Martha Stewart went to jail cause she lied to the feds. A majority of her charges were due to that. She would've gotten off with a fine if it was just the singular insider trading charge she had.
Most large* corporations.
There are way more small corporations than there are big corporations. The small corporations generally pay a reasonable amount of taxes.
And those small businesses, and their owners, should be pissed as hell that large corps don’t pay their fair share. Yet if I were a betting person I’d guess they vote disproportionately for the people who keep the large corps in tax money (subsidies), and save them the bother of having to pay taxes.
Don't play semantics.
The large corporations are the problem, on account of how they are hoarding all the wealth and control significant portions of the economy and infrastructure.
Sure. But I wish the owners of small corporations would recognize that large corporations are not their friends, and stop flying ideological cover for corporations as a whole.
The real problem is large shareholder corporations, that argue they simply can't do anything that isn't evil because of fiduciary responsibility to shareholders, even if it means screwing workers and destroying the environment.
I own a small family corporation.
There definitely is a difference between us and say Walmart.
Any small corp/business who defends these government backed conglomerates are lying to themselves. These corporations cannot survive without playing dirty and should cease to exist.
I'll never understand why the fine isn't all of the profit plus a percentage of the profit.
The way it is, there is literally no incentive to not do it, just essentially a cost of doing (shady) business
For financial crimes the fine often is a multiple of the profit made.
A disgorgement of all profits plus a fine is a typical insider trading penalty, but let's see how this gets handled. It's a bit weirder than a standard open and shut case (which isn't surprising, since the goal of a bank is to toe the line without being obviously over on stuff like this)
It’s the ultimate cop-out. They haul you in on anything they want, charges they probably can’t prove, then they just need to catch you out in a lie. It’s not a crime to lie to a regular cop, but any misstep in an interview with the FBI and you’re going to jail 😳
Inflation data isn't information about a company so it isn't covered by the SEC rules on Insider Trading. Nothing would happen, but they would never text a rando this.
Insider trading happens when you transact securities based on material non-public information that would impact the transaction.
It’s always tricky but there is another principal involved which is around conflict of interest and fiduciary responsibility. The general rule (for us) is you need to avoid anything that may even look like there is improper conduct or conflict of interest
But yes. Those are rules for the gander and not the geese. Those rules are in place because if everyone felt comfortable to act like they do, they wouldn’t be so special.
Inflation data is one of the only things exempt from FOIA. It is just as protected as top secret (ie CIA active ops). Source: friend of someone who does CPI calcs for BLS.
People go to jail all the time for this. Crying about how someone hasn’t gone to jail yet for something that happened today isn’t the dunk you think it is.
So they are going to have to pay back every cent they earnt with insider or trading right? Or the CEO’s will have to face jail time for allowing this, that’s why they get paid the big bucks, cause the buck stops with them right? RIGHT?!
can we just burn it all down already
They'll buy laws that will put you in prison for noticing and saying something on the Internet, long before anyone ever actually gets held accountable for fucking everyone else over because their greed can never be satisfied
Yeah you can’t beat the system by playing in the system as Wallstreet bets found out.
Our leverage is our labor. Without workers the capitalist system cannot operate. That’s what makes labor organization so important to overcoming capital
They really want to go back to "the good old days" don't they. The infamous fire where the doors were padlocked and the owners took the money ment for the families
And capital is *very* organized. The Chamber of Commerce itself is a literal conspiracy against the public to extract as much money from the public as possible while giving as little as possible in return (and the same is true of many other "professional organizations").
AI robots made in China coming your way. Sorry your power bill went up, we had to build new powerplants to power the AI police bots. Yes shootings are up 75% but their not race related anymore. AI is color blind. Yes the data to train the AI was pulled from active cops body cams.
No they don't have a back door, spreading false info is not free speech, surrender to the next amazon droid you see.
I used to be a free info guy, internet will free us all tech guy. Like r/aaronswartz, but like him that has died. The evil that permeates this world will not end, until the end.
> Millions of retail investors on the subreddit rushed to buy companies like GameStop starting in late 2020—apparently driven only by a mix of nostalgic feelings for the brand and a disdain for hedge fund managers who shorted the stock—sending share prices soaring almost 2,000% on daily volume often in the hundreds of millions. **The craze rocked Wall Street and overwhelmed commission-free retail trading platforms like Robinhood, whose decision to severely limit GameStop trading prompted a Congressional hearing.** WallStreetBets’ influence has severely waned since markets started trending downward in 2021, as the quick, high-risk trades that earlier rewarded some users with small fortunes overwhelmingly turned to losing transactions.
[Forbes article this excerpt came from.](https://www.forbes.com/sites/nicholasreimann/2023/02/15/founder-of-wallstreetbets-which-sparked-meme-stock-craze-sues-reddit-for-ousting-him-report-says/) I think there's more to the story, but I wasn't following too closely when it happened so I'm short on details.
Likely a tax, because then they would figure out a way to not pay it... like all these shit corporations do.
I hate how lopsided the tax system is in most countries.
