r/technology Jul 26 '22 Wholesome Seal of Approval 1

Ex-Congressman Profited off T-Mobile Insider Info Obtained While Golfing With Exec: SEC Security

https://www.vice.com/en/article/z34n7a/ex-congressman-profited-off-t-mobile-insider-info-obtained-while-golfing-with-exec-sec
18.1k Upvotes

1.7k

u/kingSliver187 Jul 26 '22

200 dollar fine that'll show em

24

u/wibbywubba Jul 26 '22

This is why it is crucial to teach children that the rich people are their only actual enemy.

4

u/fleeflicker Jul 26 '22

Wibbywubba hits that mega millions and becomes a supervillain

6

u/wibbywubba Jul 26 '22

Yup. I would immediately begin buying up as many single family homes as I could so I could rent them to otherwise purchase-qualified tenants in perpetuity, and farm out management to the lowest bidding companies.

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u/twentysomethinger Jul 26 '22

Yet nothing for Nancy, Mitt Romney, Dan Crenshaw, or any of these other corrupt robbers.

This is all a sham. Either we enforce this on everyone, or we call it what it is, and that's a banana republic.

180

u/IpeeInclosets Jul 26 '22

I'm with ya, but unfortunately the burden of proof requires witnesses and corroboration...oh and funding of independent agents and prosecutors...

if you think the thin blue line is tight lipped..

111

u/twentysomethinger Jul 26 '22

Or just applying the law to members of Congress at the very least... but of course they wrote the law that says they're outside the law. So how do we get around that?

159

u/Zarokima Jul 26 '22

The French figured that one out a long time ago.

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u/Velghast Jul 26 '22

Americans are too soft for that kind of thing and will probably get fired from our jobs if we try and take time off for exercising our political rights.

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u/InsertBluescreenHere Jul 26 '22

its simple. time for a revolution. us vs the rich.

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u/wibbywubba Jul 26 '22

Yup. And the vile rich enemy knows this, which is why they have been militarizing their domestic wealth protection squads and allowing them to kill and imprison innocent people with impunity. They know that the good people will eventually need to give them what they truly deserve for what they’ve done to us.

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u/hannananabatman Jul 26 '22

Actually, yes. If you do some reading into the history of police. They were ALWAYS protectors of wealth and personal property, their job has never been public safety.

9

u/AppropriateTouching Jul 26 '22

They protect capital not people.

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u/chucknades Jul 26 '22

But drive around your neighborhoods and you'll see the "we support our X police force" or "blue lives matter" bullshit signs in everyone's yards. At least in my area.

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u/MrTouchnGo Jul 26 '22

I know things are shit but are you desperate enough to put a weapon in your hands and lay your life on the line? That’s what being a revolutionary means

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u/toddwshaffer Jul 26 '22

There's a simpler way, just ban them from actively managing their portfolio while in office. Everything goes into index etfs / mutual funds, and they can resume their trading a couple months after they leave office.

22

u/IpeeInclosets Jul 26 '22

violations of the ban requires enforcement and evidence

this is the game, it's not rigged...

8

u/Phuqued Jul 26 '22

violations of the ban requires enforcement and evidence

I don't see why the DoJ and IRS couldn't figure this out. Furthermore I don't see why they can't flag accounts on the exchanges and brokerages as being ineligible for individual stock purchases, sales, and holdings during their term.

6

u/open_door_policy Jul 26 '22

This would go about as well as when you point out to HR that the boss has been parking in the 1-hour parking spot all day whenever he happens to come to the office.

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u/Phuqued Jul 26 '22

This would go about as well as when you point out to HR that the boss has been parking in the 1-hour parking spot all day whenever he happens to come to the office.

True. Even so, it is better to inhibit and prohibit than do nothing. Once you put the responsibility on the exchanges and brokers, and make them liable for not enforcing the policy you create a third party and neutral enforcer of sorts.

My point is there are things that can be done to inhibit and prohibit this kind of activity. It may not stop all of it, but you know when Pelosi transfers 700k to a family member who then invests that money in to a particular stock, there is a better correlation of activity in this regard to at least make the argument they are doing insider trading.

