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OverSword

Is it okay if members of the US government profit from insider knowledge on the stock market?

Is it okay if members of the US government profit from insider knowledge on the stock market?   

15 members have voted

  1. 1. Is it okay if members of the US government profit from insider knowledge on the stock market?

    • Yes
      0
    • No
      15
  2. 2. Should members of the government such as senators, congress persons, the president, etc. be allowed to actively participate in the stock market while in office

    • Yes
      4
    • No
      11


66 posts in this topic

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OverSword

Is it okay if members of the US government profit from insider knowledge on the stock market? 

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Desertrat56
Posted (edited)

An elected position is supposed to be community service, not a career or a way to make money.   

Edited by Desertrat56
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Hankenhunter
6 minutes ago, Desertrat56 said:

An elected position is supposed to be community service, not a career or a way to make money.   

Best answer.  Done in one. I'll get the lights. Desertrat, you turn off the coffee. Who's going to stack the chairs?

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Hankenhunter

Curious as to who voted yes to the second question. I think I know, but after the last time I failed, I'ma gonna keep my mouth shut.

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Manwon Lender
6 minutes ago, OverSword said:

Is it okay if members of the US government profit from insider knowledge on the stock market? 

I am against it completely, just like I am against any President while in Office using his position to finacially gain by any means. I think if Pelosi did what is said she did it conflict of interest and should be illegal. I felt the same way about how Trump used his properties for state visits and the outragious prices that were charged to the taxs payers to house his Secret Service detachments during those visits and everytime he went there to play Golf.

In a nut shell, any politician who uses their position to finacially gain in anyway, not just the stock market is wrong and if found gulity should be prosecuted to the full extent of the law.

In my opinion until proven otherwise I think Pelosi is guilty!:yes:

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spartan max2

I voted no on the second question.

But I would be fine with them having stock portfolios if controlled by a third party.  Maybe one group could manage all the senators stock profolios without any input from them.

 

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Manwon Lender
7 minutes ago, Hankenhunter said:

Curious as to who voted yes to the second question. I think I know, but after the last time I failed, I'ma gonna keep my mouth shut.

I think it was intended as a shock effect, and nothing else my friend.:yes:

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HandsomeGorilla

If it were one of us, we'd likely be guilty of insider training

However, our elected officials are there for a reason. They're better looking, smarter, more educated and make more money than we plebes. Why should ordinary, common man laws apply to our glorious leaders? 

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OverSword
Posted (edited)
8 minutes ago, spartan max2 said:

I voted no on the second question.

But I would be fine with them having stock portfolios if controlled by a third party.  Maybe one group could manage all the senators stock profolios without any input from them.

 

I would agree with you if I thought I could trust them that far but I don't.  I would be fine with them having stocks but all trade would have to be frozen until out of office. edit: maybe okay if they sold them I guess

Edited by OverSword
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Manwon Lender
6 minutes ago, spartan max2 said:

I voted no on the second question.

But I would be fine with them having stock portfolios if controlled by a third party.  Maybe one group could manage all the senators stock profolios without any input from them.

 

You are right Spartan, as long as their portfolios are controlled completely by a third party I thionk it would fine. But the problem is even in that situation if a polititian has knowledge of a Crash or stocks that may increase in value they could still ask that third party to act. :)

Great Post Spartan

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Desertrat56
15 minutes ago, spartan max2 said:

I voted no on the second question.

But I would be fine with them having stock portfolios if controlled by a third party.  Maybe one group could manage all the senators stock profolios without any input from them.

 

Yes, if it is stock they owned before they ran for office I agree, it would be ok as long as they aren't involved in any way or in communication with whomever is taking care of their accounts.

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Tiggs
10 minutes ago, Hankenhunter said:

Curious as to who voted yes to the second question. I think I know, but after the last time I failed, I'ma gonna keep my mouth shut.

I did -- with the exception of the President (but there wasn't a voting option for that).

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Hankenhunter
Posted (edited)
23 minutes ago, Tiggs said:

I did -- with the exception of the President (but there wasn't a voting option for that).

I'm glad I kept my mouth shut. One fail could be a fluke. Twice? Well.... I don't think my soft spots could handle being hoisted by my own petard again. 

Edited by Hankenhunter
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Hankenhunter
24 minutes ago, HandsomeGorilla said:

If it were one of us, we'd likely be guilty of insider training

However, our elected officials are there for a reason. They're better looking, smarter, more educated and make more money than we plebes. Why should ordinary, common man laws apply to our glorious leaders? 

:tu: Awesome sarcasm. Dry humor is best humor.

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Hankenhunter
Posted (edited)
34 minutes ago, spartan max2 said:

I voted no on the second question.

But I would be fine with them having stock portfolios if controlled by a third party.  Maybe one group could manage all the senators stock profolios without any input from them.

 

That's a mighty big, and well abused "if". If only.

*Bolded mine.

Edited by Hankenhunter
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ChrLzs

Thing is, your system is so broken it doesn't matter what you think...

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Eldorado
1 hour ago, OverSword said:

Is it okay if members of the US government profit from insider knowledge on the stock market? 

The Stop Trading on Congressional Knowledge (STOCK) Act, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012.

The law prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees.

https://en.wikipedia.org/wiki/STOCK_Act

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OverSword
2 minutes ago, Eldorado said:

The Stop Trading on Congressional Knowledge (STOCK) Act, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012.

The law prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees.

https://en.wikipedia.org/wiki/STOCK_Act

I don't think that's far enough.  They need to be banned from trades while in office.  

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Hankenhunter
3 minutes ago, ChrLzs said:

Thing is, your system is so broken it doesn't matter what you think...

As intended.

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Eldorado
Just now, OverSword said:

I don't think that's far enough.  They need to be banned from trades while in office.  

What about their families?  (It's Nancy's husband who does the buying, I think)

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Hankenhunter
4 minutes ago, Eldorado said:

The Stop Trading on Congressional Knowledge (STOCK) Act, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012.

The law prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees.

https://en.wikipedia.org/wiki/STOCK_Act

Yup, we've all seen the runarounds and amendments to that rule. How much money did Trump et al make on the stock market with his obviously manipulative comments? He made the markets his, as evidenced by the rises, after his comments.  Will we ever know? Highly unlikely. 

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OverSword
1 minute ago, Eldorado said:

What about their families?  (It's Nancy's husband who does the buying, I think)

Frozen.  If they don't like it then public service is not a good fit for the family.

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Hankenhunter
1 minute ago, Eldorado said:

What about their families?  (It's Nancy's husband who does the buying, I think)

Him too. You want to go into politics,  your emediate family has to follow the rules also. That should help some.

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Hankenhunter
1 minute ago, OverSword said:

Frozen.  If they don't like it then public service is not a good fit for the family.

Beat me to it. Well said!

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Eldorado
2 minutes ago, OverSword said:

Frozen.  If they don't like it then public service is not a good fit for the family.

It comes down to trust, does it not?

Should family doctors be allowed to make deals with drug companies?

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