How is this legal
[deleted]
[deleted]
Senator dumped up to $1.6M of stock after reassuring public on Covid-19
21–30 of 44 posts
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#22Earlier quoted context omitted.
That's not the definition of insider trading.
Ok, I’ll bite. If that is not the definition of insider trading what is?
One additional element is that said information is obtained through privileged access (i.e. you acquire it in an official capacity and are expected to keep it confidential; if you overhear a random conversation, the information may not be available to the general public, but you can still trade on it).
Pretty sure Burr's access to the information would qualify under this definition.
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#23The time to buy is when blood is dripping down your screen.
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#24How is this legal
Simple, the law does not apply to republican leaders as long as they are loyal to Trump.
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#25Just because he reports factual information about the market, does not mean he has to believe those facts or even act upon them. Actors are allowed to be irrational.
Furthermore, even were he to believe in the long term market prospects, doesn’t mean that he has to continue taking the risk in the short term. It’s okay to diversify your portfolio in a time of crisis, even if you have no current knowledge that things will change for the worse. For all you know, things will change for the better and you would miss out on gains because one company you were not investing in did better than predicted.
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#26Earlier quoted context omitted.
I believe congress is exempt from insider trading laws. Edit: looks like I was wrong. Thanks for the links.
They were (exempt) but they passed a law to make it illegal though I believe they watered down. Previous to the law it wasn't illegal for them to do insider trading.
[deleted]
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#27[deleted]
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#28> Burr was one of just three senators who in 2012 opposed the bill that explicitly barred lawmakers and their staff from using nonpublic information for trades and required regular disclosure of those trades. In opposing the bill, Burr argued at the time that insider trading laws already applied to members of Congress. President Barack Obama signed the bill, known as the STOCK Act, that year.
What a piece of work.
Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#29Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19
#30Just because he reports factual information about the market, does not mean he has to believe those facts or even act upon them. Actors are allowed to be irrational. Furthermore, even were he to believe in the long term market prospects, doesn’t mean that he has to continue taking the risk in the short term. It’s okay to diversify your portfolio in a time of crisis, even if you have no current knowledge that things w…
As chair of the Senate Intelligence Committee, he had and has plenty of current knowledge. He reports actual facts to donors/supporters and counter-facts to the public. About what we all would expect from him.