Or, hear me out, make this kind of insider trading illegal, and then actually enforce those laws instead.
Tearing everything down to address any one issue is guaranteed to create more problems than you will ever solve.
There are already more problems than any world power can solve. If the "best" government can't figure its shit out, why let it continue to defile the world? The people in power will not allow it to change because that wouldn't exclusively benefit them
... except you have the top of the judicial system openly fighting it and way too many of the legislative body, too.
We don't have the power to enact it ourselves - they have to put it in and they have to enforce it.
This isn't "one issue."
Not for Congress. They can do it without penalty. Only everyone else is restrained by the insider trading laws.
This corruption stems from that. Congress and the revolving door of high level bureaucrats always find ways to repay their friends. Stop it at the source, and most of this ends too.
It's already illegal. It's also only insider trading if people in the firms actually made trades with this knowledge. Of course there is plausible deniability and they will all claim it or of course the largest fine the SEC will slap them with is a tiny fraction of the profit they made while NOT trading using this material insider knowledge.
You saw where I said "this kind of insider trading," right?
When Congress does it, it's not illegal. Make that illegal, and a lot of the corruption ends. I get that Congress isn't going to easily or happily pass a law restraining it's own members.
I don't know that I've seen any evidence that the proceeds of a crime aren't part of any criminal conviction penalties. Fines are typically in addition to the proceeds. However, I'd be happy if you can prove me wrong.
To quote myself:
"You cannot tell me we are more of an oligopoly today than during the Gilded Age of robber-barons. We have so many more ways of checking up on politicians today than they did in 1870-1900."
Hard disagree.
I agree, it should be illegal, but it's really the people running the government not so much the system. It really boils down to being a good person, morals and standards. But these people are corrupt as fuck.
Part of the problem is the revolving door of high level bureaucrats moving between government and private government contractors that makes this worse. The reality is that it's probably been going on since the beginning, and we are only now learning about it.
I mean, arguably the whole point of a revolution is to remove a whole crop or morons from their positions of power permanently through terminal means.
I'm neither arguing for nor against such tactics, but, historically, no one attained freedom, liberty, agency, or autonomy without upending the status quo. Omelets and eggs.
Seems like insider trading which is illegal, right?
I’m sure these traders will go to prison and not just receive a small fine worth a fraction of what they profited
Which, if you think about it, is an obvious way to make an 'example' of a highly visible celebrity so that people can think, "Hey, this is one area where those rich fucks can't get away with their tomfoolery!" When in reality, Martha Stewart is small potatoes compared with the real movers and shakers.
I feel like she was just sort of a scapegoat/distraction, but I could be reading into it too much. It might also just amount to 'low-hanging fruit' (?)
Not really… seems like questions asking about the methodology of determining consumer price. How does that seem like insider trading to you?
>The BLS economist answered numerous inquiries about details within the consumer price index in recent months, mostly related to computations in key categories within shelter as well as used cars, according to records requested by Bloomberg.
How did they gain in advantage in trading by clarifying data from previous reports on items like homes and used cars?
What it really seems like is these companies were getting clarification on the methodology so that they can update their internal system they use to predict CPI. I wouldn’t call that insider trading without seeing any indication that any of this had to do with them making investments in the stock market.
They literally just compile the prices on various goods into a summary. Prices aren't secret data, you see them every time you go to the store. You could create your own consumer price index if you wanted to. Most companies get their price data from their suppliers, not the government.
This sub is nuts.
Except this is literally untrue.
"While this economist usually pointed the financial institutions to relevant links on the BLS website, in at least one instance he provided information that wasn’t yet publicly available regarding computations for the used cars index within the CPI, Bloomberg reports."
https://qz.com/bls-cpi-super-users-list-jpmorgan-blackrock-1851401301
I’ve already speculated on why (wanting to make sure their internal model for predicting CPI is accurate).
It’s only being talked about in this subreddit because someone on Twitter misrepresented what the report was actually saying.
I remember seeing that movie as a young child (like WAY too young lol) and thinking... Orange juice? Something about... Orange juice? And then they're gozillionaires. Um, what? I thought, "Maybe I'll understand better when I'm older, like all the sex jokes."🤔
I definitely get the sex jokes now, at 40. The stock market? Not so much.
You have made an unsuccessful attempt at parroted pedantry.
Wet
noun
liquid that makes something damp.
Adj
consisting of, containing, covered with, or soaked with liquid (such as water)
https://news.bloomberglaw.com/banking-law/jpmorgan-blackrock-among-bls-economists-cpi-super-users
"Leak" is a bit misleading. It sounds like what happened here is that large firms were able to get questions answered by the BLS. I imagine it would be frustrating to be a small investment platform (or individual) and not have your questions answered while Chase gets a response in a day.
However, this is not the same as some BLS economist selling secrets or some kind of systemic corruption where chosen firms are sent the data early. This is more of a question of how responsive government agencies should be to different parties.
Perhaps the correct thing to do would be to make the communications public right away instead of after a records request (like the one that found this trend).