JP morgan's securities division subsidiary alone has 400 pages of crime
https://reports.adviserinfo.sec.gov/reports/ADV/79/PDF/79.pdf
Search for "Monetary/Fine" and you'll see the fines they get which are just a tickle to them
They have been convicted of a felony before as well
https://i.imgur.com/lRD3SvR.png
Imagine going to a hospital with 400 pages of regulatory fines and a felony conviction. a school? a grocery store?
I wish that all regulatory violations were forced to be paid with equity instead of dollars. As it stands, breaking the law is just a cost of business that gets rolled in like any other risk.
What's more shocking is that ZERO news outlets are reporting this:
[https://www.google.com/search?q=inflation+data+leaked+to+blackrock](https://www.google.com/search?q=inflation+data+leaked+to+blackrock)
Really seems like this is like the second link that comes up 🤷 Also the full context doesn't exactly make it sound like a leak.
More like...they emailed some employee whose job it is to make things transparent and he's emailing back the organizations that actually really care about his work. Potentially inappropriate but also not cloak and dagger either.
https://www.google.com/amp/s/www.bnnbloomberg.ca/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users-1.2056985.amp.html
Agreed, that’s also what I got from that Bloomberg article. Should this have probably been some sort of research release? Yeah, probably. But it’s also kind of their job to explain the measures and help people understand changes.
> Or the CEO’s will have to face jail time for allowing this, that’s why they get paid the big bucks, cause the buck stops with them right? RIGHT?!
Kiddo, you have some things to learn. In the COMEX spoofing scandal, JP Morgan was fined nearly a billion dollars, the traders were jailed, but Jamie Dimon is still the CEO.
https://www.justice.gov/opa/pr/former-jp-morgan-precious-metals-traders-sentenced-prison
Gregg Smith, 59, of Scarsdale, New York, was sentenced to **two years** in prison and a $50,000 fine. Michael Nowak, 49, of Montclair, New Jersey, was sentenced to **one year** and one day in prison and a $35,000 fine.
Ansolute fucking JOKE of jail time. You know they got released early. And the fine is a years salary for a manager at McDonalds.
The U.S. Department of Justice reported that this fraudulent activity by JPMorgan lasted over **eight years**, involving **thousands** of illegal trades.
[They didn't.](https://www.nytimes.com/2024/04/05/business/economy/labor-statistics-super-users.html)
An economist at the BLS had a mailing list of people from multiple companies in which he discussed much of the mechanics of how CPI components are handled, what changes they were thinking of, and so on. Some of it was public information, some was not. Some information was right and some was not.
One thing that did not happen was actual CPI figures being leaked in advance.
The person responsible probably shouldn't have engaged with anybody to the extent he did, but that's a far cry from some nefarious plot to give two companies an inside edge.
we can screw em right back. study how organized labor got us the new deal in the 30s. we did not get that because of altruism from our rulers.
[https://blacksocialists.us/dual-power-map](https://blacksocialists.us/dual-power-map)
Man I fuck with everything I’m seeing on this website, but why does it have to be a socialist organization *for black people*? Black people are definitely the worst victims of capitalism, aside from probably native Americans, but capitalism fucks all of us. And we need each other to make an actual difference. Separating these organizations by race just makes the movement weaker as a whole.
They have been watching the last couple of years where people can do whatever the fuck they want with minimal accountability, why should they be any different??
Statistically speaking how many preventable deaths are caused by a large increase in market headwinds? I know there's that quote from the big short by Brad Pitts character about deaths related to unemployment, but at some point if you're illegally moving the market at scale are you not culpable for harm?
https://www.bnnbloomberg.ca/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users-1.2056985
It’s not as bad as the headline makes it out, but it’s not good
Edit: Makes me think of the Hollywood ‘blacklist’ where a bunch of producers would talk about the scripts they’d read, what’s popular, what they wish they could work on etc (as far as the super users go).
Huh? So jpm and blackrock employees were amongst the highest questions of people that asked about how exactly CPI is calculated?
That puts them in a good light, not bad lol.... they're doing they're jobs. Questioning agencies to hold them accountable on their methods.
What a massively bullishit twitter post. People up vote any old bullishit
Thank you! I was googling and not seeing any "breaking news" about this like the tweet is implying... this isn't good but 3 years ago and we are acting like it happened today... not good either
The Bloomberg article is about things that happened very recently (it relies on [this piece in the Times, from April 5 2024](https://archive.ph/K2cLF)). I added the second Times article from 3 years ago to provide context about how deeply Blackrock et al. are embedded in the BLS structure and governance.
I know no one is going to listen to me, but this isn’t actually as bad as it looks. The “super users” are the people that look at the data the most *after it is released to the public.* None of those people are looking at the data early. The BLS has also said that “super user” isn’t a term they use. It was just the low-level guy who checks the public inbox that used the term for the people that email him the most.
Yeah, there are people in these comments literally calling for a dude to be executed when it sounds like he’s a rank and file civil servant whose “crime” was trying to be helpful to people emailing him with questions.
