Local Media Closes Ranks to Defend Nancy Pelosi’s Insider Stock Trading Habit – Opinion

SF Gate, the San Francisco Chronicle’s second-tier, free online version, has come out swinging in defense of House Speaker and San Francisco fossil Nancy Pelosi’s penchant for mining enhanced knowledge streams for even more enhanced financial gain via informed stock trades and such. This is the raison d’être for the Botox’d gavel banger’s actions being acceptable? She must know all these facts! No, really.

Thomas Carvo is a Penn State recent grad and operates a stock-tracking TikTok. He told SFGATE, “Thomas” that Congressmen including Pelosi probably have better information than most people. But he argues that it’s the job of politicians to keep track of current events and other economic determinants; keeping tabs on that information does not necessarily translate to insider trading, he argues.

Evidently, to be a Nittany Lion is to be a nitwit. But I digress.

Served as a side dish in this restaurant of ridiculousness — those meddling kids!

Nowhere is this more evident than on TikTok, where legions of amateur investors and personal finance enthusiasts — with lots of free time on their hands over the pandemic and motivated, in part, by the subreddit Wall Street Bets — share Pelosi’s list of recent call option purchases alongside tips on cryptocurrency or high-yield savings accounts. There are hundreds, if not thousands, of videos if you search “Nancy Pelosi stocks” on TikTok.

The Nosey population is curious about how their elected representatives use the data gathered. Ingrates. But again, I digress.

Quoting my colleague Mike Miller’s excellent analysis from earlier today:

Insider traders are like insiders who know how to trade. Inside Information on a particular company, its products or services, and/or any other important information known only by “insiders,” congressional lawmakers have insight into pending legislation that might very well drive the price of a particular stock (or multiple stocks) up or down. That said, the quickest way to make “a lot” — or “lose a lot” — of money is by participating in the options market, which is generally not recommended by stockbrokers (I It was one(for 27 years).

You have an instant, unfair advantage if the opposite team’s play is coming up. It’s called cheating. Cheating in any sport or office is bad. Passing it off as “well, they need to know these things” is in the same category as excusing someone in the HR department tweeting about employees’ love lives. When you are in a position requiring knowing privileged information, you don’t make it public — and you don’t use it for personal gain. You must either demonstrate complete ineligibility to possess such information.

While it’s shooting fish in a barrel with one hand while picking low-hanging fruit with the other to lampoon media attempts at excusing insider trading by any other name, the problem such attempts at running cover create go far deeper, with far greater seriousness, than providing shots of snark. The 99.44% of people who have read and published such stories already know that their reach is very limited.

Instead, they work with the knowledge that such efforts will be coordinated and corroborated throughout mainstream media, the goal being this disinformation gets disseminated by those who do watch, listen, and read, down to those who don’t — via water cooler and lunchroom talk. To counter this, conservatives should not retreat from cultural battle and stop defending the status quo. Instead, they need to be aggressive in seeking out truth through active participation. We can’t change the media. Can’t change the media. We canActive truth-telling can change minds and hearts.

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