Lawmakers have access to corporate information and foresight about stocks that the general public does not have access to.
It is well known that corporate lobbyists must share a great deal of insider information with congressmen and congresswomen in order for these legislators to draft legislation that will or will not benefit the business at issue.
It is for this reason that many, including other members of Congress like Alexandria Ocasio-Cortez, have argued that lawmakers should refrain from dealing in stocks.
AOC posted a statement on Instagram saying, “I choose not to hold any [stocks] so I can remain impartial about policymaking.”
This and other statements from high-profile Congresspeople came in response to a number of scandals involving lawmakers and other government officials who made suspicious trades during the ongoing COVID-19 situation.
One outstanding example of such a suspicious trade involves Senator Richard Burr (R-N.C.). The Securities and Exchange Commission is investigating Burr for fortuitous stock trades that he made early on in the pandemic. Burr has even confessed that not all his trades were based on public news reports but that some were made using information that was not available to the public. That, for the record, is the very definition of insider trading.
The suspicious trades and those clearly based on insider info were not exclusive to members of Congress. The Fed announced in October that it would prohibit officials from buying stocks and bonds after two Fed presidents resigned over allegations of insider trading.
In theory, members of Congress are forbidden from exchanging stocks and bonds based on non-public information by the Stop Trading on Congressional Knowledge, or the “STOCK Act.” However, during a recent press conference, Nancy Pelosi said that lawmakers should obey this law and refrain from insider trades. She said, “If people aren’t reporting these trades, they should be.”
It has long been the case that national-level politicians make enormous profits simply by being in the right position to open channels of opportunity to big financial hitters to make even more money. The average Congressperson makes $174,000 a year while House members make an annual average of $223,500. These are very large salaries, but they are not large enough to explain why many, if not most, members of Congress leave the position as multi-millionaires. If they were living very modestly, it might be possible. But we all know that they are not living modestly. Practically none of them are. They are all, almost without exception, living beyond their well-above-average means. So the question is, how common is insider trading. Further, how much selling of influence goes on in Congress?
According to Ballotpedia.com, in 2004 the average net worth of US Congress members was roughly $6.5 million. In 2011 that went up to $7.8 million.
Considering the massive collections of opulent homes these people tend to buy, the private jets, the expensive cars, the overpriced dinners, vacation homes, clothing, and expenses, there is no way a salary of $200,000 or less could ever amount to millions without some additional dealing under the table. It is not mathematically possible.
Of course, it must be said, there are a handful of Senators who maintain a modest net worth. Examples include the likes of Deb Fischer and Mark Pryor who respectively had net worths of $248,001 and $8,500 in 2012. Fischer likely had to scrimp and save to accumulate a number like that, and Pryor was probably spending a little bit immodestly. But he certainly was not engaging in insider trading to any significant degree, it Ballotpedia.com is reporting accurately. At least, he could not have been doing any successful insider trading and end up with a balance like that.
As of this year, Nanci Pelosi’s net worth has been figured at approximately $120 million. That’s roughly 17 times the 2011 average for top-ranking politicians.
All of this came to the public’s attention when the most recent Periodic Transaction Report on Pelosi’s trading habits was released. It shows that she bought millions in call options from companies like Micron, Alphabet, Roblox, Disney, and Salesforce.
A call option is an advanced stock trading move that allows the buyer to purchase underlying assets at a given price inside of a certain period.
It’s the kind of thing only seasoned traders would do or traders who can afford some very expensive professional advice.
Because, of course, elitist Nancy Pelosi would be involved in something like this.
Best solution is do away with their pension plan. Since they seem to make more money from inside trading that no average citizens can make. Why do they need a lifetime pension funds? That make or pass laws that benefit these companies that pay them under the table. Which should be illegal. They don’t need a retired plan. So why isn’t Securities Exchange checking on these politicians? Are they receiving a cut on this money?
Totally agreed on this!
Nancy will be the speaker of the house at least until she is at least 100 years old. It is reported that she keeps being voted into office again and again. But then who believes in the reported number of people who allegedly voted for Nancy? With off the charts voter fraud and cheating being the norm in our country, many people don’t even bother voting because they don’t believe that there is any truth in the voting process.
Sorry Wyatt but if you expect a corrupt government office to investigate a corrupt government official that is outside the realm of their world. Unfortunately for us this is what we get when elections have been rigged for decades. Does anyone really think that San Francisco has reelected Piglosi for all of these years without corruption? If so, Put your head back in the sand.
Yes, the Marxist Communist Democrat Party has corrupted our government in every way possible, and Judiciary, being tainted, does nothing. Sure, put Martha Stewart in prison for Insider Trading, but whatever you do, don’t try to put Pelosi and her hubby in the slammer for doing it on a regular basis.
Depraved, sickening, corrupt, and definitely Unamerican. They have destroyed the trust placed in them to be honest, above reproach, and at the very least..honest Officials of the government. They are..NOT.
The old dinosaur piglosi has been around so long she knows all the tricks of the trade. She will never be investigated or charged for any crime. Crime does pay!! Fjb
Hi There :I Think A Independent Judge Should Be Brought In Not A Appointed One Have Have Charges Brought Against Her. But Charges Can’t Be Revealed At This Time And Hold Her In Jail Until Can Make Up Some. Can’t Have Any Privileges To Attorney And With A Kangaroo Court Put Her In Prison
Yeah. Like they did to our 1/6 protesters.
This is why they are so desperate to get rid of Trump – he knows what’s going on!
I was always told insider trading is illegal. Isn’t that what Martha Stewart went to Prison for? Maybe it is just another law that doesn’t apply to democrats!!
The crimes that are being done on capitol hill, are what our founding fathers were trying to eliminate by making congressional positions voluntary. The House and Senate were not to be pension-paid career positions. We have a government right that is in violation of the federal employee code of ethics, signed when you took the position.
I can’t believe Nancy is getting away with insider trading. It is one of the most illegal things that a person can do .if any other normal citizen did this they would be behind bar. So how is it that just because she is in a government position she can do it and get away with it. She is nothing but a communist Marxist and has no business in our government. She needs to be charged and jailed period!!!!
Well 1. Graft. Money paid under the table to beurocrats to keep her from being investigated. 2. Middlemen to make sure she can’t be tied to anything illegal. 3. She probably has ‘dirt’ on half the people in D.C. which keeps her from being investigated.
I agree with you Craig in JESUS NAME. “GOD Will rule against the wicked and Destroy them with The BREATH of HIS MOUTH. GOD Will be clothed with FAIRNESS AND TRUTH.” (Isaiah 11. These WORDS OF ALMIGHTY GOD ARE Decreed and Released throughout The DncDemocrats, Pelosi-Husband And Everyone who’s connected-partnered involved. I Trust And DEPEND on ALMIGHTY GOD’S Justice Fairness Honesty Truth and Righteousness to Continue to Expose And Destroy ALL of these Dishonest, Wicked, Corrupt, lying Rebels. “IF GOD IS FOR US HE IS MORE THAN THE WORLD AGAINST US.” I Decree And Declare IN JESUS NAME
In 2022 find a way to charge the hag.