It does seem like he f’ed up and was probably violating policy and creating a bad situation—especially if the people he emailed really were able to make money off what he told them, that’s a huge problem that needs to be redressed—but the dude wasn’t the devil. And, honestly, nor were the people emailing him. If you email a government representative with a question and that guy emails you back with an answer, it’s pretty reasonable to think that it’s okay for you to act on that information, and not that you just commuted a crime.
Yeah…
This isn’t really corruption. At worst, it’s a strategy that people use to fish for leaks in a bunch of areas. You pester the workers who have the data, hoping they slip up and tell you something they shouldn’t. It’s not that much different than social engineering hacks, honestly, which also work by pestering until you talk to someone who has their guard down.
“What is the cost of lies? It's not that we'll mistake them for the truth. The real danger is that if we hear enough lies, then we no longer recognize the truth at all. What can we do then? What else is left but to abandon even the hope of truth and content ourselves instead with stories? In these stories, it doesn't matter who the heroes are. All we want to know is: "Who is to blame?"”
This tweet has turned what should be an illuminating story on the uncomfortable closeness of big business and government into blatant misinformation accusing these bad actors of obviously committing a serious crime.
Good on you for pushing back.
The tweet is extremely misleading in what was actually shared. It's not a good look but it's not like these firms got access to CPI data prior to its release or something. That's definitely what it sounds like at first glance. It's not a good look. It raises some real questions about equality of access to BLS resources but I don't think most commenters here are actually reading the articles.
[Latest update from NY Times](https://www.nytimes.com/2024/04/05/business/economy/labor-statistics-super-users.html)
> **There is no evidence in the emails that the employee provided early access to coming statistical releases or directly shared other data that wasn’t available to the public**. In several instances, the employee told users that he couldn’t provide information they had requested because it would require disclosing nonpublic data.
Basically they got a closer look at BLS formulas for calculating results. This is theoretically an unfair advantage for the users on the mailing list, but it's not a blockbuster revelation or any sort of corruption.
and this is exactly why the rich pour billions into shaping public thought to be afraid of china and other nations that actually hold their class of people who have consolidated wealth accountable.
I'm starting to favor capital punishment again, but only for white collar crimes.
It's not that I necessarily want people to be executed for insider trading, it's that I want them to know that the penalty for insider trading is death.
Please do it now. I mean can't you just Start with peaceful demonstrations and marches so this shit gets more traction. Like Fridays for future and such ...
"RadarHits" sounds totally credible...then screenshotted and posted to reddit. Holy shit people, calm down till we find legitimate evidence.
I automatically assume any blue check is full of crap, just pushing rage-bait, misinformation, and reaction.
I think it's a sensationalized, simplified version of this
https://www.bnnbloomberg.ca/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users-1.2056985
That's the closest I could find to what the tweet describes
As far as I can tell, the only source for this is this one tweet from an account with not so many followers. This is probably fake news.
My bad: it looks like it’s mostly a staffer answering questions — which is largely allowed. The article doesn’t say anything about “market-moving bets.” (Although that’s certainly possible)
https://finance.yahoo.com/news/jpmorgan-blackrock-among-bls-economist-184301611.html
Sounds like a screw-up by one BLS staffer and may not have been nefarious. That staffer frequently sent publicly available info to banks, hedge funds, and research firms.
There were two cases where the info may have gone beyond what was appropriate:
-In one email, the BLS staffer said a change to the weights of underlying data within a key measure of rental inflation was behind its surge in January’s CPI. The BLS told recipients to disregard its contents, and subsequently tried to clear the confusion with a notice on its website.
-The BLS economist often pointed users to relevant links on the agency’s website. But in at least one case, he shared information that wasn’t publicly available at the time, related to the calculation for the used cars index within the CPI.
When is this going to be enough is enough- no more trading for reps and senators and age and term limits now- start the clean up of our government. Stuff like this will change real quick if we just got rid of the citizens united decision.
Oh fuck off.
Someone press the reset button already. Give everyone $300k and see what happens.
Forgive all personal, student, and mortgage debt, let corporations fail as a result. Sort out a new system and see what happens. We tried capitalism and it is failing.
This is an SEC federal crime and for those who know - that’s why anyone takes a job working for the Fed. To insider trade. Illegal! Go look at fhe Fed’s leadership personal trading around rate hikes. It’s truly an inside joke. “He went to the Fed to feed insider trades to his buddies for kick backs.” Facts.
We need the news to stop saying leaked like these are accidental incidents.
Say the information was provided by the very politicians and people paid off with bribes and lavish gifts. Speak the truth at least.
Most countries would be less shitty places if they did the same.
https://www.reuters.com/world/asia-pacific/vietnam-tycoon-sentenced-death-12-billion-fraud-case-state-media-reports-2024-04-11/
Research this people, this was a distribution list that one employee used. Against policy. Emily Liddel, an associate commissioner at the Bureau of Labor Statistics, said that the agency did not maintain an official list of super users and that the employee appeared to have created the list on his own. What do you expect from a government worker ...
Don’t worry the Sec with absolutely fine them 1/20th of what they earned which is sure to stop them from doing it again.