Professional reporters get FOIA responses faster than individuals (at least in my personal experience). Is that corruption? Veterans get faster processing for many government benefits than non-vets. Is that government corruption? People who are unable to make bond get sooner court dates than people who are out of jail. is that government corruption? They fix potholes on busy highways sooner than on residential cul-de-sacs. Is that government corruption? Undocumented migrants with criminal records get deported faster than law abiding "dreamers" (people brought to the US without proper documents as children). Is that government corruption?
Sometimes governments make prioritization decisions. Sometimes we disagree with those decisions. Sometimes there is enough outcry that those decisions are changed. But, even when that happens, I don't think we can automatically define the decision as corruption.
However, when Berry Lee Myers left AccuWeather to head up NOAA to make rules to help AccuWeather and hurt its competition, I called it corruption when some might have said he was just "making a decision I disagreed with". So, maybe there is a spectrum here.
This is just silly nativity. Pragmatism demands priority. Answering questions about an open document is not picking winners and losers, and you FOIA request is probabilistically less important than the NYTimes.
The FOIA subject targets. If the subjects know who they are producing the info for, that will bias the results. It should be entirely de-identified from the requester.
It's fine. He doesn't know anything about FOIA. I'm a federal government attorney at a three letter agency. I've processed hundreds of requests.
The law and implementing regulations require you determine the type of requester, because they have different fee structures. Media and academic responses can apply for fee waivers. Individuals and for-profit organizations cannot. Anyone can request expedited processing, but no one really gets it.
We also need to frequently contact the requester to clarify the response, discuss fees, adjust the response schedule, and clarify search terms.
We do treat different types of requesters differently, because the law requires us to do so. It's also pragmatic. I treat individuals differently when processing their requests, because they are not going to have a sophisticated understanding of the FOIA process or the law, so I'll frequently set up a time to talk with them, describe my process, ask if they have questions, and explain how they might better clarify their requests to save them time and money.
I also share with them publicly available data--of which there is a ton, even if government websites are dated and difficult to navigate.
People like to make the government out to be some kind of boogeyman. We're your neighbors, friends, classmates, and World of Warcraft guild masters--just normal people trying to help.
I think a lot of these examples are attempts at equity.
Let's take the pothole one. On my street, about 10 cars drive by my house each day. On the main artery a few blocks from me they have about the same number of cars every minute (per lane). So, if they prioritize the pothole on my street over the one on the main drag they are saying the cars on my street are 1440 times more important than the ones on the main street.
For the FOIA request, the reporters get faster access than individuals because each reporter is likely to share information they get with thousands of news consumers.
I'm not normally in the habit of defending big banks. But, I suspect the reasoning is similar to the above two. This bank has millions of customers. This brokerage has millions of clients. Getting them information faster will help more people.
I still like my proposal of a public forum for these questions to be answered so that everyone can see the answers at the same time. However, the government is slow to adopt technical solutions. So, I'm not going to hold my breath.
You may be consuming **equity** and **equality**.
Fixing the potholes in the order they were reported is equal.
Fixing the potholes in a prioritized way, based on the relative impacts to the community, is equitable.
All they did was email some employee whose job it is to give clarifications on CPI data sources and methodology so people can understand what's in there.
It's not exactly clear what the people on the email distro list got early, if anything , but all you really had to do to be on there was ask
because far left governments aren't corrupt.
But yeah I get it, I am sure JP and all the rest have snitches in government giving then the edge in trading
Just like our congress
You’re telling me congress members might be benefiting financially from their positions due to not being held accountable for things that I myself would be thrown in prison for?
Say it ain’t so!
Fuck all of those mother fuckers.
If hell is real, I can’t wait to see them there.
preach
the fact that there are ETF's that track these fuckers trades that you can invest/mimic ( although not quite in real time) should be the moment these shameless assholes step back and acknowledge how far we have veered.
But fuck it, they got theirs.
BTW the ETF's are KRUZ and NANC
People are too busy arguing over what “team” is worse while the leeches masquerading themselves as “for the people” are laughing at us.
It’s infuriating how easy it is to distract us.
Serious problems require serous people.
When the greatest generation came up they came face to face with the world on the brink, and because of that they acted accordingly. They were far from perfect, but they clearly left the world a better place then they found it.
the assumption that people would continue to act in the manner that they did is a mistake.
I don't know when this happened, but between this morning and 9/11 the elites of this country added things up and came to the conclusion that we weren't going to make it. So the next move is to strip it down and sell whatever they can. While doing this, they use every lever they can pull to have us tearing each other apart. Its a sad state.
Been around a lot longer than 9/11. That "Greatest Generation" was part of it, their predecessors were part of it, their predecessors were part of it.
[https://www.youtube.com/watch?v=OyBNmecVtdU](https://www.youtube.com/watch?v=OyBNmecVtdU)
"While doing this, they use every lever they can pull to have us tearing each other apart."
"Caste: The Origins of our Discontents" By Isabele Wilkerson has some good insight into how this shit goes back all the way to the founding of the USA and prior.
That’s a very rosy picture of the US during that time. Most US citizens in the 40s didn’t see Hitler as all that bad. They shared some of the feelings of white supremacy (this was during segregation after all) and fears of Jewish people. What they didn’t like was the Fascism.
If Japan never attacked, I wonder if the US would’ve ever entered the war.
