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COL Otolaryngologist
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As Americans, lately we seem to send our mentally ill to Congress instead of the community.
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LTC Stephen Conway
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SSG Observer   Controller/Trainer (Oc/T)
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Wow.
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LTC Stephen Conway
LTC Stephen Conway
6 y
It's not the first time! I just realized that the man was released from prison after decapitating someone in the back of a bus was released two years ago!

https://globalnews.ca/news/3242308/man-who-beheaded-greyhound-bus-passenger-granted-full-discharge/
SSG (Join to see) CMSgt (Join to see)
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LTC Stephen Conway
LTC Stephen Conway
6 y
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SPC Erich Guenther
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Edited 6 y ago
Well first the Democrats would have him run for the Texas Senate, then for President. As long as he has a telegenic personality that is all that matters. Criminal records not withstanding. Just look at BETO's rap sheet. DUI, Burgulary and a charge of insider trading which Nancy Pelosi let him off the hook for. BETO Just had to express remorse for the first two and exclaim he had no idea insider trading was illegal for the third and he got his pass.
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SPC Erich Guenther
SPC Erich Guenther
6 y
SGT (Join to see) - Actually two items wrong with BETO's excuse that he did not know. Stock Brokers do not buy stock without at least general direction by their clients and tacit approval. Second he was told previous the practice was considered against ethics (and quite honestly this is public knowledge he shouldn't have to be told). He states he never got the letter even though he has a Congressional Staff. So not only did he not get the letter his staff never told him about it either? Too much implausibility in his excuse, in my view. I am under a similar law working for a regulator. I cannot use the same excuse BETO used and get off the hook. Last he only acted after someone exposed the whole situation to himself and there was an implicit threat they would go public (news reporter).
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SGT Retired
SGT (Join to see)
6 y
respectfully, do you have a broker? Authorized to buy/sell/trade for your account? Yeah, to say that every client knows about every particular trade is nonsense. It’s simply not true.
He was a freshman Representative and what he did was perfectly legal for non-congressmen. Is it possible he missed the memo on he rule he wasn’t familiar with at a new job? Um...yes. It’s also possible that he got 10000 memos that week and did what most people do with memos. Not read it.

Who knows. When it was discovered, he fully complied, sold off all IPO stocks, and gave all profits from those stocks to the treasury. The House ethics Committee was satisfied with the result.

Now...here’s where your characterization of the situation is a bit off the rails. You stated that Pelosi gave him a pass. This occurred in November 2013. Republicans controlled House. She didn’t have a pass to give.
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SPC Erich Guenther
SPC Erich Guenther
6 y
SGT (Join to see) - From what I understand he bought a pre-IPO not available generally to the public but available to subscribers that are part of the underwriting firm. He did not buy an IPO after it was sold to the public (it was TWITTER) regardless by SEC rules his Stock Broker has to have current registration of the client including SS number, financial income, name, investment objectives, etc. Which the Broker interrogates from the client the Broker does not just fill in that info by themselves. Broker has to keep that information current by SEC rules of investing so the SEC can investigate persons participating in various trades. The part of his excuse where he traded years or even months and months like this without contacting the Broker is likely bull crap. In regards to Pelosi, regardless of being Speaker or not, she is still the leader of the Democrats unless a new Speaker replaces her as leader of the Democrats in the House.
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SGT Retired
SGT (Join to see)
6 y
yes, when you sign up with your broker, you give them all your information. And you generally sign paperwork that authorizes them to trade on your account. That way, they have the authority to do so, without getting your permission and signature for every single transaction. I have no idea what my broker did so far this week.

Twitter went public on November 7, 2013. IPO became available to the public that day at a price of $26. That’s the day he bought and sold some.

Again, I’ll sh*t on Beto all day. The ‘we’ll take your guns’ nonsense was gold, and guarantees that we’ll never have a President Beto. But on this particular subject, it’s far more likely that a rookie Congressman got lost in the rulebook and when made aware, fixed the problem appropriately.

See below the memo. The House was more upset that he didn’t let them know before his purchases, as directed by the memo.
https://ethics.house.gov/sites/ethics.house.gov/files/IPO%20pink%20sheet.pdf

Also, See below a decent write up of John Q Public can get IPO on release day.
https://money.usnews.com/investing/stock-market-news/articles/2018-06-14/how-can-i-buy-a-stock-at-its-ipo-price
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