The laws currently are way too strict and it’s hypocritical given that people like Pelosi can trade freely.
I am not saying it should be a total free for all but the fact that I can’t even buy a single stock that is not even in my industry vertical is fucking insane.
Maybe they can have a limit like only 10 trades in a year including buying and selling but no restrictions on the actual stock or that we can only be long only and not allowed to short stocks unless we’re just selling or you’re only allowed to make up to 100% of your salary on trading.
Correct me if I’m wrong but apparently this was the case up until the 80s or 90s where bankers could have a state in companies they’re covering.
I don’t see why I can’t buy into an IPO and make a few thousand given that this would greatly improve liquidity as well.
Before you attack me honestly what’s the fall out of this, bankers make a bit more money ?
It’s our industry
Love that you bring up Nancy Pelosi as the example of this, instead of the many other more obvious cases (which are more concentrated on the right, which I suppose explains it).
I also love that when you see something unjust and unethical, your first thought isn't "stop politicians from profiting on insider knowledge of government policy" but "let me do something unethical, too!"
It's a really great window into what kind of person you are. You know how people say that how you act when no one's looking is your true self? Well, here you are, and in this hypothetical you could have just as easily demanded an equal degree of probity from all parties, but instead you preferred to normalize your own unethical behavior. Typical conservative. Rights for me, rules for thee.
I am not a politician so don’t know what levers to pull to stop them from insider trading.
Before you say to quit my job and protest for months or years we both know that wouldn’t do anything.
I am however a banker and want to know why these laws even exist
Even the mere fact that you’re saying it’s unethical is insane if you break it down philosophically, I literally work in this industry and I’m licensed
It’s like saying a doctor can’t diagnose himself and take painkillers but MUST go through a primary care doctor for treatment or face a fine and jail time.
Hell I’m sure doctors can even perform procedures on themselves with little or no legal repercussions
There is no ethical justification for why I can’t buy stock in a company I’m working with if I get the information before hand
It’s literally not hurting anyone and if you are worried about mass selloffs there can be restrictions on that that will make anyone with insider information long only but can’t sell
The fact you think this is unethical is brainwashing, you can be led to the think anything is unethical
Its people like you that are now okay with weed since it’s been legalized when a few years ago your ilk was demonizing its users and sellers
Think for yourself not big brother
lmao bro just take the L and stfu
Seriously? If you're this uneducated and/or uninformed, why are you expressing an opinion in the first place? The answer is simple: all federal politicians must put their assets into a blind trust. Obviously that isn't a popular solution, since it's an intrinsic condemnation of Mr Trump in particular, but it's so easy that I can't believe you couldn't have thought of it
... What does this even mean?
And of course it would do something if you quit. It would remove an unethical future crook from the finance industry. It would improve the reputation of everyone else by plucking a bad apple from the barrel.
What laws? Insider trading laws? Have you never thought about this, or thought to read about the history of your industry? You must be a pretty poor banker if you don't know why insider trading exists.
No, that isn't what it's like. It's like saying a doctor can promote generic pills as branded pills, charge the higher price, and pocket the difference.
Philosophically, you should not be allowed to use your superior insider knowledge to profit off of others. Practically, you should want insider trading laws because anything which increases confidence in the system will also increase participation. And of course because you are a middleman - you'll be the victim, not the abuser of the system. Jesus, this is 101 level stuff.
Right, but they can't see someone pass out at the playground and then cut them open. Do you not understand the concept between an action which impacts on you, and an action which impacts others?
You mean aside from the fact that it means you'll make money at the expense of your clients? If you don't think that's an ethical justification, then you may not have any ethics.
It does hurt people. It hurts your clients. You buy stock, you drive up the price, your clients pay more. This is pretty damn easy stuff.
Or, in your case, you just think anything which puts a dollar in your pocket is ethical.
I mean, look at you, contorting yourself to justify why insider trading should be allowed in some cases but not others.
If you want to buy the stock of a certain company, quit your job and go do so. Obviously you won't do that, not least because without your access to privileged information, you won't know which companies to buy. That should tell you everything you need to know.