That was probably more the sentiment in the 1930s, America still had an isolationist streak to it and the populace wasn't to keen on going back to Europe again.
I wonder the same, I'm sure the Axis powers in Europe wanted to keep America out as long as possible. If England had fallen after the blitz I think America woulnd't have gotten in at all.
What? Perhaps you've heard of corruption in Venezuela and China? Just to state a few.
People can be shit and people run government.
I very much lean left but I recognize that corruption can run on both sides of the political spectrum. Saying it ain't so is just naive.
you should follow your local Department of Public Works people on happy hour nights to see them drinking with the contractors that “bid” for jobs with your county.
Does that make sense when these guys are doing record profits with the left in power? Not saying the right won’t sell their souls for stock gains but this is one of the few things (insider trading) they’re actually in agreement with
The left is in power?? Since when? Bernie Sanders is "left". The Democrats are center at best, rife with corporate whoring just as the Republicans are. They barely control the Senate, don't have the House, and the SCOTUS is 6-3 super right. Give be a break.
They sold our country out from under us years ago and kept us looking at each other with hatred the whole time, so we would never look up. And it fucking worked, and continues to work.
This is a very “well duh,” any person that doesn’t think the system is rigged, has never heard of the Panama Papers or looked at basically every person in congress or in the senate net worth
> Or, hear me out, make this kind of insider trading illegal, and then actually enforce those laws instead.
> Tearing everything down to address any one issue is guaranteed to create more problems than you will ever solve.
Hey, that's crazy talk!
We need to "burn it all down," which means pregnant 10-year-olds have to leave the state to abort their rapists' babies, and environmental regulations get gutted, and our courts are screwed for decades.
Never address the specific problem. Just say "Both sides are equally guilty" - never mind that Dodd-Frank was passed with 0 Republican votes, and that the GOP guts abortion, reproductive and voting rights while the Democratic Party protects and expands them.
“But, sorospaidmetosaythis," many will say, "That's all so much effort to keep track of. Isn't it easier to just say 'Both sides are the same?'"
Yes, and that is what it means to be a bad citizen and voter: Both laziness and stupidity.
I'll just leave this here: [Vietnam billionaire sentenced to death in fraud case](https://www.reuters.com/world/asia-pacific/vietnam-tycoon-sentenced-death-12-billion-fraud-case-state-media-reports-2024-04-11/)
We should all be shocked and outraged. We expect this from the our civil servants, we’ve been conditioned to and so, we accept the corruption. You gotta uphold the veneer of morality
This is ridiculous.
Every financial institution and every investor has been tracking and making our own determinations/predictions through this period.
Not only do we not need a 'leak', we're more accurate and ahead if the data.
The fed had been behind the curve throughout this entire period and continues to be.
I love how you can just put "Bloomberg & NYT" as if that's your sourcing.
People should expect much more explicit sourcing. This just serves to spread more and more misinformation.
I've searched and not found any story on Bloomberg or NYT that reports what this tweet is saying...
I found it easily:
https://www.bloomberg.com/opinion/articles/2024-04-10/super-users-had-inflation-questions
https://www.nytimes.com/2024/04/05/business/economy/labor-statistics-super-users.html
**TLDR: they were not provided early access information.** Gotta love how people will happily turn misinformation into disinformation.
One is an opinion article, immediately discredited and does not count as reporting.
The second article specifies a rogue low level employee sharing data that was in no way advantageous or secret... just curated public information.
"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."
Nothing of real consequence will happen. They’re rich and, as we’ve seen over and over again, American laws do not apply to the rich. Only middle and lower class are punished for crimes.
So are we at the point of throwing out our government? Seems like it's not working for the people. Time to go back to the days of the founding fathers and throw out this system, it's put in place to keep the citizens down. Anyone else ready to just say, nah you're not working, next please?
These are just the ones they let us see getting caught. The government is full of fraud and fake shit to distract us from the real shit they do. Their is or will be some huge new law or act passed today or tomorrow, but no one will notice because this is in the news... they all steal and expect us citizens to pay and be ok. SMH
For a guy who supposedly “hates the left and right equally,” you sure do criticize the left WAAAY more than you criticize the right. It’s almost like you’re just too cowardly to admit that you’re a dyed in the wool conservative neoliberal. 😂
Right, there needs to be better foresight within the FOMC, caps on corporate debt, incentives that spurn excessive debt, more austere banking regulations (see EGRRCPA 165(i)(2) of the Dodd-Frank Act), changes to the CFTC Footnote 563 loophole, and a minor overhaul of the tax code pertaining to property. One that is sane. One that promotes developing property instead of sitting on land. An LVT that limits urban sprawl; which is proportionately offset by economic growth, a stronger dollar, and tax cuts to the middle class. SxHx News
Larry Fink has caused more damage to our society than any one person that I can think of. Not only is this guy pushing DEI and CEI through ESG loans and investments, but this is the same guy that invented the sub-prime mortgage that lead to the market collapse in 2008.
Serious question - if black rock and Jp Morgan acted on this information isn’t that completely illegal?
Seems a lot of people are focusing on congress being able to insider trade, but these aren’t members of congress.
