Throw out all those hoary old maxims about avoiding even the appearance of impropriety. From Tyler Durden at zerohedge.com:
Despite a populist grassroots movement seeking to ban Congress members from trading stocks, one which has attracted bipartisan political support, Democratic House Speaker Nancy Pelosi – arguably one of the most prolific Congressional traders – said two weeks ago that lawmakers should be allowed to make trades while serving.
“We’re a free market economy,” Pelosi told reporters during a news conference. “They should be able to participate in that.”
Pelosi’s statement came days after progressive New Yorker, Alexandria Ocasio-Cortez, reiterated her support for banning lawmakers from the practice. Ocasio-Cortez and other members of Congress argue that lawmakers have access to information the public is not privy to and the ability to write and pass policy, they should abstain from buying and selling individual stock and other assets. She and other lawmakers support members of Congress investing in index funds.
“I choose not to hold any so I can remain impartial about policy making,” Ocasio-Cortez wrote on Instagram.
Pelosi’s statement also came in the wake of a series of scandals involving federal lawmakers, Fed and government officials making suspect trades throughout the coronavirus pandemic.
Hillary Clinton showed the way. Remember her cattle future trades? They have evidently served as an inspiration for many congressional day traders, who like Hillary can’t seem to lose on their trades. From Joseph Mercola at childrenshealthdefense.org:
Speaker of the House Nancy Pelosi’s wealth has increased from $41 million to nearly $115 million since 2004.
At issue isn’t the fact that politicians are multimillionaires — rather, as noted on a recent Twitter thread by Pulitzer Prize winning journalist Glenn Greenwald, it’s how they made their millions.
In the last two years, nearly 75% of Pelosi’s stock trades have involved Big Tech stocks, totaling over $33 million in trading.
The trading has occurred as major legislation was proposed, controlled by the Committees Pelosi oversees, that could reshape the future of the industry.
Pelosi’s five most-traded stocks in the last two years — Apple, Microsoft, Facebook, Amazon and Google — were those that stood to be most affected by pending legislation.
The system is corrupt, with most politicians not fighting for the public but, rather, looking out for their own self-interest and wealth accumulation.
Politicians receive very comfortable salaries. Speaker of the House Nancy Pelosi, for instance, earns $223,500 a year, making her the third-highest-paid elected official in the U.S. Yet, since 2004, her wealth has increased from $41 million to nearly $115 million, according to OpenSecrets, which began tracking lawmakers’ personal finances that year.
She’s not alone in her wealth. Personal financial disclosures reveal that more than half of Congress members are millionaires, with a median net worth of just over $1 million. As is often the case, however, the top 10% of the lawmakers in terms of wealth are three times richer than the bottom 90%. Pelosi comes in as number 6 on a list of the wealthiest members of the 116th Congress.
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