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u/Responsible-Cry266 Aug 08 '22

The thin blue line: otherwise known as the legal mob crime syndicates. The biggest criminals in America. But because they wear the blue and the badges, it's not considered a gang or considered to be criminals.

4

u/Ok-Seaworthiness6358 Jul 26 '22

Nancy just flew to Taiwan. Home of the largest semiconductor plant. Wonder why her husband just bought all that chip stock.

5

u/pacific_plywood Jul 26 '22

Might have to do with the massive bill that's constantly been in the news over the last year or so that will incentivize onshoring chip manufacturing

There's plenty of corruption in Congress, but I don't think it's insider trading when you could do just as well simply by reading a newspaper every other week

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u/Ryan1869 Jul 26 '22

You'd have to arrest every member of Congress if you did that, it would make our country a better place if they did.

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u/WilliamBott Jul 27 '22

I believe all Congress members, the President, and the Vice President and all of their respective immediate families should be barred from any stock or fund trades whatsoever while the member serves.

Their portfolios/accounts need to be handled by a firm and the member needs to be blind to conducting trades.

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u/bubalusarnee Jul 26 '22

You're using black and white terms to describe a situation not well served by it.

"All" of them are not corrupt.

We convict based on impact and evidence. You cannot say you have that on "All" of them, so stop being so intellectually lazy yourself WHILE ALSO expecting better from others.

3

u/Joliet_Jake_Blues Jul 26 '22

Also "inside" information is company information. If a congressman is invested in green energy companies and then votes for a bill that helps green energy, that's not insider trading.

I'm all about more transparency, but we should at least know what we're talking about

15

u/toastymarbles Jul 26 '22

Helps if you know what you're talking about. Neither Pelosi nor Romney have violated any stock investment rules or laws, though Crenshaw was late in filing his mandatory disclosure statements.

https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9

And regarding Pelosi's husband's investments, which you people always trot out as "evidence", it's not like the vote on the semiconductor legislation hasn't been public since January when the bill was first introduced, and if half a dozen countries are looking to throw several billion dollars at a bunch of semiconductor firms to boost their manufacturing in their country then it's an obviously good investment.

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u/111IIIlllIII Jul 26 '22

how could i have possibly predicted in a post about a case of actual insider trading, a top comment would be screeching about pelosi rather than the topic at hand?

/u/twentysomethinger, what illegal trades did nancy, romney, or crenshaw make? if you expect them to be prosecuted for their crimes you should be able to detail their crimes with ease -- now is your opportunity to do so. i'm open to any and all claims, but unlike many redditors, i require evidence. present it

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u/No_Lingonberry3224 Jul 26 '22

Nancy has an investment return rate greater then the best stock investors including Warren Buffet during his peak. She has never had a ‘bad’ investment asfaik. Her most recent controversy would be buying a bunch of stock in the chip/computer industry right before she allowed through a vote on supporting and funding the chip/computer industry. Right before the electric vehicle conference where they announced sunset goals, Nancy had invested in all the companies except Tesla because Tesla was purposely excluded from the conference. The way she gets around it isn’t that there is no proof, it’s that she can simply claim her husband did it without her knowing, ignore the phone calls from her right before major purchases.

Like seriously, it’s not that there isn’t evidence. We just have an FBI purposely not looking. Same reason they haven’t found the ‘leaks’ despite having access to every meta data in the region.

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u/Proud_Journalist996 Jul 26 '22

Exactly. I see Pelosi's name all over wall street bets, with zero evidence. Her husband works in finance, that's his actual job. They aren't all crooked and whenever one gets caught, they're over there and now here screaming about Pelosi. I don't even go on the stock subs because all the mouth-breathing trumpers politicized them. Evidence please.

19

u/MrDrProfJeremy Jul 26 '22

I think she’s a lightning rod for this anger due to her position as Speaker of the House, her short responses during interviews and her refusal to support bills that require members of congress to put their holdings in a blind trust saying:

“We are a free-market economy,” Pelosi said last month. Members of Congress “should be able to participate in that.” - NY Times

Lastly, Paul and Nancy’s portfolio makes insane returns with very suspicious timings, hence all those sites that strictly track her and other Congress members’ trades.