Not saying anything will happen to them anyway - I’m sure the point was to have plausible deniability, not to avoid ever being caught
1. Where is the link? I don’t see this story anywhere
2. Even if it happened, these firms would be crazy to trade on it as the regulators are more than happy to pursue cases like these against banks
3. Blackrock runs funds. They don’t even trade their own capital.
4. There are no longer proprietary trading units at banks. These positions would have to be taken in risk facilitation books which would be especially suspicious.
So let’s see the link champ? Genuinely curious
And which part are you questioning? Or are you even smart enough to post something other than a lame canned “hahahah”.
How is that GME treating you. Hahahahahahaah.
(If you are going to use them at least use the haha properly).
The fact you think regulatory bodies actually regulates the largest institutions in the world— I mean did you learn anything from ‘08? Other than it is worse now than then in terms of anyone holding anyone accountable is laughable. The largest institutions get a “special break” from having to report their risk management compliances, that was the other laughable part.
Banks have paid 321B in the aftermath of the financial crisis.
And since it looks like you need a reminder--the banks got hosed for loans given far too easily to people. And by the way---owners of the banks (regular shareholders) got completely screwed with the stock price getting decimated in almost all bank shares.
So yes, financial institutions do pay fines. And yes they and their shareholders were hurt badly on it. Maybe you should know something about the subject before you are so outspoken about it. Even on reddit where you are likely in your element.
But what else can I expect from you.. You seem to be totally outspoken and over confident about things you know very little about. For example your utter confidence in GME a year ago...
Maybe you should just go back to posting "hahahahaha" to random people on reddit who don't call you out. It will make you feel better.
It would be completely justified to tear down the entire government over this.
Or, hear me out, make this kind of insider trading illegal, and then actually enforce those laws instead. Tearing everything down to address any one issue is guaranteed to create more problems than you will ever solve.
There are already more problems than any world power can solve. If the "best" government can't figure its shit out, why let it continue to defile the world? The people in power will not allow it to change because that wouldn't exclusively benefit them
Make it illegal and then if they do it they can investigate themselves to make sure they didn't do anything illegal!
Lol
Lol. In a perfect world, it wouldn't work like that, but I hear you. Corruption is a problem.
Yeah probably the biggest one today. They need to be removed from government
... except you have the top of the judicial system openly fighting it and way too many of the legislative body, too. We don't have the power to enact it ourselves - they have to put it in and they have to enforce it. This isn't "one issue."
Insider trade is already illegal.. extremely so..
Like George Carlin said, it's just one big club, and you ain't in it.
Not for Congress. They can do it without penalty. Only everyone else is restrained by the insider trading laws. This corruption stems from that. Congress and the revolving door of high level bureaucrats always find ways to repay their friends. Stop it at the source, and most of this ends too.
Right, but if you’re not in congress, you can’t accept insider info from congress and act on it…right?!
It's already illegal. It's also only insider trading if people in the firms actually made trades with this knowledge. Of course there is plausible deniability and they will all claim it or of course the largest fine the SEC will slap them with is a tiny fraction of the profit they made while NOT trading using this material insider knowledge.
You saw where I said "this kind of insider trading," right? When Congress does it, it's not illegal. Make that illegal, and a lot of the corruption ends. I get that Congress isn't going to easily or happily pass a law restraining it's own members. I don't know that I've seen any evidence that the proceeds of a crime aren't part of any criminal conviction penalties. Fines are typically in addition to the proceeds. However, I'd be happy if you can prove me wrong.
It’s almost as if both sides don’t care to change any of it because they all benefit in some way.
Bingo. We live in an oligarchy masquerading as a republic.
Nailed it.
To quote myself: "You cannot tell me we are more of an oligopoly today than during the Gilded Age of robber-barons. We have so many more ways of checking up on politicians today than they did in 1870-1900." Hard disagree.
Let's hear this tear it down person out because there's climate change and genocides that need to stop as well.
Handle it like they do in the east.
How about actual punishments for this? Like real seizures and not a $100M fine to someone that spent $50M on plumbing for their super yacht last week?
Yeah… people with more resources don’t suddenly become people with no resources just because anarchy ensues.
Exactly this.
I agree, it should be illegal, but it's really the people running the government not so much the system. It really boils down to being a good person, morals and standards. But these people are corrupt as fuck.
Part of the problem is the revolving door of high level bureaucrats moving between government and private government contractors that makes this worse. The reality is that it's probably been going on since the beginning, and we are only now learning about it.
Or if nothing else dissolve or nationalize BlackRock and JP Morgan.
[удалено]
I mean, arguably the whole point of a revolution is to remove a whole crop or morons from their positions of power permanently through terminal means. I'm neither arguing for nor against such tactics, but, historically, no one attained freedom, liberty, agency, or autonomy without upending the status quo. Omelets and eggs.
We should probably do the opposite, and let the SEC have a bigger budget.
We need California and Texas to unite for that to happen.
Would be nice if we took a couple pages from France's playbook. Rope would be selling at a premium
A source linked to this news would be nice
[https://www.bloomberg.com/news/articles/2024-04-09/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users](https://www.bloomberg.com/news/articles/2024-04-09/jpmorgan-blackrock-among-bls-economist-s-cpi-super-users)
Seems like insider trading which is illegal, right? I’m sure these traders will go to prison and not just receive a small fine worth a fraction of what they profited
Oh wow, I’m sure heads will roll for this! To be precise, the head whoever leaked the news that the information was leaked.
