Accessories for these Tik Tok’ers who make BANK by following the stock transactions of members of Congress
NPR – Young investors have a new strategy: monitor the financial information of sitting members of Congress for stock advice.
Among a certain community of individual investors on TikTok, the trading revelations of House Speaker Nancy Pelosi are a treasure trove. “Screams to Nancy Pelosi, the biggest whale in the stock market,” user “ceowatchlist” said. Another said: “I have come to the conclusion that Nancy Pelosi is a psychic”, adding that she is the “queen of investment”.
“She knew,” said Chris Josephs, analyzing a particular transaction in Pelosi’s financial information. “And you would have known if you had followed his portfolio.”
Last year, Josephs noticed that the deals, actually made by Pelosi’s investor husband and just disclosed by the speaker, were working fine.
Josephs is the co-founder of a company called Iris, which shows other people’s stock transactions. Over the past year and a half, he has taken advantage of a law called the Stock Act, which requires lawmakers to disclose stock transactions and those of their spouses within 45 days.
Now, on Josephs Social Investment Platform, you can receive a push notification whenever Pelosi stock trading information is released.
Josephs still sees transactions by federal lawmakers as “smart money” to follow and plans to follow a wide variety of politicians. “We don’t want this to be a left versus right thing. We don’t really care. We just want to make money,” he said.
Pelosi is hardly the only lawmaker making these share disclosures. So far this year, members of the Senate and House have filed more than 4,000 financial transaction disclosures – with at least $ 315 million in stocks and bonds bought or sold. That’s according to Tim Carambat, who in 2020 created and now maintains two public databases of legislators’ financial transactions – House Stock Watcher and Senate Stock Watcher. He says there are a significant number of followers for his work.
If you can’t beat them, join them. And make no mistake about it. We will never beat them.
So why not jump in on the action and follow these twisted assholes?
I love the courage of these tik tok’ers, not only to delve into the financial transactions of all our honest elected officials, but also to share the wealth with us, the peasants.
Real Robin Hood shit.
There are even rumors on Twitter of some fintech nerds setting up an ETF based solely on the King and Queen of Investments (No, not Warren Buffett and Geraldine Weiss). We are talking about Nancy and Paul Pelosi.
Now, of course, Nancy is no jerk. As any good criminal knows, you never put anything in your name. All her investments go through her husband Paul. And Paul is not lacking.
The man is to stocks, what Biff Tannen was to sports betting.
You don’t fall backwards into a home overlooking the Pacific Ocean in San Francisco’s most beautiful neighborhood.
Dumb schlubs like me have trampled our feet on the double standard and hypocrisy of politicians allowed to trade on the basis of information they are not only aware of, but ah you know, the fact that they can enact a legislation that can positively and negatively affect any and every market, industry and business they desire.
When the real smart were busy making money with their moves.
A spokesperson for Pelosi said she personally does not own any shares and the transactions are carried out by her husband. “The president has no prior knowledge or subsequent involvement in any transaction,” the spokesperson said.
At least one financial services consultant, Matthew Zwijacz, is considering putting in place a financial instrument that will automatically track congressional stock picks, because, in his view, lawmakers are “probably aware of more information than the General public”.
Gee, do you think Matt?
And we’re not just talking about a few lucky rides on blue chips like Microsoft (whose Pelosi own a fucking ton of btw)
They hit all the numbers on the craps table.
And not just to pile up little old Nancy here. It’s everyone. On both sides of the aisle. As usual.
But not everyone is corrupt (lol). There is a group of bipartisan senators who are trying to work things out.
A surge of interest in the wake of congressional financial disclosures occurred near the start of the COVID-19 pandemic, when a flurry of reports indicated lawmakers sold their shares just before the financial crash.
NPR reported how Senate Intelligence Committee Chairman Richard Burr privately warned a small group of well-connected voters in February 2020 of the dire effects of the coming pandemic. He sold up to $ 1.72 million of personal stock in a single day in the same month.
A bipartisan group of senators has also been suspected, including Senators Dianne Feinstein, James Inhofe and Kelly Loeffler. After investigations by federal law enforcement, none have been charged with insider trading – a very difficult charge to bring against a sitting lawmaker.
So you mean the SEC can hunt down Martha Stewart as Tommy Lee Jones in The fugitive and lock her up because she was charged with insider trading after she sold four thousand ImClone shares a day before that company’s stock price collapsed?
But we cannot make the financial transactions of our elected officials transparent?
And believe it or not, it hasn’t been an easy task.
Congressman Raja Krishnamoorthi, an Illinois Democrat, is part of a bipartisan group of House and Senate members who have introduced legislation prohibiting lawmakers from owning individual stocks. He encountered many opposition to this idea.
“From what I understand, one of the perks of being a member of Congress, especially from the late 1800s, was being able to exchange inside information. It was a perk of being in Congress. And it has to come to an end, ”Krishnamoorthi said.
Literally laughed aloud at that. You mean the people who make our laws don’t want to make a law prohibiting them from earning gross money on the basis of inside information? Certainly not.
And it looks like things might actually start to change. Don’t hold your breath as it will still require effective application, but at least it’s a start.
But like most things in life, if you missed the boat, you end up with your cock on the island.
Because as everyone knows, if you’re not the first, you are the last.
ps – if you really want to go down a burrow of corruption, google Pelosi and Feinstein’s husbands real estate transactions between Sacramento and San Diego via a prominent estate for a high speed rail system project.
pps – Dave explained in detail why politicians shouldn’t be allowed to trade on his show with Eddie this week. It’s great listening outside of the Steven Cheah part. Without wanting to offend Steven.