Why nobody is talking about 4 Senators (as of now) selling their stocks right before pandemic? Obviously, we were/are so busy with the Pandemic that we forgot so called high crimes of our Senators. Regarding these senators' huge stock sale, right before pandemic hit and stock market plummeted to the levels not seen before, I don't believe in "Luck" or "Coincidence".
To be fair, there is one percent chance that it was coincidence or it pre-programmed or planned. Even if there is some chance, given that these high ranking officials and congressmen/women/Senators have so much advanced information, that all there trades (or even plans) should be made public at least 24 hours before they go into execution. Essentially, publish their stock transaction plans in advance on public register/web-site so, their citizens have access as well.
This simple solution will ensure all transparency and enable us save expensive justice department inquiries into such matters. Not that I am hoping that anything will come out of these inquiries.. I Don't think that these people would be so stupid to leave any trace of their instructions. If they really left some traces, then they definitely don't deserve to be in Senate..
In one case, Senator gets briefing and magically Million+ worth stocks are sold out. Her husband happens to be NYSE head as well. Same senator is telling public about nothing to worry about Corona!! Too good to be true.. and when it is too good to be true, it isn't!!
I honestly, don't like this law of restricting trading on insider information.. Instead of restricting, we should allow trading.. as long as trading plan/activity is public. Ideally, at least 24 hours before they trade. or in case of significant market volatility, if someone feels compel to trade instantaneously, it should be made public within seconds, so that public can also act on it. We have seen so much of violations (and probably, million times more violations, we haven't seen) of this law, that it is essentially useless. People will figure out ways to circumvent laws. Instead of prohibiting, we should encourage everyone to trade based on whatever their resources are. Just publish their plans and actions instantaneously, so others can act if they want to..
To be fair, there is one percent chance that it was coincidence or it pre-programmed or planned. Even if there is some chance, given that these high ranking officials and congressmen/women/Senators have so much advanced information, that all there trades (or even plans) should be made public at least 24 hours before they go into execution. Essentially, publish their stock transaction plans in advance on public register/web-site so, their citizens have access as well.
This simple solution will ensure all transparency and enable us save expensive justice department inquiries into such matters. Not that I am hoping that anything will come out of these inquiries.. I Don't think that these people would be so stupid to leave any trace of their instructions. If they really left some traces, then they definitely don't deserve to be in Senate..
In one case, Senator gets briefing and magically Million+ worth stocks are sold out. Her husband happens to be NYSE head as well. Same senator is telling public about nothing to worry about Corona!! Too good to be true.. and when it is too good to be true, it isn't!!
I honestly, don't like this law of restricting trading on insider information.. Instead of restricting, we should allow trading.. as long as trading plan/activity is public. Ideally, at least 24 hours before they trade. or in case of significant market volatility, if someone feels compel to trade instantaneously, it should be made public within seconds, so that public can also act on it. We have seen so much of violations (and probably, million times more violations, we haven't seen) of this law, that it is essentially useless. People will figure out ways to circumvent laws. Instead of prohibiting, we should encourage everyone to trade based on whatever their resources are. Just publish their plans and actions instantaneously, so others can act if they want to..
No comments:
Post a Comment