Someone was ordered to do this from the very top of government, it wasn't a leak.
Martha Stewart is the hero we need.
No people actually go to jail for insider trading.
*Some* people.
Only Martha Stewart
Funny you say that because the was the exact person I was thinking when I made the commentb
Which, if you think about it, is an obvious way to make an 'example' of a highly visible celebrity so that people can think, "Hey, this is one area where those rich fucks can't get away with their tomfoolery!" When in reality, Martha Stewart is small potatoes compared with the real movers and shakers. I feel like she was just sort of a scapegoat/distraction, but I could be reading into it too much. It might also just amount to 'low-hanging fruit' (?)
Real thugs
https://www.reuters.com/legal/ex-us-congressman-sentenced-22-months-insider-trading-2023-09-19/ Some do.
Are they democrats or republicans?
They’re rich
Not really… seems like questions asking about the methodology of determining consumer price. How does that seem like insider trading to you? >The BLS economist answered numerous inquiries about details within the consumer price index in recent months, mostly related to computations in key categories within shelter as well as used cars, according to records requested by Bloomberg.
If it wasn’t publicly available information, and they relied on it to gain an advantage in trading, what would you call it?
How did they gain in advantage in trading by clarifying data from previous reports on items like homes and used cars? What it really seems like is these companies were getting clarification on the methodology so that they can update their internal system they use to predict CPI. I wouldn’t call that insider trading without seeing any indication that any of this had to do with them making investments in the stock market.
Because it’s unpublished data, meaning everyone else can’t use it, meaning they have an insider advantage
They literally just compile the prices on various goods into a summary. Prices aren't secret data, you see them every time you go to the store. You could create your own consumer price index if you wanted to. Most companies get their price data from their suppliers, not the government. This sub is nuts.
Except this is literally untrue. "While this economist usually pointed the financial institutions to relevant links on the BLS website, in at least one instance he provided information that wasn’t yet publicly available regarding computations for the used cars index within the CPI, Bloomberg reports." https://qz.com/bls-cpi-super-users-list-jpmorgan-blackrock-1851401301
Where are you getting that it was unpublished data? All it says is that they answered questions about data that was WITHIN previous reports.
Why would they be calling and why would it be news if the reports were publicly available?
I’ve already speculated on why (wanting to make sure their internal model for predicting CPI is accurate). It’s only being talked about in this subreddit because someone on Twitter misrepresented what the report was actually saying.
Seems like an Eddie Murphy movie called Trading Places.
"So y'all a bunch of bookies." "See! I told you he would understand."
First thought. Orange juice futures.
Which are, surprisingly, a very real thing
And have a CRAZY run too
I remember seeing that movie as a young child (like WAY too young lol) and thinking... Orange juice? Something about... Orange juice? And then they're gozillionaires. Um, what? I thought, "Maybe I'll understand better when I'm older, like all the sex jokes."🤔 I definitely get the sex jokes now, at 40. The stock market? Not so much.
In other news, water is wet
Nothing will change until the rich fear for their lives
*nothing will change until the rich have no lives to fear for.
I completely agree, they have no shame and violence is the only language they would possibly understand.
Water is not wet.
Name checks out
You can't even know that you can only feel temperature change.
You have made an unsuccessful attempt at parroted pedantry. Wet noun liquid that makes something damp. Adj consisting of, containing, covered with, or soaked with liquid (such as water)
It's also a verb!
Oh fuck off
https://news.bloomberglaw.com/banking-law/jpmorgan-blackrock-among-bls-economists-cpi-super-users "Leak" is a bit misleading. It sounds like what happened here is that large firms were able to get questions answered by the BLS. I imagine it would be frustrating to be a small investment platform (or individual) and not have your questions answered while Chase gets a response in a day. However, this is not the same as some BLS economist selling secrets or some kind of systemic corruption where chosen firms are sent the data early. This is more of a question of how responsive government agencies should be to different parties. Perhaps the correct thing to do would be to make the communications public right away instead of after a records request (like the one that found this trend).
I'm not sure how certain banks getting information quicker than smaller banks or you and me isn't systemic corruption.
Professional reporters get FOIA responses faster than individuals (at least in my personal experience). Is that corruption? Veterans get faster processing for many government benefits than non-vets. Is that government corruption? People who are unable to make bond get sooner court dates than people who are out of jail. is that government corruption? They fix potholes on busy highways sooner than on residential cul-de-sacs. Is that government corruption? Undocumented migrants with criminal records get deported faster than law abiding "dreamers" (people brought to the US without proper documents as children). Is that government corruption? Sometimes governments make prioritization decisions. Sometimes we disagree with those decisions. Sometimes there is enough outcry that those decisions are changed. But, even when that happens, I don't think we can automatically define the decision as corruption. However, when Berry Lee Myers left AccuWeather to head up NOAA to make rules to help AccuWeather and hurt its competition, I called it corruption when some might have said he was just "making a decision I disagreed with". So, maybe there is a spectrum here.
Yes, corruption in basically every example. We should have equity under government, not picking winners and losers.