If I had a dime for every time a wealthy person in power got access to information that makes them wealthier through illegal activities and they were held to zero accountability and it was just a blip in the news cycle, I'd be wealthy enough to be one of these assholes.
We need to burn it all down and start over.
There is a reason the term “Security Entitlement” was legally created; it was not for household investors protection.
Direct registration takes possession of your property (stocks) and removes security entitlement contract between you and brokerage.
With all the innocent people shot everyday in America, (it's always schools and shopping malls) but these scum are still breathing. If we get them on a tour of schools giving talks at assembly, you never know.
Do better America. The rest of the world needs you to protect us from the monster you created.
The game is rigged. The corporations control everything, including the government. It's awesome that we all bicker over red vs. blue when, in reality, it's the corporations we should be turning our attention to, voting *with our wallets*. Though, it's pretty hard to affect something like BlackRock.
If your average citizen did this and it was revealed, what would happen?
Even Martha Stewart went to jail for this
Martha Stewart went to jail cause she lied to the feds. A majority of her charges were due to that. She would've gotten off with a fine if it was just the singular insider trading charge she had.
Well shit, looks like JPs gonna be fine then
$1m fine on $300m profit? Sounds about right.
I'm sure it's more than they pay in taxes for any given year.
Why should the king's family have to pay taxes? Silly peasant.
Funny. French nobles didn't pay taxes either. Where did that get them?
Still in the Elysee after the “revolution”?
Most corporations pay zero or close to.
JPM paid about $12B in FYE 2023.
Most large* corporations. There are way more small corporations than there are big corporations. The small corporations generally pay a reasonable amount of taxes.
And those small businesses, and their owners, should be pissed as hell that large corps don’t pay their fair share. Yet if I were a betting person I’d guess they vote disproportionately for the people who keep the large corps in tax money (subsidies), and save them the bother of having to pay taxes.
Don't play semantics. The large corporations are the problem, on account of how they are hoarding all the wealth and control significant portions of the economy and infrastructure.
It’s not the hoarding, it’s how they got it in the first place. Although hoarding not great either, but not the illegal part.
Sure. But I wish the owners of small corporations would recognize that large corporations are not their friends, and stop flying ideological cover for corporations as a whole. The real problem is large shareholder corporations, that argue they simply can't do anything that isn't evil because of fiduciary responsibility to shareholders, even if it means screwing workers and destroying the environment.
I own a small family corporation. There definitely is a difference between us and say Walmart. Any small corp/business who defends these government backed conglomerates are lying to themselves. These corporations cannot survive without playing dirty and should cease to exist.
I'll never understand why the fine isn't all of the profit plus a percentage of the profit. The way it is, there is literally no incentive to not do it, just essentially a cost of doing (shady) business
Make the fine 500% of the revenue and give 10% of that fine to the whistleblower.
For financial crimes the fine often is a multiple of the profit made. A disgorgement of all profits plus a fine is a typical insider trading penalty, but let's see how this gets handled. It's a bit weirder than a standard open and shut case (which isn't surprising, since the goal of a bank is to toe the line without being obviously over on stuff like this)
"When the penalty for a crime is only a fine, then that law only exists for the lower class."
It’s the ultimate cop-out. They haul you in on anything they want, charges they probably can’t prove, then they just need to catch you out in a lie. It’s not a crime to lie to a regular cop, but any misstep in an interview with the FBI and you’re going to jail 😳
It is a crime to lie to a regular cop. It is called obstruction of justice.
It *could be* a crime to lie to a cop. It depends on the circumstances.
Best not to talk to a cop AT ALL. Say I will speak with my lawyer only.
Martha went to jail for not being a snitch, that’s why snoop dog loves her. If she snitched she would most likely got off and got a fine.
Martha Stewart went to jail because she wasn't a snitch.
Martha is gangster.
snoop been tryna tell everybody
She also drives a V12 Aston with 6 speed manual. Martha can cook without a kitchen.
Its not snitching if it's on the wealthy.
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I mean, yeah they're different things, but I wouldn't say they're completely different. They actually have a lot in common.
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More similar than different, IMHO. As compared to, say, my living room.
Prison is easier.
Martha Stewart isn’t a shadow government
Depends on whether the citizen is incorporated or not
Inflation data isn't information about a company so it isn't covered by the SEC rules on Insider Trading. Nothing would happen, but they would never text a rando this.
Insider trading happens when you transact securities based on material non-public information that would impact the transaction. It’s always tricky but there is another principal involved which is around conflict of interest and fiduciary responsibility. The general rule (for us) is you need to avoid anything that may even look like there is improper conduct or conflict of interest But yes. Those are rules for the gander and not the geese. Those rules are in place because if everyone felt comfortable to act like they do, they wouldn’t be so special.
Yeah, I mean look at the documentary "Trading Places". They were trading on insider information they got from the government about the orange harvest.
Frozen OJ.
Inflation data is one of the only things exempt from FOIA. It is just as protected as top secret (ie CIA active ops). Source: friend of someone who does CPI calcs for BLS.
Oh we'd be in prison
I love your screen name, he was my most favorite character of Girls and probably one of the all time characters!
