Ossof Introduces Stock Trading Ban

In addition, the legislation would likely mandate that lawmakers place their financial assets in blind trusts — an action that Ossoff took himself after being elected to the Senate in a January 2021 runoff election.

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pecksniff said:

How big a problem is this? Has anyone studied how Congresscritters' stock holdings affect their political decisions?

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ll74 said:

Does it matter?

Answer: no

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pecksniff said:

It matters, in determining whether this is an urgent concern or not.

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ll74 said:

https://www.businessinsider.com/jon-ossoff-stock-trade-ban-members-of-congress-pelosi-2022-1

Unfortunately, he can't get enough sponsors. Go figure.

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mayfly13 said:

What do "sponsors" entail?
Members of the public to sign a petition, or Politicians?

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ll74 said:

https://www.businessinsider.com/jon-ossoff-stock-trade-ban-members-of-congress-pelosi-2022-1

Unfortunately, he can't get enough sponsors. Go figure.

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LittleDixie said:

There you go complaining about government again.

#grievancePorn

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ll74 said:

This is true triggered. Fun times.

The question becomes, how many threads will she dig up to express her feels?

I don't have many, but how far back...hmm

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ll74 said:

https://www.businessinsider.com/jon-ossoff-stock-trade-ban-members-of-congress-pelosi-2022-1

Unfortunately, he can't get enough sponsors. Go figure.

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pecksniff said:

How big a problem is this? Has anyone studied how Congresscritters' stock holdings affect their political decisions?

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ll74 said:

It is. Any ability for congressmen to buy and sell stocks with self-regulatuon is foolish.

Don't give them a choice.

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GothTalk said:

Most Americans don't have a problem with people making money through investments.



It's not.



Why not, why is making money foolish?

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GothTalk said:

Most Americans don't have a problem with people making money through investments.

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pecksniff said:

Well, in this case it's like insider trading -- a Congresscritter might be in a position to cast a vote that would affect the value of a given stock. The market is oversensitive to the news -- even a rumor of such effect could drive the price of a stock up or down.

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GothTalk said:

No, it's not like insider trading.

Because everything they do is public.

They just know whats going on, but there is nothing sneaky, nefarious about usingpubliclyavailableinfo to make better investments. If you pay attention you can make the same investments. It's called fundamental analysis....aka paying attention to what the fuck is going on.

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Plunkitt became wealthy by practicing what he called "honest graft" in politics.[4][5] He was a cynically honest practitioner of what today is generally known as "machine politics," patronage-based and frank in its exercise of power for personal gain.[6]

In one of his speeches, quoted in Plunkitt of Tammany Hall, he describes the difference between dishonest and honest graft. For dishonest graft, one works solely for one's own interests. For honest graft, one pursues, at the same time, the interests of one's party, state, and person.[7][8]

He made most of his money through the purchase of land that he knew would be needed for public projects. He would buy such parcels and then resell them at an inflated price. This was honest graft. Dishonest graft, according to Plunkitt, would be buying land and then using influence to have a project built on it.[8][9]

Plunkitt defended his own actions, saying: "I could get nothin' at a bargain but a big piece of swamp, but I took it fast enough and held on to it. What turned out was just what I counted on. They couldn't make the park complete without Plunkitt's swamp, and they had to pay a good price for it. Anything dishonest in that?"[10][11]

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