3

u/[deleted] Jul 26 '22

Right except the thing that wsb is wound up about was public fucking knowledge before it went to a vote that was easily going to pass.

If those dipshits paid attention to the news like they do get rich quick schemes, they could have made the same buys as Pelosi’s husband.

Idiots.

3

u/111IIIlllIII Jul 26 '22

not only that, but at the date this "story" broke, the price of NVDA stock (the stock implicated in insider trading) was literally the exact price of the stock when paul purchased it a few months prior.

so anyone could get have gotten in on this supposed scheme if they wanted.

facts apparently don't matter

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u/GoreTiciaAddams Jul 26 '22

I’ve literally received a J-walking ticket that was a bigger fine than that.

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u/pwrstrug Jul 26 '22

FYI the article doesn't even mention a fine, definitely not a $200 fine.

24

u/Zaphod1620 Jul 26 '22

$200 is the fine for violating the STOCK Act. That's it. And the Congressional Ethics Committee typically waives it.

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u/toastymarbles Jul 26 '22

The STOCK Act only applies to current, not ex-, congress people. Also the STOCK Act also only partially applies to insider trading, insider trading investigations are handled by the SEC and FBI, violations of the STOCK Act are things like failure to report your investments on time, though through those filings evidence of insider trading can be uncovered and then forwarded to the agencies that would investigate.

Here are 66 examples of members of Congress who violated the STOCK Act.

2

u/BuildMajor Jul 26 '22

“While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — #$200 is the standard amount — or waived by House or Senate ethics officials.”

House or Senate ethics officials.

House or Senate.

Ethics.

Officials.

❔❓🪣🛃

12

u/pwrstrug Jul 26 '22

Holy

Fuck

From a quick Google search though, This guy got much more than a $200 fine.

6

u/tallr0b Jul 26 '22

His conviction includes “lying to the FBI” about it. Martha Stewart and Rod Blagojevich are other famous dummies who would have walked if they had just said “lawyer” and shut their mouth when they heard “FBI”.

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u/[deleted] Jul 26 '22

There wont be any because he hasn’t done anything illegal.

Congressman are by law exempted from insider trading rules.

It sucks.

Members of the US Congress are exempt from the laws that ban insider trading. Because they generally do not have a confidential relationship with the source of the information they receive, however, they do not meet the usual definition of an "insider".[37] House of Representatives rules[38] may however consider congressional insider trading unethical.

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

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u/GingerSnapBiscuit Jul 26 '22

You're missing the important part of the story here :

A former Indiana congressman profited off of inside information he obtained while golfing with an executive at T-Mobile

If he'd done this as a standing congressman he'd be in the clear. He left congress in 2011. He made these trades in 2018.

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u/[deleted] Jul 26 '22

It’s jail time!

3

u/LS6 Jul 26 '22

You're missing the important part of the story here :

A former Indiana congressman profited off of inside information he obtained while golfing with an executive at T-Mobile

If he'd done this as a standing congressman he'd be in the clear.

Unlikely. Congress get a pass for trading on knowledge they obtain from their congressional duties. This sounds like it'd have been plain old insider trading where the perp just happened to be a rep.

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u/deadmancaulking Jul 26 '22

Yea playing golf with the CEO of T-Mobile doesn't typically stand as "I was just doing my job" I'd imagine

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u/shaneathan Jul 26 '22

But he wasn’t a congressman.

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u/IpeeInclosets Jul 26 '22

while penalty is important, studies show deterrence is more driven by a risk of getting caught

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u/WizardVisigoth Jul 26 '22

Prosecute this mofo

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u/GamersRiseUp Jul 26 '22

Bite his dick off and spit it into traffic

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u/badgerj Jul 26 '22

The old dick twist?

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u/TheUnsightlyLocks Jul 26 '22

TWIST HIS DICK!!!

