Would love to see the same penalties applied to members of congress who used info from private briefings at the start of the coronavirus pandemic to make stock trades. :|
Source: https://housestockwatcher.com/summary_by_rep/Hon.%20Nancy%20...
Crowdstrike on September of 2020. I remember I went for it too, and it paid really well once the news the government had been hacked came out.
So this trade underperformed the market by 15%, which seems like it is a horrible trade. Am I missing something? Why did you say she made a killing?
Also, AFAIK there has been no update on whether those calls are still open or closed. They could have sold the covered calls already at a massive profit before the stock started to tank.
Having said that, I really think Congresspeople should be prohibited from trading in individual stocks entirely, and restricted to just investing in index funds, if for no other reason than the PR problem of congresspeople appearing to profit off of their position.
Good luck.
it’s 100% legit to say that any Congressperson who trades stocks unethically should be criticized. but when I saw a deft change of target like this, I was not at all surprised to find you defending Trump in your post history.
I’m partisan too, but let’s keep it above board.
There's plausible deniability for sure, it might've been coincidence, and I'm not denying that.
The pandemic seemed obvious in February; I know dozens (myself included) who bought masks and supplies long before the run on stores, long before even the USG was lying to people telling them not to wear masks (to preserve the supply). The briefings were around then. Were I a gambling man, I too would have shorted airlines then, and I wasn't in any of those private briefings.
The abuse is when they trade and then pass laws affecting the industries. A lot of kerfuffle has been around the covid briefings, but they didn't get anything an observant outsider couldn't see as well.
It has to be nonpublic information to be insider trading.
Indeed, there is a bell curve of "wait-and-see-what-the-others-do".
What nonpublic information about a publicly traded company do you think they received?
PS: email me
There was plenty of opportunity through January and February for "prescient" trading decisions. The main decisions in question are those executed by US legislators immediately following a national security briefing. I'm not saying it's illegal, it's not; but they're assholes for selling after the briefing and still deliberately telegraphing otherwise.
Which isn’t to defend or justify insider trading by Congress. There were intelligence analysis reports floating around Washington DC in 2019, so it was a known risk. But you didn’t need to be a beltway insider to see that possibility when insuring against that risk was very cheap.