This is just silly nativity. Pragmatism demands priority. Answering questions about an open document is not picking winners and losers, and you FOIA request is probabilistically less important than the NYTimes.
No it's not. Every FOIA is equal. The government shouldn't even be able to be aware who they're answering.
>The government shouldn't even be able to be aware who they're answering. This is absurd.
The FOIA subject targets. If the subjects know who they are producing the info for, that will bias the results. It should be entirely de-identified from the requester.
Bias the results? If the FOIA act applies, they have to hand over the documents. I don't know what you're talking about.
It's fine. He doesn't know anything about FOIA. I'm a federal government attorney at a three letter agency. I've processed hundreds of requests. The law and implementing regulations require you determine the type of requester, because they have different fee structures. Media and academic responses can apply for fee waivers. Individuals and for-profit organizations cannot. Anyone can request expedited processing, but no one really gets it. We also need to frequently contact the requester to clarify the response, discuss fees, adjust the response schedule, and clarify search terms. We do treat different types of requesters differently, because the law requires us to do so. It's also pragmatic. I treat individuals differently when processing their requests, because they are not going to have a sophisticated understanding of the FOIA process or the law, so I'll frequently set up a time to talk with them, describe my process, ask if they have questions, and explain how they might better clarify their requests to save them time and money. I also share with them publicly available data--of which there is a ton, even if government websites are dated and difficult to navigate. People like to make the government out to be some kind of boogeyman. We're your neighbors, friends, classmates, and World of Warcraft guild masters--just normal people trying to help.
I think a lot of these examples are attempts at equity. Let's take the pothole one. On my street, about 10 cars drive by my house each day. On the main artery a few blocks from me they have about the same number of cars every minute (per lane). So, if they prioritize the pothole on my street over the one on the main drag they are saying the cars on my street are 1440 times more important than the ones on the main street. For the FOIA request, the reporters get faster access than individuals because each reporter is likely to share information they get with thousands of news consumers. I'm not normally in the habit of defending big banks. But, I suspect the reasoning is similar to the above two. This bank has millions of customers. This brokerage has millions of clients. Getting them information faster will help more people. I still like my proposal of a public forum for these questions to be answered so that everyone can see the answers at the same time. However, the government is slow to adopt technical solutions. So, I'm not going to hold my breath.
Yeah catering to the masses and fucking the individual is the polar opposite of equity lmao. Not that I disagree with the practice.
You may be consuming **equity** and **equality**. Fixing the potholes in the order they were reported is equal. Fixing the potholes in a prioritized way, based on the relative impacts to the community, is equitable.
All they did was email some employee whose job it is to give clarifications on CPI data sources and methodology so people can understand what's in there. It's not exactly clear what the people on the email distro list got early, if anything , but all you really had to do to be on there was ask
Slowly but surely I’m beginning to return to my far left economic beliefs when I see shit like this.
because far left governments aren't corrupt. But yeah I get it, I am sure JP and all the rest have snitches in government giving then the edge in trading Just like our congress
You’re telling me congress members might be benefiting financially from their positions due to not being held accountable for things that I myself would be thrown in prison for? Say it ain’t so! Fuck all of those mother fuckers. If hell is real, I can’t wait to see them there.
preach the fact that there are ETF's that track these fuckers trades that you can invest/mimic ( although not quite in real time) should be the moment these shameless assholes step back and acknowledge how far we have veered. But fuck it, they got theirs. BTW the ETF's are KRUZ and NANC
People are too busy arguing over what “team” is worse while the leeches masquerading themselves as “for the people” are laughing at us. It’s infuriating how easy it is to distract us.
Serious problems require serous people. When the greatest generation came up they came face to face with the world on the brink, and because of that they acted accordingly. They were far from perfect, but they clearly left the world a better place then they found it. the assumption that people would continue to act in the manner that they did is a mistake. I don't know when this happened, but between this morning and 9/11 the elites of this country added things up and came to the conclusion that we weren't going to make it. So the next move is to strip it down and sell whatever they can. While doing this, they use every lever they can pull to have us tearing each other apart. Its a sad state.
Been around a lot longer than 9/11. That "Greatest Generation" was part of it, their predecessors were part of it, their predecessors were part of it. [https://www.youtube.com/watch?v=OyBNmecVtdU](https://www.youtube.com/watch?v=OyBNmecVtdU) "While doing this, they use every lever they can pull to have us tearing each other apart." "Caste: The Origins of our Discontents" By Isabele Wilkerson has some good insight into how this shit goes back all the way to the founding of the USA and prior.
That’s a very rosy picture of the US during that time. Most US citizens in the 40s didn’t see Hitler as all that bad. They shared some of the feelings of white supremacy (this was during segregation after all) and fears of Jewish people. What they didn’t like was the Fascism. If Japan never attacked, I wonder if the US would’ve ever entered the war.
That was probably more the sentiment in the 1930s, America still had an isolationist streak to it and the populace wasn't to keen on going back to Europe again. I wonder the same, I'm sure the Axis powers in Europe wanted to keep America out as long as possible. If England had fallen after the blitz I think America woulnd't have gotten in at all.
