There are many "stock gods" hidden on Capitol Hill! How did they "license to steal"?
2022-08-08: [Article Link] The U.S. Congress is hiding a lot of "gorgeouss"! How are they "licensed" for theft?
Original title: Ring depth: The U.S. Congress mountain is full of "girths"! How are they "licensed" for theft?
Reporter of the Global Times in the United States of America, Young-eon, Reporter of the Global Times, Wang Xiao Hung.
Not long ago, Paul Pelosi, the husband of the Speaker of the House of Representatives of the United States Congress, engaged in widespread concern and criticism over the aggressive purchase of chips in British Weida before Congress passed the Chip and Science Bill. Members of Parliament, represented by Pelosi, and their family members have long been suspected of using the policy information they possess in advance for insider trading, thereby reaping enormous benefits. Their stock turnover last year was 355 million.
Following exposure to the surprise purchase of British Weida shares, Paul Palosi, under great pressure from public opinion, sold his holdings, allegedly at a loss of $340,000. However, this money is nothing more than a dime for the Pelace couple, who are just one of the many “investment masters” in Hill Hill. "Unbelievably" luck.
For many years, Paul, who loves the technology unit, has been a “pulse” of the stock market, buying shares from different enterprises before the Government has put in place its own policies. According to the New York Post, since 2007, a Pelosi company has earned between $560,000 and $30,400,000 from five large technology companies, such as Facebook alone. The “public secret” of Washington's non-profit organization, which specializes in tracking campaign funding and lobbying data, revealed that Palosi's wealth has increased from $41 million in 2004 to nearly $115 million today. The Palosi family is just one of the “unimaginable” investors in Congressional Hill. Market Watch reports that not only are members of Congress and their spouses investing heavily in stocks, but their return on investment is significantly higher than average.
Members of the United States Congress and their relatives traded as much as $355 million last year, including $180 million in shares purchased and $175 million sold. Of this amount, some $201 million was traded in shares by Republican Members of Parliament and about $154 million by Democratic Members of Parliament. Last year there were 41 members of the United States Congress (MP) who bought and sold stocks in excess of $500,000, including Members of the Federal Congress of Texas, Republican McCall and Congressman of California, and Democratic Connor, known as the two major “stock traders” in Congressional Hill. McCall was blown up to buy about $31 million in 2021, selling about $35 million, while Connor bought about $34 million and sold about $19,000,000. The New York Post gives the example of the member of the New Jersey Federal Council and the Democrat Gothheimer, who describes the role of the member of Parliament in the stock market. Gottheimer, one of the most active “stock traders” in Congress Hill, made 134 deals in the first quarter of 2021 alone, and, like Pelosi, he preferred the technology stock. After many years of small stock trading, Gottheimer turned to more risky options last year, with a value of up to $1,000,000 per deal. According to public information gathered on the “unusual whale” website, which tracks politicians’ stock market investments, Gottheimer bought 645 million shares last year, selling 62180,000 shares. The crisis is a good opportunity to invest.
The New York Times cited a survey report that some Members of Parliament (Member of Parliament) profited from their knowledge of policy changes by buying shares before stock prices rose and selling stocks before they fell. According to various American media reports, many members of parliament have exploited the crisis as “rich” and the Russian-Ukraine military conflict, as well as Covid-19 Pandemic, have become important investment opportunities for them. On 19 March, the Beast Daily reported that more than a dozen members of the United States Congress (Member of Parliament) were engaged in intensive stock trading before and after the outbreak of the military conflict in Russia-Ukraine. Data show that, from 1 February to 19 March, some Members of Parliament (Members of Parliament) traded shares amounting to $7,700,000. In May, the U.S. business interior website stated that at least 20 members of Parliament had bought shares in Lussia and Lockheed Martin following the outbreak of the conflict in Russia-Ukraine. Thanks to US military assistance to Ukraine, the shares of these two companies have risen significantly. In addition, members of Parliament of Florida and Democrat Schulz bought an energy unit in late January. On 13 February 2020, about a month before the World Health Organization declared Covid-19 Pandemic a pandemic, the Republican Senator of North Carolina, Ber, sold shares worth $1.6 million, thereby avoiding the subsequent stock market collapse in a timely manner. In addition, at least 75 United States Congressmen bought and sold shares of pharmaceutical companies, including Johnson and Johnson, Pfizer and others, in the early days of the outbreak, after which the United States Government passed a trillion-dollar relief bill that boosted stock prices. "We'll eat from the mountain."
Members of the United States Congress are suspected of insider trading, which not only makes the public feel unfair, but also increases their fear that the related conflict of interest may affect United States policy. A recent review of nearly 9,000 Member of Parliament financial disclosure reports and interviews with hundreds of people on the business interior website revealed that many members of the United States Congress were in business. According to the above-mentioned website, more than 200 members of Congress (Member of Parliament) and senior members of Congress are suspected of violating the principle of conflict of interest. Of these, 15 members of Congress (Member of Parliament) responsible for developing United States defence policy actively invest in arms manufacturers, more than 10 members of the “environmentally conscious” Democratic Party (PPD) invest in fossil fuel companies, and 16 members of Parliament (Member of Parliament) who purchase and hold shares in tobacco companies, including some who openly oppose smoking. The commercial insider website, the Conflict Parliament, rated members of parliament as suspected conflicts of interest, among other things, and found that 13 members of the Senate of Parliament and the House of Representatives were rated as red “dangerous” and 113 members of Parliament were rated as yellow “critical” levels. Indeed, several United States agencies, including Congress, have violated the principle of conflict of interest. A survey carried out by the Wall Street Journal in 2021 found that, between 2010 and 2018, 131 federal judges and their families held or traded shares of companies involved in hundreds of cases. In addition, in January, Klarida resigned early from the position of Vice-President of the Federal Reserve on suspicion of insider trading. The day before US Federal Reserve President Powell announced the bailout, the purchase of a stock-based fund by Klarida was cited as a violation of the conflict-of-interest principle. The stock code is "toothless tiger."
