Unusual Stock Trading by Whales in US Congress

Re:Unusual Stock Trading by Whales in US Congress by cameronh90 on Thursday April 15, 2021 @03:19PM (#26824974)

Also as a regular fintech worker, I have to get internal approval from my employer for anything I do. Why can government representatives trade willy nilly without any oversight?

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Re:Unusual Stock Trading by Whales in US Congress by BurningFrog on Thursday April 15, 2021 @03:27PM (#26825074)

If you wrote the rules for yourself, they would probably be more lenient :)

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Re:Unusual Stock Trading by Whales in US Congress by icedchai on Thursday April 15, 2021 @03:51PM (#26825352)

Do you actually "have to"? How would they know if you don't? Basically, is it an honor system?

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Re:Unusual Stock Trading by Whales in US Congress by FabHK on Thursday April 15, 2021 @04:01PM (#26825451)

When I was in that situation, I had to disclose all brokerage accounts to my employer, and authorise the brokers to send copies of the account statements to the employer's compliance department.

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Re:Unusual Stock Trading by Whales in US Congress by psychlops on Thursday April 15, 2021 @04:35PM (#26825790)

20 years ago it used to be the honor system. Now all the records are connected, many make it a requirement of employment to move all accounts into the firm.

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Re:Unusual Stock Trading by Whales in US Congress by dmurray on Thursday April 15, 2021 @05:50PM (#26826582)

Also, it's mandated by the SEC. There are obligations on you, your employer, and (if your broker is in the US) your broker to ask you, and to inform each other.

So it's kind of on the honour system - your broker probably won't ask you for payslips proving you don't work in the industry - but a lot of people are incentivized not to let it happen.

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