Gateway Pundit-
When the topic of insider trading in Congress comes up, Democrats are quick to accuse Republicans of corruption. Yet when the violations involve one of their own, the outrage disappears.
The STOCK Act, passed in 2012, was intended to prohibit lawmakers from trading stocks using inside information gained through their official duties. It requires members of Congress, their spouses, and senior staff to report certain financial transactions over $1,000 within 45 days.
In theory, that makes it harder for lawmakers to conceal suspicious trades. In practice, the penalty for violating the law is $200—an amount so trivial it might as well be nothing.
In 2023, former Speaker Nancy Pelosi (D-CA11) nearly tripled the S&P 500’s returns. That performance alone drew public criticism. But Pelosi is not unique. Many in Congress are guilty of similar behavior—and the most revealing cases are the ones where the democrats stays silent. more here
Who knew that hammering the Stack Market in your underwear could be so effective…
Is there little doubt that Congress is above the laws they create.
Congressional Ethics, an obvious misnomer to once again creating the appearance of maintaining the public trust.
I’m still waiting for the numerous Cash Settlements out of the congressional slush fund paid to those who were sexually harassed and/or violated by individual Congressmen.
All to keep the violations of law out of the Public’s eye.
Congressional Ethics? Give me a break !
Force them to turn over to the Treasury any proceeds in excess of the return on the lowest of these three: S&P 500, the Dow Jones Industrial, and NASDAQ Composite. They might still make a buck but the incentive to game the system would be gone.
@cato — Congressional ethics:
A handful of gimme and a mouthful of GFY.
The people that benefit from this are the only ones that can change the laws regarding it. People say that we have the ultimate power in that we can vote them out. In some cases that is successful but one bad apple spoils the bunch is very much in play.
I skimmed through the Stock Act. I see a number of instances of the word “individual”. I see nothing prohibiting the formation of an LLC to manage your self-directed IRA. With that in place, the LLC is the stock trader.
To paraphrase Chuck-U-Schumer, Congress has got six ways from Sunday to screw the electorate. They’ve honed it to a fine art and they know that we can’t do jack shit about it.
I’m not sure the words “Nancy Pelosi” and “just the tip” belong in the same sentence.
Not just the Democrats… Take a look at Eye Patch McCain’s trading…
KR
I will 100% gaurantee that it is not only the Progressives.