Why is there no law to limit the popular outrage caused by the suspected involvement of members of the United States Congress in insider trading? In fact, in 2012, the United States passed the Stop Use of Congressional Information Transactions Act (the " Stock Act " ), which prohibits members of parliament from engaging in insider trading, yet the law is better than nothing and has no deterrent. Under the United States Stock Act, Congressmen (Member of Parliament), Congress executives and their staff are not allowed to use non-public information for stock trading. The above-mentioned persons are required to report, within 45 days, trading in stocks and other marketable securities with a value greater than $1,000 in order to prevent them from profiting from undisclosed information. However, the United States Stock Act does not prohibit members of Congress and their relatives from holding or trading shares, and even if members of Congress violate the relevant provisions of the Act, the penalties are very low. According to a recent survey by the United States business interior website, in 2020 and 2021 at least 55 members of Congress (Member of Parliament) and 182 senior congressional staff members were late in submitting stock exchange reports. Their pretexts, such as ignorance of the existence of the stock code, mistakes, and errors by accountants, are varied. Under the stock code, the delay in submitting the above-mentioned report is punishable by a fine of $200, but the United States Congress does not make public the penalties, so the enforcement of the law is unclear. Moreover, in the past 10 years very few people have been prosecuted for violations of the stock laws, although insider transactions are common but difficult to prove. The United States Stock Act, which was inherently a “toothless tiger”, was weak, and its oversight role was further weakened by the United States Congress'adoption in 2013 of an amendment to the Act using a fast-track procedure to remove provisions requiring members of Congress, among others, to place their stock transaction reports in a searchable database. Nobody believes in congressional self-regulation.
Members of the United States Congress (MP) are suspected of profiting from insider trading to provoke strong media and popular discontent. According to a survey, 76% of voters believe that MPs and their spouses have an unfair advantage in the stock market. Despite widespread public support for the ban on Members of Parliament (MPs), it is rare in the United States, where there is political polarization, that the vast majority of Members of Parliament (MPs) in the United States are miraculously united on this issue. According to the British Guardian, last December, when Palosi was asked whether she would support a ban on Members of Parliament and their spouses from firing shares, she replied: “We are free market economies and they should be able to participate in economic activities without support. “Why do you think members of Congress are born bad people or corrupt people? We already have a quota law that requires Members of Parliament to report stock transactions, so I strongly object to any similar legislation that prohibits Members of Parliament from buying and selling stocks. The above-mentioned statement by Pelosi triggered a public opinion storm, and she was forced to change her position and claim to support the bill prohibiting members of Parliament from firing shares. According to the American News Network Punchbowl News, many sources have revealed that the House Democrats may have introduced a bill in August this year that would prohibit Members of Congress (Member of Parliament) and their spouses and senior members of Congress from trading in stocks. The new bill will require interested persons, such as members of Parliament, to entrust their shares to a confidential trust (dealing control to an independent third party) or to sell them all, or to impose a substantial fine. According to the Guardian, the Republican Federal Senator Holly had introduced a similar bill, although his bill did not include a penalty clause. American media have reported that these bills may be voted in Congress in September, but there are still many obstacles to their adoption. United States President Biden has been silent on related issues, and time is running out. Members of Congress (MP) will leave Washington, D.C., in August, and will soon be preparing for the mid-term elections when Congress is adjourned, making it difficult to pass the bill in September. The New York Post interviewed a number of senior officials in Washington, D.C., regarding legislation prohibiting Members of Parliament from trading in stocks. Some say to the newspaper that the possibility of real self-regulation by Congress is so low that it is ridiculous, “Why do they do something against themselves? According to officials, the bill proposed by the two parties in the United States may be for the sake of browsing, not for serious reform. One cynic senator said, “This is a performance that will not bear fruit. This is not the first time that Congress has discussed restrictions on the trading of shares by members of parliament. Earlier this year, calls for a ban on the trading of shares by members of parliament increased, and lawmakers in both houses of Congress introduced bills, but eventually ended without a blow. In an interview with the Global Times journalist on 7 September, American experts on the issue stated that members of the United States Congress represented different interest groups, not only using power at their disposal to serve them, but also to represent them themselves, so that many members of the Congress had struggled to succeed in their term of office, and that it was conceivable that they would pass laws that limited their interests. It is worth noting that the majority of members of the United States Congress are millionaires. According to the American newspaper Today, in 2021, the NGO Responsive Politics Center estimated that the net assets of most members of Congress exceeded $1 million. Information from the Washington non-profit organization Open Secrets website in 2020 shows that the Federal Senator of Florida, Scott, is the richest Member of Parliament, with net assets close to $260 million. Perosi is ranked 10th among all members of Parliament and 19th in the Republican Senate.