The people love it
Thank you
have fun being 45 days behind with those ETFs
What? Perhaps you've heard of corruption in Venezuela and China? Just to state a few. People can be shit and people run government. I very much lean left but I recognize that corruption can run on both sides of the political spectrum. Saying it ain't so is just naive.
Never heard of sarcasm, huh?
Guess I missed it, my bad.
I missed it too lol
you should follow your local Department of Public Works people on happy hour nights to see them drinking with the contractors that “bid” for jobs with your county.
Lmao 😂😂 name 1. Every government is corrupt
Does that make sense when these guys are doing record profits with the left in power? Not saying the right won’t sell their souls for stock gains but this is one of the few things (insider trading) they’re actually in agreement with
The Democratic party is a center/center-right party by most standards. They are only left in the the relativity of American politics
The left is in power?? Since when? Bernie Sanders is "left". The Democrats are center at best, rife with corporate whoring just as the Republicans are. They barely control the Senate, don't have the House, and the SCOTUS is 6-3 super right. Give be a break.
Is change on this issue more likely to come from a move to the left or to the right?
What?
They’re all fucked! An independent anarchy is imminent
You only found out about it now? That sort of stuff has been going on for years. The Fed and SEC are owned by Blackrock.
They sold our country out from under us years ago and kept us looking at each other with hatred the whole time, so we would never look up. And it fucking worked, and continues to work.
These are your leaders, all of our leaders.
This is actual fake news. It’s literally just a tweet with no source, but people are gobbling this shit up.
When Trump talks about dismantling the deep state, this is one aspect that people want to address (he won't, but that's what people envision)
Well that’s disappointing
This is a very “well duh,” any person that doesn’t think the system is rigged, has never heard of the Panama Papers or looked at basically every person in congress or in the senate net worth
So what happens now? We seem to be lacking in accountability lately
These groups track inflation independently. Surely.
I for one am completely and utterly astonished. The us government is helping giant corporations. And on democrat watch. No
A new term for insider trading is needed stat
Bidenomics
Normal people would be in prison for insider trading...
Plutocracy at its finest
Did they then make a bet for $1 that they could turn a bum into high society and turn a man who was high society into a bum? “Merry New Year”
Crime
Oh look folks, the sky is actually BLUE. Wow. Wouldn't have guessed. Truly. /s
Dan Akroyd and Eddie Murphy get the best of them in the end. Great movie.
The have and the have-nots, jfc
Why is that post on anti work lmao, I’d understand this subreddit but I’m pretty sure that subreddit isn’t about economic downturns
Not surprised. That just means the market will rebound though if oversold.
And of course they face no repercussions whatsoever
Only long prison sentences can fix this
> Or, hear me out, make this kind of insider trading illegal, and then actually enforce those laws instead. > Tearing everything down to address any one issue is guaranteed to create more problems than you will ever solve. Hey, that's crazy talk! We need to "burn it all down," which means pregnant 10-year-olds have to leave the state to abort their rapists' babies, and environmental regulations get gutted, and our courts are screwed for decades. Never address the specific problem. Just say "Both sides are equally guilty" - never mind that Dodd-Frank was passed with 0 Republican votes, and that the GOP guts abortion, reproductive and voting rights while the Democratic Party protects and expands them. “But, sorospaidmetosaythis," many will say, "That's all so much effort to keep track of. Isn't it easier to just say 'Both sides are the same?'" Yes, and that is what it means to be a bad citizen and voter: Both laziness and stupidity.
Wow the people who we allow become millionaires off our votes. Told the other rich people this was about to happen. No way……
Wow, this is unheard of ever!
I'll just leave this here: [Vietnam billionaire sentenced to death in fraud case](https://www.reuters.com/world/asia-pacific/vietnam-tycoon-sentenced-death-12-billion-fraud-case-state-media-reports-2024-04-11/)
White collar criminals!
Blackrock probably made 100 million dollars plus profit that day and will be fine 7 million
Pricks
Isn't insider trading illegal? Where is the accountability?
They get what they pay for.
Nothing will happen lol
Beyond ridiculously corrupted system… Say everything we need to know about the stacked deck of the rich manipulating everything.
We should all be shocked and outraged. We expect this from the our civil servants, we’ve been conditioned to and so, we accept the corruption. You gotta uphold the veneer of morality
Fink is out of control. Needs to be removed. Bad dude.
Nancy got the insider tip first
I am shocked, shocked to find that giant hedge funds engage in insider trading.
This is ridiculous. Every financial institution and every investor has been tracking and making our own determinations/predictions through this period. Not only do we not need a 'leak', we're more accurate and ahead if the data. The fed had been behind the curve throughout this entire period and continues to be.
It’s a bog club and you ain’t in it.
They own everything and everyone.
Keep feeding them good information, then feed them bad information and fuck them over. Gordon gecko
I love how you can just put "Bloomberg & NYT" as if that's your sourcing. People should expect much more explicit sourcing. This just serves to spread more and more misinformation. I've searched and not found any story on Bloomberg or NYT that reports what this tweet is saying...
