to do with the SEC.
It will be interesting to see who is invested in corporations that benefit from climate change. The same applies top electric cars.

Follow the Money always applies.
 

The General

Footballguy
Maybe Gary Gensler will come out his coma and look into it. Nah, he's too busy talking about climate rules. Not sure what that has to do with the SEC.
It will be interesting to see who is invested in corporations that benefit from climate change. The same applies top electric cars.

Follow the Money always applies.
Would it be that unusual to have been trading say Tesla, GM, PLUG, ChargePoint etc over the past few years?
 

FairWarning

Footballguy
Maybe Gary Gensler will come out his coma and look into it. Nah, he's too busy talking about climate rules. Not sure what that has to do with the SEC.
It will be interesting to see who is invested in corporations that benefit from climate change. The same applies top electric cars.

Follow the Money always applies.
Would it be that unusual to have been trading say Tesla, GM, PLUG, ChargePoint etc over the past few years?
The difference is they are far more connected than us. I don’t need Debbie Stabenow pimping electric cars while being heavily invested in that sector of transportation.
 

Amused to Death

Footballguy
Maybe Gary Gensler will come out his coma and look into it. Nah, he's too busy talking about climate rules. Not sure what that has to do with the SEC.
It will be interesting to see who is invested in corporations that benefit from climate change. The same applies top electric cars.

Follow the Money always applies.
Would it be that unusual to have been trading say Tesla, GM, PLUG, ChargePoint etc over the past few years?
The difference is they are far more connected than us. I don’t need Debbie Stabenow pimping electric cars while being heavily invested in that sector of transportation.
Or Senators who own coal companies fight against green energy.
 

The General

Footballguy
Maybe Gary Gensler will come out his coma and look into it. Nah, he's too busy talking about climate rules. Not sure what that has to do with the SEC.
It will be interesting to see who is invested in corporations that benefit from climate change. The same applies top electric cars.

Follow the Money always applies.
Would it be that unusual to have been trading say Tesla, GM, PLUG, ChargePoint etc over the past few years?
The difference is they are far more connected than us. I don’t need Debbie Stabenow pimping electric cars while being heavily invested in that sector of transportation.
You can see what they trade.

This almost seems like an argument like they can’t own any business.
 

Sand

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
I think she has more recently relented and has come out in support of this moving forward
Publicly relented, but as we all know this has died on the vine. So quietly quashed.

In other words, until something actually happens I don't believe a bloody word. Her husband makes way, way too much off of her access to easily give that up.
What trades did he make that are suspicious?
That's like counting the stars in the sky.
 

The General

Footballguy
Elizabeth Warren sponsored legislation to end this but good luck getting the rest of Congress to agree.
What was her proposal?
Members of Congress would not be allowed to own or trade individual stocks.

Link
Andy Kim (D-NJ) also proposed similar legislation in the House (my rep now that they changed congressional boundaries).
Pelosi is on the record as being staunchly against this, so it won't go anywhere while she is in charge.
I think she has more recently relented and has come out in support of this moving forward
Publicly relented, but as we all know this has died on the vine. So quietly quashed.

In other words, until something actually happens I don't believe a bloody word. Her husband makes way, way too much off of her access to easily give that up.
What trades did he make that are suspicious?
That's like counting the stars in the sky.
I think her or her husband’s trades should be looked at like everyone else’s - that’s why they should all be made public.

If someone had options out on say Apple or Coke and did well I‘d also not really think anything of it.

Maybe some FBG who works for the SEC can weigh in but don’t they look for unusual timing, very profitable trades, etc.
 

The General

Footballguy
It's super gross that Congresspeople are timing trades like this.

Can they be forced to report their trades in real time?
This is what I think would be more effective and realistic than across the board telling anyone you simply can’t own a mutual fund or trade company xyz.
 
This is what I think would be more effective and realistic than across the board telling anyone you simply can’t own a mutual fund or trade company xyz.
I’m pretty sure people in Congress could still invest in mutual funds under Warren’s proposal. I really don’t see it as onerous as you seem to. It wouldn’t force members of Congress to be poor. They just might not make as much money as they otherwise might. That doesn’t seem too big a sacrifice for someone that wants to represent people in Congress.
 

The General

Footballguy
This is what I think would be more effective and realistic than across the board telling anyone you simply can’t own a mutual fund or trade company xyz.
I’m pretty sure people in Congress could still invest in mutual funds under Warren’s proposal. I really don’t see it as onerous as you seem to. It wouldn’t force members of Congress to be poor. They just might not make as much money as they otherwise might. That doesn’t seem too big a sacrifice for someone that wants to represent people in Congress.
What stops them from telling kids to buy XYZ Corp stock, what stops them from investing in some index fund that is 100% tech if they are on the committee that gives them info in this field, etc.?

I don't necessarily have a problem with it I just don't know if it really does that much TBH and I do see it could limit some potential people who are talented, are not crooks, but want to do this work.

Having their trades be 100% public and trackable seems much more effective.

I would like everyone to be as rich as they want and have as many opportunities to do this if that is what drives them. Also want it to be done legally, fairly and this is a tricky lane to navigate with these people.
 
Last edited:

-fish-

Footballguy
The last one could simply be Covid related. Anyone who dumped their portfolio in February 2020 probably saved themselves significant losses.
In February we were hardy panicking though. This guy had inside info that **** was gonna get real and instead of relaying that info to the public he quietly dumped all his stocks to preserve his wealth.
I dumped a bunch of my stocks the week after this guy. Seattle area had the first US outbreak the third week of January.

There is a lot of shady stuff going on with these investments, but the timing of this one trade doesn't seem all that unusual.
 

Desert_Power

Footballguy
From my quick review, the restrictions are below Wall Street requirements.
I don't know Wall St requirements, but this proposal outright bans any member of congress or their spouse from owning and trading individual stocks, bonds, commodities, futures, and other securities
They vary greatly across and within different firms. Warren's proposal is a bit too much for my taste, but her heart is in the right place here. Something like minimum holding periods or making them wait for a purchase or sale could help a lot.

Obviously owning individual securities could bias the legislator. But so does owning shares or a private business. Or real estate. Or getting donations from companies or individuals. We cannot ban it all and I'm not sure banning public securities makes the most sense.
 

FairWarning

Footballguy
From my quick review, the restrictions are below Wall Street requirements.
I don't know Wall St requirements, but this proposal outright bans any member of congress or their spouse from owning and trading individual stocks, bonds, commodities, futures, and other securities
They vary greatly across and within different firms. Warren's proposal is a bit too much for my taste, but her heart is in the right place here. Something like minimum holding periods or making them wait for a purchase or sale could help a lot.

Obviously owning individual securities could bias the legislator. But so does owning shares or a private business. Or real estate. Or getting donations from companies or individuals. We cannot ban it all and I'm not sure banning public securities makes the most sense.
Probably a good start is having all federally elected congressmen/women file their taxes publically since they are getting paid by us. (dont get me started about Trump).
 

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