Why exactly are politicians and public servants allowed to own stock?
Like...how tf is that legal.
26-30, F
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Northwest · M
" politicians and public servants" is a extremely broad categories. They are allowed just like the rest of us, as long as there's no conflict of interest.
The SEC knows what conflict of interest means, and the same rules apply to them.
Certain elected officials are not allowed to "directly" manage their own portfolios.
Then there's Joe Manchin. He meets with the CEO of Mylan, and asks him for a job for his daughter Heather who was a fresh graduate of a non-technology program. 20 years later, she's the CEO of Mylan.
Along the way, her mother, Brooke Mahchin, who is an elected West Virginia Education official, lobbies schools to buy EpiPens (made by Mylan), and her daughter jacks up the price of a double pack by about 600%. That's how it's done.
The SEC knows what conflict of interest means, and the same rules apply to them.
Certain elected officials are not allowed to "directly" manage their own portfolios.
Then there's Joe Manchin. He meets with the CEO of Mylan, and asks him for a job for his daughter Heather who was a fresh graduate of a non-technology program. 20 years later, she's the CEO of Mylan.
Along the way, her mother, Brooke Mahchin, who is an elected West Virginia Education official, lobbies schools to buy EpiPens (made by Mylan), and her daughter jacks up the price of a double pack by about 600%. That's how it's done.
BlueMetalChick · 26-30, F
@Northwest Yeah, ok, so the terms I used here are pretty broad. This is true.
What you say about Manchin is also true. The EpiPen scandal is especially loathsome in my opinion because of how necessary they are. I'm allergic to bees. I have to carry a pen in my backpack during summer in case I get stung.
Another good example is Tom Price. During the period when Donald Trump was president-elect, he told Price that he was going to be chosen as the Secretary of Health and Human Services. So Price goes and buys a shitload of stock in a company that produces a medical device, then when he's properly established as HHS Secretary, he gives that same company an enormous government subsidy so his stock price goes up fifteen times.
What you say about Manchin is also true. The EpiPen scandal is especially loathsome in my opinion because of how necessary they are. I'm allergic to bees. I have to carry a pen in my backpack during summer in case I get stung.
Another good example is Tom Price. During the period when Donald Trump was president-elect, he told Price that he was going to be chosen as the Secretary of Health and Human Services. So Price goes and buys a shitload of stock in a company that produces a medical device, then when he's properly established as HHS Secretary, he gives that same company an enormous government subsidy so his stock price goes up fifteen times.
PicturesOfABetterTomorrow · 41-45, M
BlueMetalChick · 26-30, F
@PicturesOfABetterTomorrow Yeah, I know that this is true. I guess this was more of a rhetorical question of "It's astounding that we just go on and let this obviously corrupt thing be legal."
SinlessOnslaught · 26-30, M
bookerdana · M
NeuroticByNature · 41-45, F
I guess because theyre human beings.
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NeuroticByNature · 41-45, F
@BlueMetalChick if theyre voted into place aren't they considered a public servant?
NeuroticByNature · 41-45, F
@BlueMetalChick a DA is also a public official.
BlueMetalChick · 26-30, F
@NeuroticByNature Mmmmm that's not a bad argument. I guess if you go by the old school definition of public servant then that's true.
BiasForAction · M
Because they make their own rules silly
Fukfacewillie · 56-60, M
Postal carriers too?
Fukfacewillie · 56-60, M
@BlueMetalChick Oh, you said “public servants.” My bad.
BlueMetalChick · 26-30, F
@Fukfacewillie Oh you were thinking I meant like anyone in the public sector lol
That'd be kinda funny. You're like a maintenance worker for the subway train and that's considered too much of an insider for stocks lol
That'd be kinda funny. You're like a maintenance worker for the subway train and that's considered too much of an insider for stocks lol
Fukfacewillie · 56-60, M
@BlueMetalChick Exactly! There are already laws against insider trading, but the real answer is good ol’ corruption.