These stocks went up when the ACA passed, too. Why would the current chaos and instability be good for business? I wonder if they’re up because the Republican plan keeps failing?
Yes, it is complete sentences and more than 9 characters.
Something that would limit the unlimited exploitation of unfettered capitalism for personal gain… illegal? Ha! This is America, pal! If you’re not rich, its because you’re lazy and lack the ingenuity to properly fleece your fellow countrymen! Good luck, loser! /s
“Nonpublic” being the operative word. Their intent and approach has been quite public. There is likely no legal issue here as far as the FTC is concerned. Now, you and I and every other human in America, that’s different story. Not a big enough one to make people vote them out, mind you, but plenty enough for some anguished hand-wringing in a few corners of the internet that results in nothing at all.
Their profiting from news nobody else had, is also now, similarly, public.
I actually think this might be the reason.
The ACA was a huge subsidy to the insurance industry who’s business model basically doesn’t work for much longer with an aging population and younger folks not buying health insurance.
The issue here is to respond to a few folks. They do not have information that will knowingly cause the stock in a particular health insurance company to rise or fall. Will it do something? Yes. But their knowledge of their vote for or against repealing AHCA, installing a replacement or doing nothing does not constitute insider knowledge that would alter the price of stocks one way or the other.
That’s the key to what the SEC would define as legal vs illegal insider trading. They do not have specific info they are acting on that we don’t also have.
Well, the shit may be hitting the fan. Many GOP Reps and senators are catching a lot of crap from constituents. Poor and working-poor rural conservatives suddenly realize that they’re going to get boned; their premiums are going to soar, their hospitals are going to close, and Grandma is going to get kicked out of the nursing home.
Last Saturday, I marched in the local 4th of July parade with the country democratic party. By an amazing coup, Sen. Jeff Merkley joined in, dressed in shorts and a blue denim shirt. (While we were waiting for the parade to start he checked out the electric cars:
Afterwards, at a potluck, Merkley talked about his recess town halls. In the far eastern “red state” parts of Oregon, where he got a fraction of the vote last election, he said that he got an earful from residents worried sick about their health care, and telling him to oppose McConnell’s plan.
Sign of hope, I hope.
It may have been pointed out elsewhere- congress has a special exemption, allowing them to trade on their inside onformation without penalty. That income eclipses their saleries by quite a bit. And there doesnt seem to be any way to change that law, withoit a sudden change of heart.
All this fuss about emoluments for the prez, and this has been openly going on for many decades.
In fact, in the past Congress was exempt from the kind of stuff that would get you in trouble on Wall Street for insider trading. Both parties did it, and after CBS news exposed the issue on “60 Minutes” Congress corrected the problem by passing “The STOCK Act” in 2012. Looks like it’s still going on.
He who has the gold, rules?
Who wrote those SEC rules again?
Doesn’t the US have conflict of interest rules for members of the congress and senate?
Can you hear that? That’s the sound of America getting fucked. You hear it a lot these days.
The issue is senators and congressional persons are on boards and panels that approve contracts. So that would be forewarning of approved or declined bids which can effect stock prices. Easier to let it go than to police it I suppose.
Right or wrong that’s the system. And no one ever seemed to mind prior to this?
Not really, it’s always been legal.
(Not “right”, but legal.)
They went up after the ACA passed mainly because of the promise of a whole bunch of new customers.
But the republicans have done a lot to break obamacare in the interim. So that much less than the anticipated number of people joined the exchanges (those with employer-issued insurance stayed on their employer’s insurance and medicaid expansion was refused by all those red states) so the people that did join obamacare tended to be less healthy and the government support for mitigating the risk of a bunch of unhealthy customers was kneecapped.
If the republicans hadn’t deliberately undermined obamacare, the GOP’s alternative (which includes all those corporate and 1% tax breaks) wouldn’t look quite so good.
Its not considered insider trading by the SEC?