3

u/GetTheSpermsOut Jul 27 '22

Bro there’s kids here! This is a family event!

Grab his dick and twist it!

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u/badgerj Jul 27 '22

Hahhaha. At first I thought you were scolding us for being inappropriate!

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u/digitalmofo Jul 26 '22

You can do it, Ozzy!

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u/sbowesuk Jul 26 '22 edited Jul 26 '22

It's a safe bet to say at the point most politicians on both sides of the aisle are exploiting their position this way. Checks and balances don't seem to apply to them either. It's system-wide corruption.

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u/HonkinSriLankan Jul 26 '22

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u/Ylsid Jul 26 '22

They should be forced to disclose positions on the day they make them. None of this "within one month" crap.

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u/uzlonewolf Jul 26 '22

*the day before they make them.

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u/badpeaches Jul 26 '22

They have to remove themselves from conflicting committees.

7

u/DemSocCorvid Jul 26 '22

They have to resign. You can't act in the best interest of the people if you are compromised by self-interest in securities trading/investments.

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u/oupablo Jul 26 '22

it's actually within 45 days. Also, there are many cases of them not reporting them correctly

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u/FearlessHornet Jul 26 '22

Better yet, disclosure of intent with a week waiting period

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u/opn2opinion Jul 26 '22

They would just spam everything always and we'd be in no better of a position.

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u/dwntwnleroybrwn Jul 26 '22

No, politicians, and their immediate family should be forbidden from investing in individual companies. They should be restricted to index funds exclusively. Even that can be problematic if you look at the tech industry funds and regulations.

The fact they are legally allowed to get away with insider trading is abhorrent. The maximum penalty under law is congressional censure which isn't even a slap on the wrist.

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u/Ylsid Jul 26 '22

Ok, but I want to make money off their positions.

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u/alcimedes Jul 26 '22 edited Jul 26 '22

Nope. 48 hours before hand and public for that 48 hours. Let the plebs get some first.

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u/HereUThrowThisAway Jul 26 '22

And then what? It will just end up like police. They will openly commit crimes and nothing will happen. We need to stop it before it starts and not allow any margin for unethical behavior. They must be held to a higher standard

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u/Ylsid Jul 26 '22

The point is that their late disclosure prevents anyone else from capitalising on their corruption. For example, they declare an intention to buy X stock, so the price rises before they can buy it due to everyone else wanting in too. Of course, if we could do that, they wouldn't make nearly as much money, hence the absurd leniency in reporting.

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u/nav17 Jul 26 '22

The odds of someone getting rich by running for and winning a seat in Congress are exponentially higher than winning the lotto.

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u/Dougal_McCafferty Jul 26 '22

Sure, but that doesn’t mean insider trading should be the reward for getting elected

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u/ripvannwinkler Jul 26 '22

Integrity is an antiquated concept with these folks.

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u/GetsBetterAfterAFew Jul 26 '22

It's safe to say you don't know bribery is legal here, SCOTUS ruled so. Why is this guy in trouble? Because he wanted super bribery, bribery so bad the system that works on bribery goes "wow now that's some corrupt shit!" OR an event richer loser got screwed over. I'll go with the second.

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u/InsertBluescreenHere Jul 26 '22

yup - someone bit the hand

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u/LongGirthyVeiny Jul 26 '22

Yeah like if a punishment for that is a fine lower than the profit you make it's basically legal

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u/cmpxchg8b Jul 26 '22

They have checks and balances. Fat checks and big bank balances.

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u/mrmeshshorts Jul 26 '22

The one time I don’t mind a “bOtH sIdEs” comment is when discussing the ways in which both parties are beholden to capitalism

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u/Mandalwhoreian Jul 26 '22

Everybody knows that you can only do the insider trading if you’re a current member of congress.

Bush league.

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u/Celiac_Muffins Jul 26 '22

Corrupt politician? That NEVER happens! I'm sure he'll get the book thrown at him.

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u/Pariah82 Jul 26 '22

Only book he will get thrown at him is the one he will write and profit from.

