Richard Painter says Trump's tweets about Amazon could violate federal securities law

[highplainsdem]

Link to tweet

Knowing or reckless false statements about a publicly traded company that impact its stock price can violate federal securities laws. Section 10(b), Rule 10b-5. SEC and plaintiffs' lawyers take note.
https://cnnmon.ie/2GMI4qb via @CNNMoney

Wikipedia article on that section of the law:

https://en.wikipedia.org/wiki/SEC_Rule_10b-5

[Laurian]

1. But who in the hell will hold him to account?

Nobody!

[elleng]

2. 'Both the SEC and private citizens can enforce the requirements of the rule through lawsuits.

In Blue Chip Stamps v. Manor Drug Stores, the Supreme Court held that only purchasers or sellers of securities may bring a private action for damages under Rule 10b-5, however any member of the public may provide information to the SEC regarding possible violations of the federal securities laws.[9][10]'

https://en.wikipedia.org/wiki/SEC_Rule_10b-5#Enforcement

[Glimmer of Hope]

3. Gosh another lawsuit!

[Clarity2]

4. Absolutely

If you recall, he was doing this from the beginning. I think boeing was one of his attacks, where their stock dropped after his tweets.

There is no one to rein him in though. The dictator does whatever he wants. And I believe he’s protected from any charges from anything he does in office.

[ProudLib72]

5. This law doesn't apply to tRump

Any repuke in congress could tell you that.

[Amaryllis]

6. Do any laws apply to him?

[ProudLib72]

7. Newton's first law of motion

A body at rest tends to get arrested.

[Amaryllis]

8. Good one. Also the law of karma - what goes around comes around, although sometimes far enough

apart that the culprits don't recognize cause and effect.

[ProudLib72]

9. If all the karma returned to tRump at once

that could threaten the existence of the entire universe! May his karmic return be dolled out over the rest of his life.

[Amaryllis]

11. You're right. All at once would totally blow us all out of the time-space continuum!

[Gothmog]

10. Painter is correct

Last edited Wed Apr 4, 2018, 10:08 AM - Edit history (1)