61–70 of 164 posts
Earlier quoted context omitted.
That's called "revenue policing" and the only people who like it are the people high status enough to not be subject to it.
> the only people who like it are the people high status enough to not be subject to it Everyone at the SEC is keenly aware that bagging a high-ranking financier is a ticket to higher office.
White collar crimes are barely punished - what a joke. Insider trading isn’t larceny, but for the sake of conversation let’s say it was - 1 million in insider trading would be like 4000 counts of grand larceny, each of which carry a max fine of 25K each. If people were actually fined 100 million for 1 million of insider trading I bet you it’d stop happening. For comparison $250 or more stolen is grand larceny and has…
Part of the challenge of fining someone is, to fine them in such a way that it is painful, and achievable. Fining someone 100million for 1 million in trading would be a punishment that no one would be able to pay back. Also, would just immediately invoke a chapter 13 bankruptcy, which I think, would discharge these. So basically you would just be issuing public bankruptcy with such extreme amounts.
> Insider trade a million, you’ve got a problem. You have to insider trade a billion so that you’re untouchable. This is probably the hourly volume of insider trading at many hedge funds like SAC.
For anything worth securing we have security engineered into it, like passwords, encryption what not. But for insider trading we are just supposed to assume that the players play right without any checks or balances? I don't think just the SEC is sufficient to prevent this.
Man, who are these people?
I wonder if there's any ML involved here.
> Bannon agreed to pay a civil penalty of $281,497, Rauch agreed to pay a civil penalty of $128,230, and Ramaiya agreed to pay a civil penalty of $65,780. Sood also consented to the entry of a final judgment and agreed to pay a civil penalty of $178,320. So the SEC claims they found $1.7M in insider trading, and they only collect $700K. This assumes the ring didn't do more. No wonder bigger players do this in size. W…
This is how the SEC spends its resources? This is considered newsworthy? $2M is considered material in 2021? If they'd been in charge of the WW2 military, instead of Omaha Beach, we'd have a press release about one random dead Nazi.
The guy is a class A dummkopf since he performed all this easily traceable nonsense for a miserable $3100. But it's still only $3100 hahaha. The only thing the press release is good for is for entertainment.
Earlier quoted context omitted.
That's called "revenue policing" and the only people who like it are the people high status enough to not be subject to it.
> the only people who like it are the people high status enough to not be subject to it Everyone at the SEC is keenly aware that bagging a high-ranking financier is a ticket to higher office.
> Bannon agreed to pay a civil penalty of $281,497, Rauch agreed to pay a civil penalty of $128,230, and Ramaiya agreed to pay a civil penalty of $65,780. Sood also consented to the entry of a final judgment and agreed to pay a civil penalty of $178,320. So the SEC claims they found $1.7M in insider trading, and they only collect $700K. This assumes the ring didn't do more. No wonder bigger players do this in size. W…
Thank goodness it didn't go the way I thought it did for a second there.