In January, congressman Chris Collins (R-NY) was was forced from office and sentenced to 26 months in prison for insider trading. They should get the same.
They all need orange jumpsuits.
America needs a purge. The silver lining to such horror and turmoils is that the scum always rises to the top. A stock and the dollar is worth more than the American according to the Swamp guv.
lamp posts
It is nothing more than a political theater move for the DUmocrats to get back the Senate. This is like the 500th post of this same BS and the media really hoping that it will stick as they know that republicans will cave and boot our own but never hold a democrat to the same standard.
Maybe they cannot be prosecuted, but he should be censured and forced to resign, regardless of their party.
Martha Stewart went to prison for much less. This is criminal. These Senators should be arrested.
Didn’t Martha Stewart go to prison for less than this?
To be fair. There was probably enough information available to the public by January 27th in order to draw a conclusion that things were probably not going to go well. You can bet that there were many intelligent people not connected to government who also got out.
wow! So much vitriol. Before the market tanked I moved my equities into cash as a precaution, not wanting to take the hit, as I knew early on what was coming, based up a gut feeling substantiated by a friend in Financial Planning.
Am I guilty of Insider Trading?
I grew up inside the D.C. loop before it was built. Insider Trading has been a perk on Capitol Hill for generations going back to the generation that followed the Founders. The staff gets in on it too.
Stock owner sits on committee that hears classified information.
Let’s money managers of blind trust in on possible market conditions based on classified information.
Money manager’s research to find alternative sources to permit an independent justification for a sale which leverages the “market conditions.”
Managers sell stock, make killing, and charge fees.
Poor schlubbs who bought lose out.
Press gets wind of sale suspiciously timed to just before the market collapse.
Press interviews Stockholder. Stockholder says very specifically, “I did not sell the stock. I was not informed of the sale until three week later.”
Press does not follow up and ask if they in any fashion communicated the likely market conditions.
Of course, the stockholder was not told of the sale until it was done. Of course they did not personally sell the stock.
The issue is whether they conveyed the insider information.
Innocent until proven guilty, but of course, no one can now ask them what was the exact nature of the classified committee briefing - after all, its classified!
Prosecutor cannot prove what they knew vis-a-vis classified information about upcoming market conditions.
Will they even investigate? Halfheartedly, to make it look good until after the election.
Answer: they must be voted out of office.
My $0.02 (USD)
The question came up earlier in the form of
Why are ‘they’ investigating how a private citizen turned politician had LEGALLY made a zillion bucks
WHEN
The real question SHOULD BE
How does a career politician manage to become a millionaire while ‘serving the people’?
Don’t fret .... Insider Trading is legal for congresscritters
and they all claim it was some third party and unbeknownst to them.
crockashit
How can they claim insider trading?? Burr’s stock transaction occurred February 13. Here are some headlines from January:
January 14: WHO said there may have been human-to-human transmission of the virus, Reuters reported.
January 15: Li Qun, head of the Chinese Centers for Disease Control and Prevention’s (CDC) emergency center, claims the risk of human-to-human transmission is “low,” the Journal reported.
January 17: After 12 days, the Wuhan Municipal Health Commission started giving daily updates on new cases of the coronavirus.
January 18: Despite the presence of the coronavirus, Wuhan holds a “potluck” banquet for 40,000 families to try and break a world record, The New York Times reported.
January 23: Wuhan is finally locked down, even though about 5 million people had already left the city without being screened by that time.
January 31: President Trump Bans Travel from China, Orders 1st Quarantine in 50 Years