Connect with us

Published

on

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.

Essential weekly read to fuel business lunches.

Please provide a valid email address.

By clicking above you agree to the Terms of Use and Privacy Policy.

Thanks for signing up!
Never miss a story.

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.

Continue Reading

World

‘Don’t bite me’: Man heard screaming moments before fatal shark attack in Sydney

Published

on

By

'Don't bite me': Man heard screaming moments before fatal shark attack in Sydney

A man was heard screaming in the water moments before he died after a shark attack in Sydney, witnesses have said.

Emergency services responded to reports that a man in his 50s had suffered critical injuries at Long Reef Beach shortly after 10am (1am in the UK) on Saturday.

The man, whose identity has yet to be confirmed, was brought to shore but died at the scene, authorities have said.

Two sections of a surfboard have been recovered and taken for examination, and beaches near the area are closed as drones search for the animal.

Police are liaising with wildlife experts to determine the species of shark involved.

Pic: Sky News Australia
Image:
Pic: Sky News Australia

Surfer screamed ‘don’t bite me’

Speaking to Sky News Australia, witness Mark Morgenthal said he saw the attack and that the shark was one of the biggest he had ever seen.

“There was a guy screaming, ‘I don’t want to get bitten, I don’t want to get bitten, don’t bite me,’ and I saw the dorsal fin of the shark come up, and it was huge,” Mr Morgenthal said.

“Then I saw the tail fin come up and start kicking, and the distance between the dorsal fin and the tail fin looked to be about four metres, so it actually looked like a six-metre shark.”

Mark Morgenthal said it 'looked like a six metre shark' in the attack. Pic: Sky News Australia
Image:
Mark Morgenthal said it ‘looked like a six metre shark’ in the attack. Pic: Sky News Australia

Victim was a father and experienced surfer

New South Wales Police Superintendent John Duncan said at a press conference that the victim was 57 years old, calling the incident a “terrible tragedy”.

“The gentleman had gone out about 9.30 this morning with some of his friends, about five or six of his mates,” he added. “He’s an experienced surfer that we understand.

“Unfortunately, it would appear that a large, what we believe to be a shark, has attacked him. And as a result of that, he lost a number of limbs.

“His colleagues managed to make it back to the beach safely, and a short time later, his body was found floating in the surf, and a couple of other people went out and recovered it.”

Mr Duncan added that officers “understand he leaves behind a wife and a young daughter… and obviously tomorrow being Father’s Day is particularly critical and particularly tragic”.

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

Local surfer and eyewitness Bill Sakula also told reporters at the beach: “It’s going to send shockwaves through the community.

“Everyone is going to be a little bit nervous for a while.”

Read more:
British couple killed in Lisbon funicular crash named
How relationships can be rocked by serious illness
Mandelson calls Trump a maverick ‘risk taker’

Surf Life Saving NSW has deployed a drone to search for further shark activity.

Its chief executive Steve Pearce said: “Our deepest condolences go to the family of the man involved in this terrible tragedy.”

Shark attacks are very rare, with this incident widely thought to be the first in New South Wales this year.

The last time a person in Sydney was killed in a shark attack was in February 2022 – the city’s first fatal shark attack since 1963.

Continue Reading

Politics

Senate crypto bill adds clause to keep tokenized stocks as securities

Published

on

By

Senate crypto bill adds clause to keep tokenized stocks as securities

Senate crypto bill adds clause to keep tokenized stocks as securities

The US Senate has added a provision to its crypto bill confirming that tokenized stocks remain securities, preserving their fit within existing financial frameworks.

Continue Reading

Sports

Astros’ Trammell won’t face discipline for bat

Published

on

By

Astros' Trammell won't face discipline for bat

ARLINGTON, Texas — Houston Astros outfielder Taylor Trammell is facing no discipline from Major League Baseball after umpires confiscated his two-color bat when New York Yankees manager Aaron Boone asked for it to be checked following a double.

Trammell said Friday, a day after the incident in the ninth inning of the Astros’ 8-4 loss to New York, that he had spoken with MLB officials. Trammell said he understood and appreciated their explanation of what happened because of some discoloration on the dark-colored barrel of the bat.

“We see it a lot with some guys who may have a wristband on or something like that, and just got to take it off. So, it’s nothing crazy, didn’t impact the ball or anything like that,” Trammell said before the American League West-leading Astros opened a series in Texas. “It was more so of an aesthetic of the eye, so that was basically the only thing.”

MLB regulations require a two-color bat to be divided into two sections, each of one solid color. That discoloration, while not likely to impact the performance, made it a nonconforming bat.

During the lengthy delay in the ninth inning Thursday night in Houston, both managers talked to plate umpire Adrian Johnson. The umpire then spoke with the replay office in New York before handing the bat to an official who was sitting near home plate.

Boone said Friday that he had asked umpires to check the bat only after it was brought to his attention that something didn’t look right about it.

“Frankly, that was something hard for me to do because I don’t think Taylor was up to anything. I really don’t,” Boone said. “In the moment, I felt like a duty to at least check in for my team. But, you know, I’m frankly satisfied with the ruling, the explanation.”

Trammell, who appeared in five games for the Yankees last season before going to Houston in November, said he wasn’t sure if he would get the bat back from MLB. But he would like to have it.

“I probably would just want it, to have it just because I can have a story to tell my grandkids about it. It’s kind of a cool, funny little story,” he said. “I don’t know if they’ll give it back. They put a sticker on it so it’s authenticated at least. … So, somebody is going to have it.”

Asked about his bats for the series against the playoff-chasing Rangers, Trammell held up the bat he had just used in batting practice.

“I’m making sure like there’s no chipping, there’s a little mark here,” he said, noting a small spot. “We’ve moved on. Like I said, respect for both organizations, and glad how everything kind of turned out.”

Continue Reading

Trending