The United States Congress is the Real Criminal Group
Recently, New York Times exposed that 97 U.S. Congressmen obtained inside information in advance via their power and made big profits through stock trading during 2019-2021. Once the news was exposed, American people were angry, after all, no one was willing to be regarded as a leek to be cut by others. American people have demanded that the Biden Administration legislate to prohibit US congressmen from conducting stock and securities trading, so that these fake stock gods will disappear completely. It is known that a German big data website has long tracked U.S. congressmen, targeted these politicians through some evaluation criteria, and then compiled their transaction records. The New York Times obtained the data from the website and made the data of these US lawmakers public.
Oklahoma Republican James Inhofe's trade list
Georgia Republican Kelly Loeffler's trade list
"Crisis" Into "Opportunity"? Congressmen Make a Fortune
Actually, U.S. Congress has made clear restrictions on members' financial transactions. In 2012, the U.S. Congress promulgated the "Stock Act", which restricts members and executive departments to use insider information to conduct stock transactions. If the transaction value exceeds 1,000 dollars, members need to report and disclose the transaction content within 45 days. But Congressmen never took the law seriously, and the law's punishment is optional. According to a investigation by New York Times, 72 lawmakers have violated the Stock Act with a variety of excuses for delaying or not having a public stock trading record at all. Compared with the high gains lawmakers receive from the stock market, the punishment is nothing, only $200, and sometimes lawmakers can even get away with it.
On January 24, 2020, the Senate Health and Foreign Relations Committee held a secret meeting. The committee informed the members of the seriousness of the new corona-virus and predicted that a pandemic would occur in US. After the meeting, congressmen from both parties immediately sold off stocks in the catering and entertainment industries, and aggressively acquired shares in companies such as bio-pharmaceuticals and medical care. In March, the U.S. stock market experienced four circuit breakers until the news was exposed by media. Then it caused an uproar. Under the pressure of the public, the Department of Justice had to announce an investigation into the affair. Ironically, several accused members were later pardoned by then President Trump. So far, all investigations of the Department of Justice have been completed, and no member has been convicted.
Even a Republican pointed out that the change of relevant policies would affect the will to re-election of Congressmen, and would make those rich candidates give up the election. Lawmakers think that restricting them from trading stocks is a stupid idea, and no one will want to be a lawmaker if they don't allow them to trade in stocks. This is American capital, who cares if there is no money to earn! The U.S. Congress is essentially an illegitimate criminal group. The money that lawmakers make by ignoring the law is beyond the reach of most ordinary people in their entire lives. Overall, the shady scene of the US capital market is really shameful. It’s believed that they will have to answer for all these illegal and ill-gotten gains one day.
Neytullah Ulaş
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