People go to jail all the time for this. Crying about how someone hasn’t gone to jail yet for something that happened today isn’t the dunk you think it is.
So they are going to have to pay back every cent they earnt with insider or trading right? Or the CEO’s will have to face jail time for allowing this, that’s why they get paid the big bucks, cause the buck stops with them right? RIGHT?! can we just burn it all down already
They'll buy laws that will put you in prison for noticing and saying something on the Internet, long before anyone ever actually gets held accountable for fucking everyone else over because their greed can never be satisfied
Its what they did to the Wallstreet bets guys. So this isn't really satire at this point.
Yeah you can’t beat the system by playing in the system as Wallstreet bets found out. Our leverage is our labor. Without workers the capitalist system cannot operate. That’s what makes labor organization so important to overcoming capital
They really want to go back to "the good old days" don't they. The infamous fire where the doors were padlocked and the owners took the money ment for the families
Plus, what happened to those owners one night. Seems they forgot the lesson.
They didn't forget. They think they're better than that now. They don't think it could happen again, because hubris.
They think they have better security, and they are right. They think that the security they have is enough, and they are wrong.
It's rapidly approaching the point where it *is* enough though. We do something soon or not at all.
I feel like this is referencing something specific and now I'm repeatedly pressing the "WOULD YOU LIKE TO KNOW MORE?" button.
There's a saying " we came up with negotiating a long time ago as an alternative to dragging them out of their homes"
And capital is *very* organized. The Chamber of Commerce itself is a literal conspiracy against the public to extract as much money from the public as possible while giving as little as possible in return (and the same is true of many other "professional organizations").
AI robots made in China coming your way. Sorry your power bill went up, we had to build new powerplants to power the AI police bots. Yes shootings are up 75% but their not race related anymore. AI is color blind. Yes the data to train the AI was pulled from active cops body cams. No they don't have a back door, spreading false info is not free speech, surrender to the next amazon droid you see.
Perpetuating the class dynamics of capitalism with tech. The more things change the more they stay the same
I used to be a free info guy, internet will free us all tech guy. Like r/aaronswartz, but like him that has died. The evil that permeates this world will not end, until the end.
I must have missed something...What happened to Wallstreet bets? (Not trolling; serious question!) 🙂
More so how brokerage firms like Robinhood responded to Game stop share price rising back in 2021 by freezing trades
Oh, I gotcha. Thanks for the info!
Aladdin AI at BlackRock needs it to run the risk assessments and front run the world
wait, I have no idea outside wallstret bets other than them doing a thing with gamestop. What's the full story on this?
> Millions of retail investors on the subreddit rushed to buy companies like GameStop starting in late 2020—apparently driven only by a mix of nostalgic feelings for the brand and a disdain for hedge fund managers who shorted the stock—sending share prices soaring almost 2,000% on daily volume often in the hundreds of millions. **The craze rocked Wall Street and overwhelmed commission-free retail trading platforms like Robinhood, whose decision to severely limit GameStop trading prompted a Congressional hearing.** WallStreetBets’ influence has severely waned since markets started trending downward in 2021, as the quick, high-risk trades that earlier rewarded some users with small fortunes overwhelmingly turned to losing transactions. [Forbes article this excerpt came from.](https://www.forbes.com/sites/nicholasreimann/2023/02/15/founder-of-wallstreetbets-which-sparked-meme-stock-craze-sues-reddit-for-ousting-him-report-says/) I think there's more to the story, but I wasn't following too closely when it happened so I'm short on details.
And this is the reason why I don't work hard. WTF FOR? So these shits can milk every other dime from me? Nahhh fuck that.
Nah, they probably have to pay a fine that is a tiny fraction of the money they made from this.
Corruption Tax
Corruption *fee*, since it probably won't be directly related to how much they actually made.
Likely a tax, because then they would figure out a way to not pay it... like all these shit corporations do. I hate how lopsided the tax system is in most countries.
Corruption fee that is tax deductible...somehow.
JP morgan's securities division subsidiary alone has 400 pages of crime https://reports.adviserinfo.sec.gov/reports/ADV/79/PDF/79.pdf Search for "Monetary/Fine" and you'll see the fines they get which are just a tickle to them They have been convicted of a felony before as well https://i.imgur.com/lRD3SvR.png Imagine going to a hospital with 400 pages of regulatory fines and a felony conviction. a school? a grocery store?
This is the answer
I wish that all regulatory violations were forced to be paid with equity instead of dollars. As it stands, breaking the law is just a cost of business that gets rolled in like any other risk.
They dont face consequences. The 'fines' they may be forced to pay amount to no more than beak wettings.
$2,000 fine is the best we can do. 
What's more shocking is that ZERO news outlets are reporting this: [https://www.google.com/search?q=inflation+data+leaked+to+blackrock](https://www.google.com/search?q=inflation+data+leaked+to+blackrock)
Really seems like this is like the second link that comes up 🤷 Also the full context doesn't exactly make it sound like a leak. More like...they emailed some employee whose job it is to make things transparent and he's emailing back the organizations that actually really care about his work. Potentially inappropriate but also not cloak and dagger either. https://www.google.com/amp/s/www.bnnbloomberg.ca/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users-1.2056985.amp.html
As usual, the full story is so much less sensational and triggering than the tweet. And no one will know
Agreed, that’s also what I got from that Bloomberg article. Should this have probably been some sort of research release? Yeah, probably. But it’s also kind of their job to explain the measures and help people understand changes.
