It's funny because CNN is running a series about Martha Stewart and I remember when it was super serious business about her doing insider trading now nobody gives a shit as Nancy Pelosi does it out in the open too lmao
It's legally not insider trading if a congress person does it
When they wrote the law banning insider trading they left a loophole for themselves, just like they did in prohibition
it was super serious business about her doing insider trading
I swear I've read about this story a dozen times and heard jokes about it a thousand times, but I'm still completely in the dark as to what she was actually trading with insider information.
Meanwhile, we've got a litany of sitting state and federal bureaucrats - from Ken Paxton to Richard Burr - who just have cases languish or drop after the initial inquiry breaks. I know way more about the specifics of their cases than I ever heard about Stewart.
It is specifically legal for members of Congress to do insider trading with information that they receive on the job, which is specifically illegal for everyone else in the country.
Yeehaw.
There are technically more rules around owning, trading, and publicly disclosing your trades as a Congressperson than as a lay citizen. And even then, I believe you can get into trouble for receiving insider information as a quid pro quo.
But all that is moot, because these people are utterly insulated from the prosecutorial process (unless they're Cori Bush or Ilhan Omar and they've pissed off a high ranking member of the state gestapo). The ranking committee people are never going to be prosecuted for the same reason guys like Dick Cheney and Larry Summers will never be prosecuted. They're made men.
iirc, Martha's case was about an acquaintance with inside info tipping her off regarding her holdings in one particular company; she sold off a ton of shares, and the literal next day the share price dropped off a cliff
I also bought up to 250k of stock in Tactile Systems, I'd be surprised if any of us didn't.