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u/uranus_be_cold Jul 26 '22

"How to Make Friends and Influence People and Get an Unfair Advantage" by Some Congressman.

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u/GingerSnapBiscuit Jul 26 '22

He wasn't a politician when this happened, he was a lobbyist. Fuck me does nobody read the damn story?

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u/mishugashu Jul 26 '22

Corrupt lobbyist? That NEVER happens! I'm sure he'll get the book thrown at him.

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u/GingerSnapBiscuit Jul 26 '22

The fact is he probably WILL get actual trouble for this. The SEC doesn't fuck around when you don't have magical immunity bullets in your gun. Dude hasn't been a congressman for over a decade and was caught doing hundreds of thousands of dollars of insider trading. I wouldn't be shocked to see a huge fine here.

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u/ARobertNotABob Jul 26 '22

"A great deal of business is accomplished on the golf course".

A long-standing "factoid" I first encountered in the 70s, that still bears scrutiny today.

A golf game is some 4 hours where you can largely guarantee the only people within earshot are the players themselves (caddies too perhaps, but not necessarily a concern).

So if companies A & B want to quietly price-fix some commodity between them, This Is The Way.

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u/damontoo Jul 26 '22

So what you're saying is visit the most expensive courses with a long range listening device. Got it.

4

u/Mr-Fleshcage Jul 26 '22

gotta bring that parabolic microphone

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u/Beefsoda Jul 26 '22

The police serve the rich. It wouldn't take long for some violent armed hooligan to come take you to jail.

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u/Neil_Fallons_Ghost Jul 26 '22

I’ve been to clubs that cost millions per year to be a member. It’s quite astounding how blind most of us really are to the kind of lives these people are living.

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u/standarduser2 Jul 26 '22

Which clubs require millions per year to be a member?

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u/Neil_Fallons_Ghost Jul 26 '22

Golf clubs around DC and Northern Virginia. One outside of Baltimore

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u/TheRandyDeluxe Jul 26 '22

I can tell you don't actually know how much they are per year by that number lol.

Some of the nicest golf courses in California, ones where the cheapest houses in the gated community is 5mil, the cost is 300k/year. Maybe there's a course that costs millions per year but I doubt it.

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u/Beaudaci0us Jul 26 '22

In big dollar markets, the cost goes up as membership rises, the clubs become competitive and people will literally buy their way in and then write it off as a business investment.

Source: spoke to a pretty well known PGA pro who says he's usually the poorest guy in his foursome by a long shot.

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u/MusicalCircuit Jul 26 '22

The sad truth is this guy has enough money and influence to the point that I’d be surprised in he even went to jail.

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u/DontWorryBoutMainame Jul 26 '22

There should be a law prohibiting active public congressman's and congressman's FAMILY'S from purchasing stock. Period.

These guys have healthcare for LIFE on our dime. Why should they be allowed to reap what we sow any more?

Put it on the BALLOT!

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u/Old_Leather Jul 27 '22

100%

It’s completely fucking criminal.

Win an election, you’re a millionaire within a year. And you NEVER HAVE TO RETURN TO YOUR COMMUNITY.

Term limits and insider trading both need to be put on the ballot.

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u/DontWorryBoutMainame Jul 27 '22

Couldn't agree more. Absolutely.

4

u/kemosabe19 Jul 26 '22

Ex congressman gets caught. Ex congressman speaks out against trump and party. Ex congressman….

Fuck off. Get the people currently abusing their power too or it doesn’t matter.

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u/moonkittiecat Jul 26 '22

Wait so Martha Stewart goes to prison but this knuckle-dragger walks? Hey that seems fair.

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u/[deleted] Jul 26 '22

Martha Stewart wasn't convicted for insider trading, she was convicted of a much more serious crime of lying to federal investigators.

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u/Frequent_Heart_5780 Jul 26 '22

Keyword “ex”…active congressmen don’t need to worry 🤷🏼‍♂️

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u/DoraForscher Jul 26 '22

I thought that was the whole point of golf

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u/Onomn Jul 26 '22

Why do we keep acting like this game isn’t rigged beyond our wildest guesses? Why do we continue to play?