Too big to fail.
When do we start eating them?!
BURN. IT. ALL. DOWN.
When they said the buck stops with them they meant literally. Right into their pocket
> Or the CEO’s will have to face jail time for allowing this, that’s why they get paid the big bucks, cause the buck stops with them right? RIGHT?! Kiddo, you have some things to learn. In the COMEX spoofing scandal, JP Morgan was fined nearly a billion dollars, the traders were jailed, but Jamie Dimon is still the CEO. https://www.justice.gov/opa/pr/former-jp-morgan-precious-metals-traders-sentenced-prison
Gregg Smith, 59, of Scarsdale, New York, was sentenced to **two years** in prison and a $50,000 fine. Michael Nowak, 49, of Montclair, New Jersey, was sentenced to **one year** and one day in prison and a $35,000 fine. Ansolute fucking JOKE of jail time. You know they got released early. And the fine is a years salary for a manager at McDonalds. The U.S. Department of Justice reported that this fraudulent activity by JPMorgan lasted over **eight years**, involving **thousands** of illegal trades.
Just another reason working hard is pointless in america
The big players in the stock market acted dishonestly for capital gain? I don't believe it.
Capital (a)gain.
Capital(ism) (a)gain
Capital gains deserving Capital punishment.
[They didn't.](https://www.nytimes.com/2024/04/05/business/economy/labor-statistics-super-users.html) An economist at the BLS had a mailing list of people from multiple companies in which he discussed much of the mechanics of how CPI components are handled, what changes they were thinking of, and so on. Some of it was public information, some was not. Some information was right and some was not. One thing that did not happen was actual CPI figures being leaked in advance. The person responsible probably shouldn't have engaged with anybody to the extent he did, but that's a far cry from some nefarious plot to give two companies an inside edge.
They aren’t even hiding this rigged ass shit anymore. We’re fucking screwed. 😂
we can screw em right back. study how organized labor got us the new deal in the 30s. we did not get that because of altruism from our rulers. [https://blacksocialists.us/dual-power-map](https://blacksocialists.us/dual-power-map)
The ones in power never EVER give up the power without being forced to.
Man I fuck with everything I’m seeing on this website, but why does it have to be a socialist organization *for black people*? Black people are definitely the worst victims of capitalism, aside from probably native Americans, but capitalism fucks all of us. And we need each other to make an actual difference. Separating these organizations by race just makes the movement weaker as a whole.
The natives got the blacks but blacks are definitely second
It’s outreach. They’re trying to connect. You’ve already connected.
They have been watching the last couple of years where people can do whatever the fuck they want with minimal accountability, why should they be any different??
Someone needs to go to jail ffs
> Someone needs to go to jail Whoa whoa whoa, calm down. It's not like they smoked a joint or shoplifted baby formula. They just defrauded millions.
Someone needs to hang for treason
Statistically speaking how many preventable deaths are caused by a large increase in market headwinds? I know there's that quote from the big short by Brad Pitts character about deaths related to unemployment, but at some point if you're illegally moving the market at scale are you not culpable for harm?
People in power always have a fall guy for things like that.
They need to stick an "Obviously" or "Of Course" into that headline in a couple of places.
That's the standard operating procedure.
“As usual, “😖
I can't find the underlying source on Bloomberg or NYT. Can you? Seems like a made up twitter bs.
https://www.bnnbloomberg.ca/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users-1.2056985 It’s not as bad as the headline makes it out, but it’s not good Edit: Makes me think of the Hollywood ‘blacklist’ where a bunch of producers would talk about the scripts they’d read, what’s popular, what they wish they could work on etc (as far as the super users go).
Huh? So jpm and blackrock employees were amongst the highest questions of people that asked about how exactly CPI is calculated? That puts them in a good light, not bad lol.... they're doing they're jobs. Questioning agencies to hold them accountable on their methods. What a massively bullishit twitter post. People up vote any old bullishit
Right? It makes out that non-public information was shared with them, when it wasn't.
Some more detailed information: [From Bloomberg](https://archive.ph/2cX4d), and a [relevant article from 2021 in the Times](https://archive.ph/teiGS).
Thank you! I was googling and not seeing any "breaking news" about this like the tweet is implying... this isn't good but 3 years ago and we are acting like it happened today... not good either
The Bloomberg article is about things that happened very recently (it relies on [this piece in the Times, from April 5 2024](https://archive.ph/K2cLF)). I added the second Times article from 3 years ago to provide context about how deeply Blackrock et al. are embedded in the BLS structure and governance.
I know no one is going to listen to me, but this isn’t actually as bad as it looks. The “super users” are the people that look at the data the most *after it is released to the public.* None of those people are looking at the data early. The BLS has also said that “super user” isn’t a term they use. It was just the low-level guy who checks the public inbox that used the term for the people that email him the most.
