Robert ReichThe stock portfolios of more than two dozen members of Congress outperformed the market in 2024.
This isn't due to luck or skill.
Lawmakers can use privileged information to trade stocks while they’re supposed to be working for you.
Angus McIntyre@rbreich @pluralistic When I worked for a 9-person fintech startup, I was not allowed to buy or sell stocks without prior approval from the Compliance Officer, who received copies of my portfolio statements each month for verification. Because the firm's minuscule trading activity might conceivably ”move the market”, & I might conceivably hear something about our plans that I could use to my advantage.
Congresspeople & presidents are free to do whatever they want.
Szescstopni
Wade Roberts@angusm @rbreich @pluralistic I propose the separation of bank and state.
If you’re elected to public office, all interaction with economic agents and instruments must be conducted through an embarrassingly transparent firewall with real-time disclosure.
Bas@waderoberts @angusm @rbreich @pluralistic I was about to frame a question in a similar way. How could you ensure these politicians are not "secretly" buying stock or profiting through the use of shell companies or relatives or even through a dividend from their donors?
Alternately, could we introduce a mechanism that gives the public live updates and insights on all trade activity including success rates, etc?
Alternately, could we introduce a mechanism that gives the public live updates and insights on all trade activity including success rates, etc?
JWM (Joe No Se)@angusm @rbreich @pluralistic I’m similarly constrained, only because my spouse works at an investment bank…as an EA, with no access to material non-public info. I can’t buy individual stocks, and all of my trades are monitored. We can damn well expect that of Pelosi, Schumer, and their ilk.