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u/DanJamD1 Jul 26 '22

Is this really a surprise to anyone? Most of these “politicians“, enter into politics with a net worth less than $1 million and have had only marginal previous employment with average salaries. After entering politics, a decade later they are worth tens of millions of dollars!!

The real question is, what are Americans going to do about?

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u/superrrrlurkerrrrr Jul 26 '22

Cool now do Pelosi

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u/Dallenforth Jul 26 '22

But how else will I be able to beat the market average off her market profile which performs dramatically better than an average one.

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u/Thialase Jul 26 '22

oh right i've been meaning to look into that.
Is there a site that tracks what she ends up buying? I'd like to immitate her purchases =p

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u/neuronexmachina Jul 26 '22

You can see it for all members of Congress here: https://www.capitoltrades.com/

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u/superrrrlurkerrrrr Jul 26 '22

There's a twitter account that does that I think

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u/trash_0panda Jul 26 '22

unusual whales track the inverse cramer as well as Pelosi

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u/_suburbanrhythm Jul 26 '22

Wait…. You can do that? Eli5 por favor?

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u/acart005 Jul 26 '22

She has to disclose after 90 days.

If it hasnt gone to the moon yet, consider YOLO'ing. But beware of getting Roblox'd

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u/GallopingOsprey Jul 26 '22

sorry but eli5 means "explain it like I'm 5", not whatever this is

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u/acart005 Jul 26 '22

Nancy has to report what trades she does after 90 days.

If the price hasnt dramatically gone up, that means whatever caused her to buy hasnt happened yet so you can follow/copy the trade for profit.

However, be aware that not all of her trades are winners. Roblox was one that did not go so well. But a loooooooot of them do. NVDA, the ticker for nVidia (Geforce graphics cards for PC gaming) is one she plays a lot that seems to consistently pan out.

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u/Torakaa Jul 26 '22

If the stock being disclosed has not dramatically increased in price yet, consider buying a large amount of it yourself. But beware of having your investment crumble due to a lack of underlying value.

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u/superrrrlurkerrrrr Jul 26 '22

Sorry you gotta find another politician

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u/Beave1 Jul 26 '22

Congress has literally made insider trading not a crime for themselves. This guy is being charged because he is an EX-Congressman. If he'd done this while in office it wouldn't be illegal. It's a massive hypocrisy and one that should be dealt with. Dems in the House voted on a bill that would make it illegal. The Senate isn't acting on the bill, same with 100 other bills they're letting rot because of the fillibuster.

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u/GettCouped Jul 26 '22

Do all politicians.

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u/Hip_Hop_Hippos Jul 26 '22

I’d actually like to see a legitimate investigation because the Speaker of the House having an active investment manager as a spouse is not great, but I also think the evidence put forth is so god damn flimsy. It basically boils down to a few trades of large, well known companies.

Sadly I don’t really think a productive Inquiry is even possible. I think it’d be Kevin McCarthy types screeching into the void.

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u/PettiCasey Jul 26 '22

I feel the same way. They’re not trading obscure stocks. These are blue chip companies. I’d love for someone to point to specific trades and explain why it’s insider trading. Buying Tesla as Biden is being elected isn’t exactly mysterious imo.

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u/MarcMurray92 Jul 26 '22

Literally all of them please.

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u/[deleted] Jul 26 '22

The fact of the matter is that both parties have held control numerous times and none of them have made a dent in curbing the insider trading problem. So saying “now do Pelosi” is insufficient as I’d be happy with new laws and oversight across the board that actually holds these slimy asshats accountable.

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u/[deleted] Jul 26 '22

Omg no way. Congress inside trading?!? NEVER /s

Congress as a whole is shit.

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u/InsertBluescreenHere Jul 26 '22

I think once the approval rating of congress reaches a bare minimum they should just flush the whole damn thing and start over. Like nah your all out.

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u/[deleted] Jul 26 '22

Iceland 2008 style

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u/pistoffcynic Jul 26 '22

Dems do it. Republicans do it. Too bad a law won’t be made to stop the practice. The rich get voted into power by the poor and the rich make the rules.