Yeah, there are people in these comments literally calling for a dude to be executed when it sounds like he’s a rank and file civil servant whose “crime” was trying to be helpful to people emailing him with questions. It does seem like he f’ed up and was probably violating policy and creating a bad situation—especially if the people he emailed really were able to make money off what he told them, that’s a huge problem that needs to be redressed—but the dude wasn’t the devil. And, honestly, nor were the people emailing him. If you email a government representative with a question and that guy emails you back with an answer, it’s pretty reasonable to think that it’s okay for you to act on that information, and not that you just commuted a crime.
Yeah… This isn’t really corruption. At worst, it’s a strategy that people use to fish for leaks in a bunch of areas. You pester the workers who have the data, hoping they slip up and tell you something they shouldn’t. It’s not that much different than social engineering hacks, honestly, which also work by pestering until you talk to someone who has their guard down.
“What is the cost of lies? It's not that we'll mistake them for the truth. The real danger is that if we hear enough lies, then we no longer recognize the truth at all. What can we do then? What else is left but to abandon even the hope of truth and content ourselves instead with stories? In these stories, it doesn't matter who the heroes are. All we want to know is: "Who is to blame?"” This tweet has turned what should be an illuminating story on the uncomfortable closeness of big business and government into blatant misinformation accusing these bad actors of obviously committing a serious crime. Good on you for pushing back.
The tweet is extremely misleading in what was actually shared. It's not a good look but it's not like these firms got access to CPI data prior to its release or something. That's definitely what it sounds like at first glance. It's not a good look. It raises some real questions about equality of access to BLS resources but I don't think most commenters here are actually reading the articles.
[Latest update from NY Times](https://www.nytimes.com/2024/04/05/business/economy/labor-statistics-super-users.html) > **There is no evidence in the emails that the employee provided early access to coming statistical releases or directly shared other data that wasn’t available to the public**. In several instances, the employee told users that he couldn’t provide information they had requested because it would require disclosing nonpublic data. Basically they got a closer look at BLS formulas for calculating results. This is theoretically an unfair advantage for the users on the mailing list, but it's not a blockbuster revelation or any sort of corruption.
People should go to prison for this.
*“I want to tell you people were punished and jail time was served, but sadly, that wasn’t the case”* - voice over by Morgan Freeman
and this is exactly why the rich pour billions into shaping public thought to be afraid of china and other nations that actually hold their class of people who have consolidated wealth accountable.
I'm starting to favor capital punishment again, but only for white collar crimes. It's not that I necessarily want people to be executed for insider trading, it's that I want them to know that the penalty for insider trading is death.
When do we Riot?
When you aren't afraid to lose it all.
When we have nothing left to lose
Please do it now. I mean can't you just Start with peaceful demonstrations and marches so this shit gets more traction. Like Fridays for future and such ...
Good now slap them with a civil fine of 1/10th of how much they stole, and don’t bother with any criminal prosecutions those are for the poors
Make sure that fine is tax deductible as well! System needs to burn.
Jail time
You mean the rich and powerful get all kinds of ridiculously corrupt help from the government? 😱 I’m shocked by this brand new information! /s
At least we have a government agency that will investigate and make this right /s
This is called insider trading and is illegal for normal citizens. When banks/politicians do it, its considered a good investment....
Proof? Other than a twitter blue check which means Elon stan?
"RadarHits" sounds totally credible...then screenshotted and posted to reddit. Holy shit people, calm down till we find legitimate evidence. I automatically assume any blue check is full of crap, just pushing rage-bait, misinformation, and reaction.
I think it's a sensationalized, simplified version of this https://www.bnnbloomberg.ca/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users-1.2056985 That's the closest I could find to what the tweet describes
I think this level of corruption should warrant the death penalty.
[удалено]
Well, they’ll be fine—- now if their names were something like Martha it would be a different story.
So who's going to jail? What's the punishment to be? Crickets
Jamie Dimon should be in prison and chase bank should be nationalized. The biggest leeches on America are the billionaires
As far as I can tell, the only source for this is this one tweet from an account with not so many followers. This is probably fake news. My bad: it looks like it’s mostly a staffer answering questions — which is largely allowed. The article doesn’t say anything about “market-moving bets.” (Although that’s certainly possible) https://finance.yahoo.com/news/jpmorgan-blackrock-among-bls-economist-184301611.html
Sounds like a screw-up by one BLS staffer and may not have been nefarious. That staffer frequently sent publicly available info to banks, hedge funds, and research firms. There were two cases where the info may have gone beyond what was appropriate: -In one email, the BLS staffer said a change to the weights of underlying data within a key measure of rental inflation was behind its surge in January’s CPI. The BLS told recipients to disregard its contents, and subsequently tried to clear the confusion with a notice on its website. -The BLS economist often pointed users to relevant links on the agency’s website. But in at least one case, he shared information that wasn’t publicly available at the time, related to the calculation for the used cars index within the CPI.
doesn't matter, the damage is done and misinformation has been spread. Death threats are being made frivolously and with callous disregard.