Except there isn't really a justification for why weed should be illegal. When it was illegal, I didn't buy it, because, well... it was illegal. Now that it is legal, I would buy it. Since it isn't legal at the federal level, I won't and don't carry it across state lines.
This is pretty easy stuff, and this is for something which truly is personal. Unlike your desire to effectively steal from the people you do business with.
Someone as thoughtless as you should not be trying to debate anyone, let alone people who clearly are better educated, better informed, and more honest and ethical than you
Damn, I wish I could have acted upon all my clients' MNPI and become a rich stinky bald bastard like OP...
You are a psycho, Pelosi is just the most famous example. There was no reason to bring up conservatives vs democrats.
OK, why is Mrs Pelosi "the most famous example"? You brought up the example, not I, and you did so even after watching Mr Trump FAR more blatantly manipulate government policy for his own enrichment (the $TRUMP ICO has to go down as the most egregious example of this in modern history). You happened to bring up the one example that conservatives love to trot out as an example of government corruption and insider trading, despite the fact that there is a perfectly good reason for why Mrs Pelosi is so wealthy - her husband operates a financial services firm.
Why not focus on people like Kelly Loeffler or James Inhofe or Dianne Feinstein, all of whom were briefed about COVID-19 in January 2020 and then turned around and sold stock on that knowledge which saved them hundreds of thousands of dollars? Don't accuse me of being a psycho when you're the one repeating completely unsubstantiated assertions and ignoring the very blatant and obvious examples of actual insider trading. And in this case, the conservatives are worse than the liberals because at least the liberals weren't running around calling COVID a hoax, all while bailing out of the markets in anticipation of a crash.
If you want to be treated like an adult and have your arguments respected, act like an adult and make respectable arguments. Why did you call out Mrs Pelosi specifically, despite her being a legislator who hasn't ever (to my knowledge) been credibly accused of insider trading? Why not just say "politicians shouldn't insider trade"? You made it a partisan issue when you used a partisan example - no shit I'm not gonna let you walk away from that like it was some random coincidence.
You are right. The lack of common decency nowadays is a big part of why society is degenerating. Just like how in europe spending a shitton on safety nets at the expense of defense was a mistake, so is a "fuck you, I'll get mine" culture in that it rewards people behaving greedily/unethically in the short term but fucks society in the long run.
there was a great video on youtube by johnny harris on how much insider trading is prevalent inside congress
imo all congressmen/senators should be banned from any kind of trading full stop. they can invest in etfs/mutual funds but no single stock transactions at all.
is this excessive? probably but ur choosing to stand for elections and if u think it’s too restrictive then just don’t
will this ever happen? no as the people who can stop this are the same people who benefit from it
Couldn't agree more. Mandate blind trusts, simple as that. With the current Administration there is no chance of that, as Mr Trump is by far the biggest example of someone who uses his position in government for his own profit and obviously his partisans will take a page from his book, but there is no reason that citizens who actually care about good governance and holding politicians responsible (instead of, you know, creating a stupid slogan like "drain the swamp" and then holding court over a highly unethical couple of Administrations) can't vote in people who will advocate for that kind of legislation in the future.
Right, it’s all on Trump. Because his Democratic counterparts are in no way incentivized to protect something which equally enriches them, and has to an egregious extent for decades. Unfortunately, human beings are incentive driven, and are far more likely, statistically speaking, to act out of self-interest, as opposed to some notion of the collective good, in most cases. To say that elected officials ideologically opposed to Trump are any different (or will be) is wishful thinking. Classic Game Theory - vis a vis the Prisoner’s Dilemma.
this is a troll right? Like pls tell me this post is a really really good satire. Cuz... i know IB is filled with mental indigents who pretend they are smart as they conflate their income with intellect. But if not, this post is denser than tungsten
You’re right we should reinstate all laws applying to bankers that applied in the 90s because it’s well known nothing went wrong in the following decade
I would rather that than the boring "efficient" markets we have today
Global financial collapse? Alright you do you
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