r/WallStreetBets and $GME

Political discussion here. Any reasonable opinion is welcome, but due to the sensitive nature of the topic area, please be nice and respectful to others. No flaming or trolling, please. And please keep political commentary out of the other board areas and confine it to this area. Thanks!
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Superbone
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Re: r/WallStreetBets and $GME

Post by Superbone »

The stock market is one of the most important tools we have for growing our wealth. I don't know that we should prevent anybody from investing but yes, a total market index fund is the safest way for an insider not to take advantage of inside info about any one particular company.

And if you read the linked article, he would have done better not to have sold! :D
The Dow would lose 1,600 points in October, or 6 percent of its value. (It would recoup those losses and then some in subsequent months.)
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Indy
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Re: r/WallStreetBets and $GME

Post by Indy »

Superbone wrote:
Tue Oct 19, 2021 2:42 pm
The stock market is one of the most important tools we have for growing our wealth. I don't know that we should prevent anybody from investing but yes, a total market index fund is the safest way for an insider not to take advantage of inside info about any one particular company.

And if you read the linked article, he would have done better not to have sold! :D
The Dow would lose 1,600 points in October, or 6 percent of its value. (It would recoup those losses and then some in subsequent months.)
You just put them in a blind trust. That way you don't know what stocks you have, or even which stock markets they may be in.

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In2ition
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Re: r/WallStreetBets and $GME

Post by In2ition »

A little more insider trading, I see. These SOBs.

Burr’s Brother-in-Law Called Stock Broker, One Minute After Getting Off Phone With Senator
According to the SEC, Sen. Richard Burr of North Carolina, then chairman of the Senate Intelligence Committee, had material nonpublic information about coronavirus impact. He and his brother-in-law dumped stock before the market dropped in March 2020.

by Robert Faturechi
Oct. 28, 12:05 p.m. EDT
https://www.propublica.org/article/burr ... th-senator

ProPublica is a nonprofit newsroom that investigates abuses of power. Sign up to receive our biggest stories as soon as they’re published.

After Sen. Richard Burr of North Carolina dumped more than $1.6 million in stocks in February 2020 a week before the coronavirus market crash, he called his brother-in-law, according to a new Securities and Exchange Commission filing.

They talked for 50 seconds.

Burr, according to the SEC, had material nonpublic information regarding the incoming economic impact of coronavirus.

The very next minute, Burr’s brother-in-law, Gerald Fauth, called his broker.

ProPublica previously reported that Fauth, a member of the National Mediation Board, had dumped stock the same day Burr did. But it was previously unknown that Burr and Fauth spoke that day, and that their contact came just before Fauth began the process of dumping stock himself.

The revelations come as part of an effort by the SEC to force Fauth to comply with a subpoena that the agency said he has stonewalled for more than a year, and which was filed not long after ProPublica’s story.

In the filings, the SEC also revealed that there is an ongoing insider trading investigation into both Burr and Fauth’s trades.

It had previously been reported that federal prosecutors had decided not to charge Burr.

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