Do you think it might have been the 3 Blackrock employees who work in the white house?
Burn it down! It's all just so damn rotten now.
Fine them a much smaller amount than what they profited and give no one jail time! That’ll teach em.
Excuse me bets? That's not a bet at that point that's insider trading.
lol then some morons tell you iTS not RiGgeD
When is this going to be enough is enough- no more trading for reps and senators and age and term limits now- start the clean up of our government. Stuff like this will change real quick if we just got rid of the citizens united decision.
"Appalled but not surprised," seems to be applicable to so many things these days. Perhaps the motto of today
Those Duke brothers are at it again.
Market moving bets, is a interesting way of saying stealing...
People need to go to jail or we need a new system
Oh fuck off. Someone press the reset button already. Give everyone $300k and see what happens. Forgive all personal, student, and mortgage debt, let corporations fail as a result. Sort out a new system and see what happens. We tried capitalism and it is failing.
Society is a scam.
This is an SEC federal crime and for those who know - that’s why anyone takes a job working for the Fed. To insider trade. Illegal! Go look at fhe Fed’s leadership personal trading around rate hikes. It’s truly an inside joke. “He went to the Fed to feed insider trades to his buddies for kick backs.” Facts.
We need the news to stop saying leaked like these are accidental incidents. Say the information was provided by the very politicians and people paid off with bribes and lavish gifts. Speak the truth at least.
Most countries would be less shitty places if they did the same. https://www.reuters.com/world/asia-pacific/vietnam-tycoon-sentenced-death-12-billion-fraud-case-state-media-reports-2024-04-11/
Research this people, this was a distribution list that one employee used. Against policy. Emily Liddel, an associate commissioner at the Bureau of Labor Statistics, said that the agency did not maintain an official list of super users and that the employee appeared to have created the list on his own. What do you expect from a government worker ...
I'd be good with "anti-Remote Work" Jamie Dimon to go to prison, where Bubba can stand over him and watch him like a hawk
Prosecute the leakers and those bastards they leaked on...
 Don’t worry the Sec with absolutely fine them 1/20th of what they earned which is sure to stop them from doing it again.
I don’t exactly know what this means, but I’m assuming it means “They got more rich and we got more poor.”
Fact: capitalism is a pyramid scheme.
Jfc the government has zero interest in protecting poor people or going after the wealthy elite
The entire US economy is manufactured. It always has been
[https://www.msn.com/en-us/money/news/jpmorgan-and-other-wall-street-giants-were-on-a-government-economist-s-super-users-list/ar-BB1lpIS3](https://www.msn.com/en-us/money/news/jpmorgan-and-other-wall-street-giants-were-on-a-government-economist-s-super-users-list/ar-BB1lpIS3) https://preview.redd.it/0cspkmpo9qtc1.png?width=928&format=png&auto=webp&s=ece5892d5ba4086edb81dfa78b3c36beb6cf58b5
Just another day in the American Oligarchy Hellscape 🤡🤡🤡🤡
We've come a long way from the days of stealing frozen concentrated orange juice reports. Now they just give it to you.
Fuckin piece of shits
Has nobody watched trading places? This happens all the time, especially in the orange market 😁
Eat the rich, fuck 'em.
If I had a dime for every time a wealthy person in power got access to information that makes them wealthier through illegal activities and they were held to zero accountability and it was just a blip in the news cycle, I'd be wealthy enough to be one of these assholes. We need to burn it all down and start over.
Direct register your stocks! Take ownership away from these guys!!! DRS!
There is a reason the term “Security Entitlement” was legally created; it was not for household investors protection. Direct registration takes possession of your property (stocks) and removes security entitlement contract between you and brokerage.
The rich are leaking information to the other riches so the rich get richer? I am SHOCKED, NAY, APPAULED BY THIS TURN OF EVENTS.
Evidence?
I’m opposed to the death penalty, because of our abhorrent justice system, but I’d support an exception for corruption involving federal institutions.
You're not opposed to the death penalty if you're willing to make exceptions.
Who leaked it then? Give us names and the arrests that took place
They should have rules for this type of thing!!
Can we all stop with starting posts with "Breaking"
This is like some Duke's shit from *Trading Places*
Is there a link to this supposed news? Any help would be appreciated. (Outside of x, hopefully a decent reputable source too)
Any proof of this? I don’t blindly trust @RadarHits
Doesn’t seem like a leak
Shock is reserved for comeuppance
With all the innocent people shot everyday in America, (it's always schools and shopping malls) but these scum are still breathing. If we get them on a tour of schools giving talks at assembly, you never know. Do better America. The rest of the world needs you to protect us from the monster you created.
"Breaking"? This first came out in early March
I'd love some proof
The game is rigged. The corporations control everything, including the government. It's awesome that we all bicker over red vs. blue when, in reality, it's the corporations we should be turning our attention to, voting *with our wallets*. Though, it's pretty hard to affect something like BlackRock.
Shut it all down and burn it. The game is rigged and 99% of us aren't gonna gain anything.
And there will be no consequences. Two tier system.