President Biden signed a bill that states if TikTok doesn't cut ties with its China-based parent company ByteDance over the next nine months to a year, it will be banned in the U.S.
That’s not true. It’s still illegal even though they get away with it. You’re thinking of bribery lobbying.
According to the STOCK Act of 2012, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock, prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
Just to clarify. Insider trading is illegal but it is not illegal for politicians in Congress to use the information they obtain from their jobs (such as through classified meetings) to engage in stock market trades.
It’s not a failure of the law. It’s a failure of the SEC for not enforcing it.
MYTH: Members of Congress are exempt from insider trading laws.
FACT: Both a Congressional Research Service Report and House Administration Committee memo indicates that Members of Congress are subject to the same insider trading rules as the general public.
That’s simply not true. They have no exemption to insider trading laws. It simply comes down to trade timing.
The way the law is written, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
That doesn’t change the law. It’s simply evidence that Congress lives above it. Seven Democrat Senators cosponsored a bill in September to ban the practice entirely. It died at introduction.
You have a philosophy around what laws are and what they mean that is incongruent with reality.
What is the word we use when people have believes that don’t match up with the previous or future state of things?
Laws on paper are only one aspect of what a law is. How those laws are interpreted and how they are enforced matter far, far more. Law is what is applied and enforced. If something is a ‘law’ but is not enforced, then its not really law.
And its fine that you have a different philosophy around what the law means. I just don’t find it particularly useful because it doesn’t predict the past, present, or future states of the world.
That’s not true. It’s still illegal even though they get away with it. You’re thinking of
briberylobbying.According to the STOCK Act of 2012, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock, prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
Just to clarify. Insider trading is illegal but it is not illegal for politicians in Congress to use the information they obtain from their jobs (such as through classified meetings) to engage in stock market trades.
It’s not a failure of the law. It’s a failure of the SEC for not enforcing it.
https://perry.house.gov/how-can-scott-help/myths-about-congress.htm#:~:text=FACT%3A Both a Congressional Research
That’s simply not true. They have no exemption to insider trading laws. It simply comes down to trade timing.
The way the law is written, they could be brought up on charges for a trade performed after gaining knowledge of a pending change in legislation that would affect the value of a stock prior to the legislation being publicly enacted. The SEC just hasn’t charged them.
What they do is not legal, they just live above the law.
If everyone doing it gets away with it, then is it actually illegal?
Yes. It is. They just need to be arrested and prosecuted. I agree that it should be taken more seriously, considering that it’s against the law.
No one has ever been prosecuted in the decade and change that it has been illegal, despite frequent violations.
That doesn’t change the law. It’s simply evidence that Congress lives above it. Seven Democrat Senators cosponsored a bill in September to ban the practice entirely. It died at introduction.
https://www.congress.gov/bill/118th-congress/senate-bill/2773/all-actions-without-amendments
Oh you sweet summer child.
Now you’re wrong, and condescending. Lol
You have a philosophy around what laws are and what they mean that is incongruent with reality.
What is the word we use when people have believes that don’t match up with the previous or future state of things?
Laws on paper are only one aspect of what a law is. How those laws are interpreted and how they are enforced matter far, far more. Law is what is applied and enforced. If something is a ‘law’ but is not enforced, then its not really law.
And its fine that you have a different philosophy around what the law means. I just don’t find it particularly useful because it doesn’t predict the past, present, or future states of the world.
In other words:
spoiler
People who don’t understand the problem typically have little success in fixing it. You should consider reading more.
Martha. Stewart.