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Congressional stock trading has fallen off sharply this year, according to an analysis by a popular financial news site and some insiders believe its because US lawmakers are feeling heat from a possible legislative clampdown.

The volume of stock trades made by members of Congress tumbled more than 75% in the nine months of this year to just 1,800 trades versus 8,000 a year earlier, according to data from Unusual Whales. 

Former House Speaker Nancy Pelosi has made just six trades this year as a congresswoman representing San Francisco. Those include selling Roblox shares, buying Apple and Microsoft shares and acquiring a stake in a luxury hotel, according to recent filings.

Thats a steep dropoff from the 39 trades she made in 2022, the 24 trades she made in 2021, and the 38 trades she made in 2020.

A spokesperson for Pelosi did not respond to a request for comment.

While the markets have been bumpy this year, overall trading volume is down just 10%, according to CBOE data, versus the three-quarters plunge inside Congress.

Passing legislation, sources say, is critical to keep Congress from trading again.

If a movement doesnt turn into a law, Congress isnt going to remain scared, Jeff Hauser, founder of nonprofit watchdog the Revolving Door Project, said. The combination of a bill that could pass and the broader conversation acts as a deterrent.

Ethics experts say the another reason may simply be that members dont feel the trades are worth the trouble anymore.

Federal Reserve governors Eric Rosengren and Robert Kaplan resigned after scrutiny of their trades. Now-retired Sen. Richard Burr stepped down as Chair of the Intelligence Committee and now-ex-Sen. James Inhofe resigned after scrutiny of trades. 

It may not be worth the grief, Charles Stewart III, a political science professor at MIT, told On The Money.

The founder of Unusual Whales, who prefers to remain anonymous, notes that members of Congress have lately been far more diligent about filing their trades quickly. The STOCK Act requires members to file their trades within 45 days but members of Congress like Pelosi lately are filing within just a few days.

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There is limited upside and maybe a lot of downside to congressional trading these days, agrees Thomas Hayes, chairman at Great Hill Capital. Shining a light on this has played a big role.

Another issue: Some of the most lucrative, valuable stocks like Google and Amazon which Pelosi had snatched up are presenting an even greater conflict of interest than they did previously.

The tech high flyers that many members wanted to trade in are politically fraught these days a reference to lawsuits both Google and Amazon are facing, Stewart adds.

While some applaud the recent trend, others are more cautious and note stronger laws against stock trading need to be codified. 

Attention helps and attention makes transparency more effective, Jeff Hauser, founder of nonprofit watchdog the Revolving Door Project, said. But even more effective than transparency is strict rules.

As for the question of whether regulators will ever be willing to regulate themselves, the answer is almost always no. Still, Hauser is optimistic that with enough sticks not to mention the dwindling supply of carrots lawmakers could eventually succumb. 

If the momentum grows big enough, it could pass, Hauser said. And it only has to pass one time.

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P Diddy: Rapper Sean Combs says video of him assaulting singer Cassie is ‘inexcusable’

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P Diddy: Rapper Sean Combs says video of him assaulting singer Cassie is 'inexcusable'

Sean “Diddy” Combs has said CCTV footage showing him attacking singer Cassie in a hotel hallway in 2016 is “inexcusable” and that he is “disgusted”.

Warning: This story includes images readers may find distressing

“It’s so difficult to reflect on the darkest times in your life, but sometimes you got to do that,” the rapper said in a video on Instagram.

“I was f***** up – I mean I hit rock bottom – but l make no excuses. My behaviour on that video is inexcusable. I take full responsibility for my actions in that video. I was disgusted. I was disgusted then when I did it. I’m disgusted now.

“I went and I sought out professional help. I got into going to therapy, going to rehab. I had to ask God for his mercy and grace. I’m so sorry. But I’m committed to be a better man each and every day. I’m not asking for forgiveness. I’m truly sorry.”

Pic: CNN via AP
Image:
Pic: CNN via AP

Pic: CNN via AP
Image:
Pic: CNN via AP

The 54-year-old, whose homes in Los Angeles and Miami were raided by Homeland Security Investigations agents in March, has faced a series of public allegations of physical and sexual violence.

Footage obtained by CNN this week shows Combs also known as P Diddy and Puff Daddy – wearing only a white towel as he punches and kicks Cassie in a Los Angeles hotel hallway on 5 March 2016.

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The footage also shows Combs shoving and dragging Cassie and throwing a vase in her direction.

Pic: CNN via AP
Image:
Pic: CNN via AP

Cassie, an R&B singer whose legal name is Cassandra Ventura, was his protege and girlfriend at the time.

The 37-year-old sued Combs in November with the lawsuit accusing him of rape and violent behaviour during their decade-long relationship.

The suit was settled the next day, but it lead to intense scrutiny of Combs, who has since been named as a defendant in several sexual abuse lawsuits, along with a federal criminal sex-trafficking investigation that led authorities to the raid in March.

Sean Combs and Cassie in 2017. Pic: PA
Image:
Sean Combs and Cassie in 2017. Pic: PA

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Diddy’s homes raided

He denied the allegations in the lawsuits, but neither he nor his representatives had responded to the newly emerged video until Sunday.

After the footage emerged, Douglas H Wigdor, lawyer for Ms Ventura, said in a statement in response: “The gut-wrenching video has only further confirmed the disturbing and predatory behaviour of Mr Combs.

“Words cannot express the courage and fortitude that Ms Ventura has shown in coming forward to bring this to light.”

Combs’ Instagram apology is the hip-hop mogul’s most direct response after six months of allegations that have threatened his reputation and career.

Sean 'Diddy' Combs. Pic: AP
Image:
Sean ‘Diddy’ Combs. Pic: AP

Previous statements have been released through his lawyers.