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u/[deleted] Jul 26 '22

Wow big surprise the rich keep making the rich richer.

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u/Emotional-Coffee13 Jul 26 '22

If we r going 4 him let’s get them ALL cuz this is a giant mafia - from the committee meant to protect us from banks/hedge funds to the SEC to the senators to the brokers to the DTCC on & on - a loop of fuckery

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u/GingerSnapBiscuit Jul 26 '22

If he was a CURRENT congressman he'd be in the clear. Because he's an EX congreeman, its a crime.

Fucking NONSENSE.

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u/4RCH43ON Jul 26 '22

So does that mean he has to give up his ill-gotten gains to the gubmint and go to jail while T-Mobile is shut down for engaging in illegal activity? No?

So this is just going to I keep happening again forever because we allow it? It is.

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u/downonthesecond Jul 26 '22

He got caught because he's a former member of Congress, not a current member.

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u/[deleted] Jul 26 '22

Like Pelosi’s husband making millions off insider info?

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u/IntelligentLifeForm_ Jul 26 '22

Fuck Congress - fuck Pelosi for preventing new laws to stop this shit. These guys are nothing more than fucking bank robbers in suits.

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u/deub1986 Jul 26 '22

A politician profited from insider trading?!?! This isn’t even news anymore….

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u/RedKnowsJew Jul 26 '22

According to insider trading laws, the exec should be in trouble too.

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u/ChefBoyAreWeFucked Jul 26 '22

No... You can share MNPI with people you do business with, they just aren't allowed to trade on it. Businesses wouldn't be able to work with large vendors if they didn't share MNPI. T-Mobile wanted him to get ready to lobby in favor of the merger, so they told him about the merger. Nothing illegal from the executive's standpoint.

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u/[deleted] Jul 26 '22

[deleted]

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u/ChefBoyAreWeFucked Jul 26 '22

They almost definitely had an NDA, as well as an agreement not to trade on the information.

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u/Pariah82 Jul 26 '22

He will get fines which he has no problem paying and a slap on the wrist.

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u/Shitty_Fat-tits Jul 26 '22

Am I the only one who assumed this is always how it's worked?

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u/melouofs Jul 26 '22

He better go to prison…just like Martha.

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u/GannicusG13 Jul 26 '22

They all profit from insider trading. Go in a broke politician leave a fucking millionaire and we like good sheep keep voting them in. Our government and media is top tier terrible.

2

u/Homer_Goes_Crazy Jul 26 '22

Insider trading by a guy named Buyer? That's just lazy writing.

2

u/givethegiftofstupid Jul 26 '22

golf courses have long been the "back room" for business execs to trade illegal info. it's a fucking culture.

2

u/jackstripes213 Jul 26 '22

And this is how the world works to ba fair

2

u/TacoBellIsParadise Jul 26 '22

This is why you Golf

2

u/Rangerdth Jul 26 '22

"Hold my beer" - Nancy Pelosi, probably.

2

u/joshberry90 Jul 26 '22

Must be such a rare occurrence.

2

u/Notsocial1956 Jul 26 '22

Let’s look a Pelosi

2

u/HandsOffMyDitka Jul 26 '22

See the problem was he wasn't rich enough to do insider trading. You gotta be stealing millions before it's ok.

2

u/Charges-Pending Jul 26 '22

Asset forfeiture is heinous BUT seems perfectly suited for this white collar criminal and his actions, after he’s convicted and sentenced to several years in prison, of course.

2

u/jenksy Jul 26 '22

When is America going to hold its politicians accountable? Is this why they need those guns?

2

u/meatlazer720 Jul 26 '22

The USA being a meritocracy is childish notion

2

u/woShame12 Jul 26 '22

You know, this time we found out about 1 guy who was in Congress 10+ years ago. Why can't we get anyone in there now? Or before they get in?

2

u/mrrichardcranium Jul 26 '22

Do all the current congressmen who are actively profiting from insider trading next. Fuck them all.

