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150 WORD ARTICLE
Trust Is Blind [LXXII]
Or… We do this all the time when people have access to sensitive information.
The STOCK Act
The “Stop Trading on Congressional Knowledge Act” was passed in 2012 to
- Combat insider trading,
- Reduce conflicts of interest,
- Force lawmakers to be more transparent about their personal financial dealings, and
- Disclose any stock trade made by themselves, a spouse, or a dependent child.
It hasn’t worked. (See this Nasdaq report)
In a nutshell:
“There were tons of unusual trades where politicians made millions of dollars.”
I am sure that every politician is an upstanding member of the community and would not want to even have the appearance of any fraudulent activity.
That is why — if you are an elected official — all of your stocks and trades by yourself, your spouse, or a dependent child should be in a blind trust.
Who could argue against that?
So many other industries do this — and force people to do this — what makes elected representatives any different?
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