I don't always agree with AOC... but she's right on this.

[WarGamer]

Congress critters and their staffs shouldn't be trading directly in the stock market...

https://www.cnbc.com/2021/12/09/should-lawmakers-own-individual-stock-some-members-of-congress-say-no.html

And more:

https://www.businessinsider.com/congress-staff-violated-stock-act-conflicts-of-interest-possible-2021-12

At least 182 high-ranking congressional staffers have violated a federal conflict-of-interest law with overdue disclosure of their personal stock trades

https://www.businessinsider.com/congress-members-are-trading-defense-stocks-while-shaping-military-policy-2021-12

At least 15 lawmakers who shape US defense policy have investments in military contractors

Link to tweet

?s=20

[onecaliberal]

1. 💯 They should be doing the peoples business not lining their own pockets.

[TheBlackAdder]

15. Insider trading is actually planned grand larceny as you steal from others while gaming the system.

.

What's even more insidious is that those in the Iron Triangle plot this theft from the corporations and their lobbyists that the corporations hire, the elected officials and at times the bureaucrats who review these proposed laws.

All know what is coming down the pike and position themselves accordingly. Assholes like Crammer will offer advice on stocks well after the money boys and politicians and their families are positioned. The plebs are then fleeced.


Wash, rinse & repeat

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[leftstreet]

2. She's right on this one n/t

[Rebl2]

10. Yep!

[Pobeka]

3. Hey, what's good for Mussolini & company is good for the USA, right?

[WaterSong1951]

4. Where I Work There Are Different Rules

I work for a private company that has access to information that someone could manipulate- Every quarter I have to swear I don’t use any information (although I am not privileged to have access to it) to use and buy stocks - I am a middle class person who doesn’t even know how to buy stocks individually- WTF is going on?

[ProfessorGAC]

9. Extremely Common

That's actually the law.
When I retired, I had about 22,000 shares of company stock at around $82 per share.
There were windows where one could legally sell shares from a 401a account, to redistribute into other 401k funds.
But, given my knowledge of, and access to trade secrets, several times I'd get an email from corporate legal telling me I couldn't take advantage of that option until the next quarter. By then, the business actions based upon that confidential info would be public knowledge.
This even included the shares I held individually, and not part of my 401a, which was only about 5% of total holdings.
In my case, it would have been more like borrowing against the retirement fund to buy stocks before they jumped up 15%, selling, paying back the loan, and pocketing the difference.
That would have been illegal, and I knew that. But, I got reminded of it at least 8 times.
The weird part of these congress members, is that they could do this without actually violating inside trading laws.
Too damned convenient, if you ask me.
Illegal for me to perhaps make $30k in a stock move, but not for them.
In the long run, making another 60-100 grand over 30 years is not a big deal. But, still, you & I are prohibited, but it's ok for elected federal officials. Most inappropriate.

[iemanja]

19. I consult with a financial adviser for my retirement savings

He counsels me on which stocks to buy. I don't pay per trade so there is no incentive for him to do anything but suggest stocks that will grow over time.

[Wounded Bear]

5. K & R...nt

[Arkansas Granny]

6. She's definitely right about this.

[walkingman]

7. 100% correct. AOC is not afraid to speak truth to power. We need more like her.

[PufPuf23]

8. AOC is correct and points out a fact that should be uncomfortable for many:

Politicians often not comply with financial and investment rules while in office.

Far too much money and resources are spent by the USA on the military (a major goal for each pol is to get a part of that bucket of funds to his district and political support). Better use could be made investing in people not military.

[IronLionZion]

11. Some of them got fabulously wealthy on insider knowledge of COVID

Good old pandemic profiteering.

[mountain grammy]

12. I pretty much always agree with AOC

But especially in this case. We need 100 AOC’s

[TheBlackAdder]

13. Old retail saying, "You only make money when you're working the register." (ie. skimming customers)

.

In government, you only make money working on committees and have access to MNPI (material non-public info).

You enter a pauper and in a few short years, you're a millionaire when your salary does not justify it.

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[Kire]

14. What has AOC ever done to be disagreeable?

Just wondering.

[cate94]

16. I was a municipal purchasing agent

Just going out to lunch with a vendor was a big deal. I couldn’t accept holiday gifts unless they were meant for the whole office. Talking bags of pistachios here, nothing valuable. It makes me sick that our congress can be bought without repercussions.

[Polybius]

17. I see where she's coming from, but can we legally ban them?

How would it be enforced?

[FuzzyRabbit]

18. But . . . but . . . but . .

how can a guy make jillions of dollars if he can't use insider information?

Have a little sympathy for the poor congressmen, why don't you.

[JudyM]

20. K&R. Not just stock ownership, but all conflicts of interests... in all branches of government.