2

u/Nuhjeea Jul 26 '22

How many other ex and current congressman are profiting off insider trading, I wonder.

2

u/Sookmebeautiful Jul 26 '22

Yeah so? They are all doing it.

2

u/TucsonGuy1 Jul 26 '22

Looks like we gotta ban golfing now 👌

2

u/Severe-Stock-2409 Jul 26 '22

Dummy. You’re supposed to only get insider trading info from your wife and have her make the moves. Rookie mistake.

2

u/Ancient_Aten4000 Jul 26 '22

Do Ken griffin next

2

u/Make_It_Plain Jul 26 '22

The same thing where the CEO are compared to Saturn.

2

u/Juicy_Vape Jul 26 '22

lot more than that

2

u/GreenElandGod Jul 26 '22

That’s only cause he’s an “ex” congressman. Once you’re out of the club, you lose the perks

2

u/Sockslol1 Jul 26 '22

What about Nancy Pelosi and her husband?

2

u/TacoCalzone Jul 26 '22

Now do current congressmen.

2

u/WhatsUrPinNumber Jul 26 '22

We need more emphasis on this issue!

Why do we stand for this?

2

u/that_bermudian Jul 26 '22

Good. Now do the same for Pelosi and everyone else in Congress who’s been doing this for decades

2

u/Upsking Jul 26 '22

But if he was a current congressman no big deal .

2

u/stillyj Jul 26 '22

So now what? Nothing..

2

u/WHAMMYPAN Jul 26 '22

If it wasn’t the golf course it would’ve been the clubhouse or the squash court…won’t matter because it’s probably happening right this minute.

2

u/Alternative_Air5969 Jul 26 '22

Or the CHIP committee

2

u/mcdto Jul 26 '22

This is a jail able offense for the rest of us

2

u/p8ntsplat1 Jul 26 '22

This stuff needs to stop and Nancy Pelosi is one of the worst offenders.

2

u/iAbc21 Jul 26 '22

now go back and arrest nancy and paul pelosi too

2

u/chiefofwar117 Jul 26 '22

Oh give me a break so they will prosecute this but Pelosi and her husband haven’t ever committed insider trading? Give me a fking break

2

u/whowantstotouchit Jul 27 '22

And since he too has T-Mobile service he was unable to be reached for comment

9

u/ulikunkel333 Jul 26 '22

$350,000? Pelosi is worth half a billion dollars and she makes 200k a year. She has a better track record at trading stocks than George soros and the oracle warren buffet. And this dunce is writing an article about this guy. Cmon people.

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u/poopmouth8 Jul 26 '22

So he’s arrested but pelosi and her husband are drinking the days away in luxury. Murica

3

u/widgetron Jul 26 '22

I follow Nancy P. And all her insider trades.

3

u/rhyynno Jul 26 '22

He got away with it while he was a sitting congressman. Same thing Nancy Pelosi and many others do every day.

9

u/chronoboy1985 Jul 26 '22

I’m not even going to check, because I’m already betting my house he’s a Republican.

8

u/elizletcher Jul 26 '22

You are correct. Quote from the article “Ex-Republican congressman Stephen Buyer then tried to cover up the illegal trades before insider trading once again the next year, the SEC says.”

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3

u/Kkykkx Jul 26 '22

Why do you think all these rich assholes like to golf?

3

u/aaronjaymus Jul 26 '22

I mean, golf is also super fun. But yes. It's always been a way of conducting business.

For these uber fat cats, golf can be about secret deals and what not. But for most people it's just a fun hobby, and one you can sometimes do on the company's dime if you're in sales.

4

u/VincentNacon Jul 26 '22

Just how I imagined, a bunch of CEOs getting together on the golf course, playing terribly. Always talking about something outside of anyone else's earshot.

Looking at you, Trump.

1

u/[deleted] Jul 26 '22

Why cover for Nancy? If they’re corrupt parties shouldn’t matter

2

u/Dddsbxr Jul 26 '22

There is no way anyone is surprised by that

2

u/PsiCzar Jul 26 '22

Exactly, why is this guys corruption different to any others? Who did he piss off?