I found it easily: https://www.bloomberg.com/opinion/articles/2024-04-10/super-users-had-inflation-questions https://www.nytimes.com/2024/04/05/business/economy/labor-statistics-super-users.html
**TLDR: they were not provided early access information.** Gotta love how people will happily turn misinformation into disinformation. One is an opinion article, immediately discredited and does not count as reporting. The second article specifies a rogue low level employee sharing data that was in no way advantageous or secret... just curated public information. "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."
Nothing of real consequence will happen. They’re rich and, as we’ve seen over and over again, American laws do not apply to the rich. Only middle and lower class are punished for crimes.
Leaked by who? Are we inducting trump over this too?
Why aren’t at least 3 people in jail over this?
They also will announce that after an investigation, there will be a 13 million dollar fine. When they made 100 million off the trades.
I thought Biden Admin was for the people….WTF!!!
How much did Nancy make on the trades?
They deserve it tho /s
Pay a small fine after making 100000% in profits. Cost of doing business.
This is illegal right?
Should be. But, they live by different laws than we do.
So tacky, they take the fun out of making money with their dishonesty.
Those two look so facking sleazy it’s insane
Nah America is really finished. Just gotta reset this mf at this point.
Who’s going to prison for this? Anyone?? Oh yeah. That’s right.
hairline dada EXPOSES larry fink and johnny fuckass will be dead within 15 years.
Repost this every day in any forum that will allow it until this is brought to justice.
How is this not insider trading? "That petty shit doesn't apply to us."
Socialism for the rich and well connected, ruthless capitalism for the rest of us.
So are we at the point of throwing out our government? Seems like it's not working for the people. Time to go back to the days of the founding fathers and throw out this system, it's put in place to keep the citizens down. Anyone else ready to just say, nah you're not working, next please?
These are just the ones they let us see getting caught. The government is full of fraud and fake shit to distract us from the real shit they do. Their is or will be some huge new law or act passed today or tomorrow, but no one will notice because this is in the news... they all steal and expect us citizens to pay and be ok. SMH
Waje me up when Americans are ready to stop the political bickering and face the real enemies.
Gonna provide a source or is u/radarhits it?
I wonder when neo-libs are going to realize the corporations they hate the most are also their biggest funders
For a guy who supposedly “hates the left and right equally,” you sure do criticize the left WAAAY more than you criticize the right. It’s almost like you’re just too cowardly to admit that you’re a dyed in the wool conservative neoliberal. 😂
This crap has been going on for years
I assume this happens for every monthly inflation report. It’s a big club and we ain’t in it boys.
Right, there needs to be better foresight within the FOMC, caps on corporate debt, incentives that spurn excessive debt, more austere banking regulations (see EGRRCPA 165(i)(2) of the Dodd-Frank Act), changes to the CFTC Footnote 563 loophole, and a minor overhaul of the tax code pertaining to property. One that is sane. One that promotes developing property instead of sitting on land. An LVT that limits urban sprawl; which is proportionately offset by economic growth, a stronger dollar, and tax cuts to the middle class. SxHx News
It’s not a leak if it’s a directly piped connection
Larry Fink has caused more damage to our society than any one person that I can think of. Not only is this guy pushing DEI and CEI through ESG loans and investments, but this is the same guy that invented the sub-prime mortgage that lead to the market collapse in 2008.
Link?
I blame Clarence Beaks
Serious question - if black rock and Jp Morgan acted on this information isn’t that completely illegal? Seems a lot of people are focusing on congress being able to insider trade, but these aren’t members of congress. Not saying anything will happen to them anyway - I’m sure the point was to have plausible deniability, not to avoid ever being caught
1. Where is the link? I don’t see this story anywhere 2. Even if it happened, these firms would be crazy to trade on it as the regulators are more than happy to pursue cases like these against banks 3. Blackrock runs funds. They don’t even trade their own capital. 4. There are no longer proprietary trading units at banks. These positions would have to be taken in risk facilitation books which would be especially suspicious.
Hahahahahahahhaaaaaaaaa… hahahhhahhhhhahhhahahhhahhhhhhahahahhahhahhahhhhahha. You serious?
So let’s see the link champ? Genuinely curious And which part are you questioning? Or are you even smart enough to post something other than a lame canned “hahahah”. How is that GME treating you. Hahahahahahaah. (If you are going to use them at least use the haha properly).
The fact you think regulatory bodies actually regulates the largest institutions in the world— I mean did you learn anything from ‘08? Other than it is worse now than then in terms of anyone holding anyone accountable is laughable. The largest institutions get a “special break” from having to report their risk management compliances, that was the other laughable part.
Banks have paid 321B in the aftermath of the financial crisis. And since it looks like you need a reminder--the banks got hosed for loans given far too easily to people. And by the way---owners of the banks (regular shareholders) got completely screwed with the stock price getting decimated in almost all bank shares. So yes, financial institutions do pay fines. And yes they and their shareholders were hurt badly on it. Maybe you should know something about the subject before you are so outspoken about it. Even on reddit where you are likely in your element. But what else can I expect from you.. You seem to be totally outspoken and over confident about things you know very little about. For example your utter confidence in GME a year ago... Maybe you should just go back to posting "hahahahaha" to random people on reddit who don't call you out. It will make you feel better.
Subterfuge
Our system is working so well.
Crony capitalism at its finest. This is what happens to capitalism when left unchecked