I don't know how valid the article is, but speaking of securities fraud, I now read that DOGE is interested in the "Sudden Wealth" of so many congresscritters. I'd be interested in that as well.
Really if they were interested in helping out the systemic issues, the right would be supporting bills that remove the ability of congresscritters to trade individual stocks. This has been attempted over the years, a great example is S.3631 in 2022 or S.1171 in 2023. It would be amazing to get it codified rather then witch hunting that's going on now.
Restricting the rights of those with the power making the rules never works.
Its best to just accept a certain level of corruption so its at least out in the open. It is and always will happen, in fact its part of the very foundation of power structures and cannot ever be removed. All laws will do is increase the layers of deceit making it even more difficult to see why bad things are happening.
I always think it is weird that so many people that don't work in government have this odd belief that government work should basically be a vow of poverty. To pretend that people pursuing positions of power would accept universally that they should be poor is to deny human nature, which never works.
Or let them trade but with one or both of these restrictions:
1. Make them subject to the Section 16(b) of the Securities and Exchange Act rule against short swing trades by insiders.
2. Their trades must be pre-announced to the public. Allow others to piggyback on those trades. E.g/, if a member of Congress announces they are going to buy 50000 shares of a particular stock in 7 days, other investors can queue buys of that stock to occur at the same time conditioned on the Congress member actually making their pre-announced purchase.
This is certainly a good idea but I would not recommend entrusting fascists even when they have good ideas anymore than I would take a gift from a con artist.
ceejayoz|11 months ago
Of the top 10 wealthiest people in Congress, seven are Republicans. Let me know when DOGE decides to look into them. https://en.wikipedia.org/wiki/List_of_current_members_of_the...
#2 got some of his wealth from Medicare fraud, even. https://en.wikipedia.org/wiki/Rick_Scott
I suspect the main goal is to avoid a Democratic repeat of the "outright buy votes" approach Musk has taken.
noworld|11 months ago
unsnap_biceps|11 months ago
Really if they were interested in helping out the systemic issues, the right would be supporting bills that remove the ability of congresscritters to trade individual stocks. This has been attempted over the years, a great example is S.3631 in 2022 or S.1171 in 2023. It would be amazing to get it codified rather then witch hunting that's going on now.
citizenpaul|11 months ago
Its best to just accept a certain level of corruption so its at least out in the open. It is and always will happen, in fact its part of the very foundation of power structures and cannot ever be removed. All laws will do is increase the layers of deceit making it even more difficult to see why bad things are happening.
I always think it is weird that so many people that don't work in government have this odd belief that government work should basically be a vow of poverty. To pretend that people pursuing positions of power would accept universally that they should be poor is to deny human nature, which never works.
tzs|11 months ago
1. Make them subject to the Section 16(b) of the Securities and Exchange Act rule against short swing trades by insiders.
2. Their trades must be pre-announced to the public. Allow others to piggyback on those trades. E.g/, if a member of Congress announces they are going to buy 50000 shares of a particular stock in 7 days, other investors can queue buys of that stock to occur at the same time conditioned on the Congress member actually making their pre-announced purchase.
HPsquared|11 months ago
legitster|11 months ago