The security camera video, dated 5 March 2016, closely resembles the description of an incident at an InterContinental Hotel in the Century City area of Los Angeles described in Ms Ventura’s November lawsuit.

The suit alleges that Combs paid the hotel $50,000 (around £39,000) for the security video immediately after the incident.

Neither he or his representatives have addressed that specific allegation.

CNN did not say how it obtained the footage.

Combs is not in danger of being criminally prosecuted for the beating.

The statutes of limitations for the assault and battery charges he would be likely to face expired years ago.

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Mets’ Diaz open to change in role amid struggles

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Mets' Diaz open to change in role amid struggles

MIAMI — Edwin Diaz is open to a change to help ignite the slumping New York Mets — even if that means losing his role as closer.

Amid a terrible start to the 2024 season in which he has blown two consecutive save chances and three of his past four, the star reliever with a $102 million contract said he would be willing to change his role if the team thinks that’s best.

“I’m open to everything,” Diaz said Saturday after squandering a four-run lead in the ninth inning against one of the league’s worst-hitting teams in the Miami Marlins.

Diaz has a 10.80 ERA over his past eight appearances after serving up four homers in 8⅓ innings.

“I want to help my team to win,” he said. “That’s my main thing. If they want to talk to me about that and I feel good about it, I agree on it. I just want to win games in any position they put me.”

The struggling Mets (20-25) led the Marlins 9-5 when Díaz entered in the ninth.

He allowed an RBI single by Jazz Chisholm Jr. that drove in Vidal Brujan, who had led off with a double. Bryan De La Cruz reached on an infield single with one out, and Josh Bell hammered Diaz’s first-pitch slider 428 feet to straightaway center field for a three-run shot that tied the score.

That was it for Diaz, who wasn’t charged with a blown save because he came in with a four-run lead. But in his past three outings he has given up seven earned runs, seven hits, three walks and two homers over 2⅓ innings.

New York lost 10-9 when Otto Lopez singled home the winning run off Jorge Lopez in the 10th.

Mets manager Carlos Mendoza said he’s concerned about Diaz’s confidence. The 30-year-old Diaz, a two-time All-Star, indicated his struggles this season are mostly mental.

“I won’t lie, my confidence I feel is down right now,” he said. “I’m making pitches. I’m throwing strikes. I’m trying to do my best to help the team to win. Right now I’m not in that capacity.

“Physically, I feel 100 percent right now. My body is not an issue. I think right now I’ve got to think about what I’m doing, trust myself a little bit more when I’m on the mound. I think I’m thinking too much.”

Mendoza indicated the team would consider moving Diaz out of the closer role to help him rebuild his confidence.

“It’s one of those things I have to talk to the coaching staff and to Edwin,” Mendoza said, “whether we want to find him some softer spots to get him going. He’s still our closer and he will get through it.”

Saturday was Diaz’s first outing at Miami’s home ballpark since he tore the patellar tendon in his right knee while celebrating a win for Puerto Rico in the World Baseball Classic there in March 2023.

The injury required surgery and cost him the entire 2023 season. He was baseball’s most dominant closer in 2022, striking out 118 batters in 62 innings while saving 32 games and compiling a 1.31 ERA.

The Associated Press contributed to this story.

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‘Joy to watch’: Cubs’ Imanaga lowers ERA to 0.84

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'Joy to watch': Cubs' Imanaga lowers ERA to 0.84

CHICAGO — Chicago Cubs rookie starter Shota Imanaga lowered his ERA on the season to 0.84 on Saturday after throwing seven shutout innings in his club’s 1-0 victory over the Pittsburgh Pirates.

It’s the lowest mark through a pitcher’s first nine career games since ERA became an official stat in 1913, besting Fernando Valenzuela, who compiled a 0.91 ERA after nine starts in 1981.

“If I’m being honest, I’m not really too interested in my own stats or any historic value,” Imanaga said after the game through the team interpreter. “But just knowing that there are so many good pitchers that came before me is a good learning experience.”

Imanaga, 30, gave up four hits while striking out seven including his final batter with two on and two out in the seventh inning. He used a combination of nearly all fastballs and splitters to stymie the Pirates, making him the very early front-runner for NL Cy Young. Pirates manager Derek Shelton was asked why he’s so tough to square up.

“That’s a great question,” he answered. “This guy is going to give hitting coaches nightmares. The fastball is not 94-95 mph but it’s effective. The split is real. It’s strike to ball.”

Imanaga averaged just 90.9 mph on his fastball, which he threw 46 times. The rest of his pitches were splitters — save four curveballs. All of it was extremely effective, moving from the top of the zone with the fastball and coming down with his split.

“You feel the hitter a little in-between,” Cubs manager Craig Counsell said. “It makes both pitches better.”

The Cubs won the game on a walk-off RBI single by Christopher Morel that plated Cody Bellinger, though the play at the plate was reviewed before the celebration at Wrigley Field could begin. It’s the team’s first 1-0, walk-off win since September 2015.

“We’ve won two 1-0 games that he’s started,” Counsell said. “It’s hard to win 1-0, and the fact that he’s been the starter nine games into his career in two of them is incredible.”

In addition to being the lowest to start a career through nine outings, Imanaga’s 0.84 ERA is also the third lowest through the first nine games of a season for any pitcher, trailing only Jacob deGrom (0.62) in 2021 and Zack Greinke (0.82) in 2009. The win came a day after Pirates rookie Paul Skenes struck out the first seven batters he faced en route to a six-inning, no-hit performance. Imanaga did him one inning better, making the Pirates the ninth different team unable to solve the lefty.

“We’re fortunate to watch it,” Counsell stated. “His aptitude, pitch-making ability, his stuff, his competitiveness. They’ve all been a joy to watch.”

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