I don't know if the US was really that much better before this, but perhaps just better hidden and less open about it happening. Congress has been knee deep is insider trading for decades and I think it would be naive to think it isn't even more prevalent among their friends and wealthy network.
Does raise the question of whether this also comes with free immunity from prosecution, or whether the NYAG should just pre-emptively say that anyone signing up for this and trading on the results will be prosecuted under NY state law.
If you want law and policing to work, it needs to be very predictable for everyone. So yes, if there is the least bit of doubt, the NYAG should absolutely say, far in advance, that this will happen.
Because if this isn't the case, then people will be forced to compete by "slightly" violating the law, everyone a little bit more, until the law is a total joke. This has happened in history.
When you get older, eventually you see the pattern. Political parties, whatever their viewpoints, are tolerated as long as they improve economic outcomes fast enough. When that even just slows down, there is some tolerance, but not much.
I miss Obama. A president that could actually deliver a decent speech and actually bothered to be a politician.
A politician should do TWO things: get elected, and convince the electorate about a path forward, including any compromises needed. Obama is the last president that actually did that. As we all know. Trump just doesn't even bother. And before anyone else points this out: yes, I kind of agree, Biden didn't either. Democrats are their own worst enemy, just like republicans are.
This creates an incentive to post things that cause high volatility (even in the downward direction) as that creates a "subscribe if you want early warning of market dips" pressure factor.
Maybe we can keep going to a point where it's so ridiculous that people realise the financial markets are the useless money laundering loop that they actually are
The supply of food is absolutely critical to a human population, even if truckloads of fish are left to rot in the sun outside schools?
The supply of mineral and energy resources is absolutely critical to an industrial economy, even if rivers are polluted to the point they catch fire ala the Cuyahoga River Fire of 1969?
I suspect it's worth the effort to minimise and prosecute the corruption, waste, and harmful externalities.
You don’t have the info “before everyone else”. You have it after the ones who are guaranteed to benefit from knowing it and/or from disseminating it. Whether you can benefit from it or are the mark is debatable.
The issue is the conflict of interest in POTUS' office. A news agency giving high speed access to news ostensibly just reports news, doesn't make them. The office of the POTUS literally makes the news, even more so today than in the past.
The markets are very headline driven these days because Trump is a prolific poster and is highly unpredictable. This is basically him selling preferential access to market moves that he himself generates.
It's truly an unprecedented level of grifting happening.
The epstein-guest-pedo-leader of the "claim-to-be-leader-nation" monetize billion in crypto, poorly chineese manufactured phone and sells access to own market-manipulation-intended-texts. It's so much bad stuff that poor people don't even know how to start battling with it...
The music on this sinking ship will keep playing till the very end. It's a decline. There is no observable way up from this point.
> The new commercial data feed, named Truth API, promises to deliver posts to paying institutional clients in "milliseconds".
...
> The company, which launched its social media app in 2022, said some firms have been copying its data for months without permission.
> McGurn warned that Trump Media will soon block these methods, forcing firms to buy the official feed instead.
This looks like it is monetizing and organizing scrapers. Isn't basically everyone doing this with data feeds these days?
At best this just gives a few milliseconds head start to subscribers and cracks down on automation. I would be shocked if NYSE, etc. don't already have premium tiers with faster market data and those feeds are certainly paid APIs. It's known that HFT shops will co-locate, for example, to have low latency.
This looks really bad, but if it were X and not Truth Social, there wouldn't be anything to see. It goes to the underlying issue of Trump owning and trying to profit from Truth Social generally.
There is literally nothing else of value on Truth Social except the president's posts. And those are considered official government communications. There's a legal ruling about that from the time of the first Trump administration.
So the US president has created a wrapper corporation that sells early access to official government communications. It doesn't matter if it's only milliseconds, that's enough for trading systems to make money.
Yet if the average corporate person does insider trading it comes with a prison sentence not pricing.
It’s wild how banana republic level corrupt the US is all of a sudden. Really went from 0 to 100 in months
I don't know if the US was really that much better before this, but perhaps just better hidden and less open about it happening. Congress has been knee deep is insider trading for decades and I think it would be naive to think it isn't even more prevalent among their friends and wealthy network.
30 to 100 maybe
real danger of insider trading is that you can get jailed 20 years in the future for something you did today
Inshallah
The system is broken. There is no effective restrict on president's powers. And the president is Trump.
Does raise the question of whether this also comes with free immunity from prosecution, or whether the NYAG should just pre-emptively say that anyone signing up for this and trading on the results will be prosecuted under NY state law.
(Critical to the whole thing is unfortunately https://en.wikipedia.org/wiki/Prosecution_of_Donald_Trump_in... , where the judge inexplicably decided to waive sentencing for a felony conviction)
that comes with extra donations
If you want law and policing to work, it needs to be very predictable for everyone. So yes, if there is the least bit of doubt, the NYAG should absolutely say, far in advance, that this will happen.
Because if this isn't the case, then people will be forced to compete by "slightly" violating the law, everyone a little bit more, until the law is a total joke. This has happened in history.
> It’s wild how banana republic level corrupt the US is all of a sudden.
It’s wild how utterly predicable this was and yet it was the chosen path.
When you get older, eventually you see the pattern. Political parties, whatever their viewpoints, are tolerated as long as they improve economic outcomes fast enough. When that even just slows down, there is some tolerance, but not much.
I still remember when Obama wearing a tan suit was controversial.
The audacity to push things called the Affordable Care Act too.
I miss Obama. A president that could actually deliver a decent speech and actually bothered to be a politician.
A politician should do TWO things: get elected, and convince the electorate about a path forward, including any compromises needed. Obama is the last president that actually did that. As we all know. Trump just doesn't even bother. And before anyone else points this out: yes, I kind of agree, Biden didn't either. Democrats are their own worst enemy, just like republicans are.
I really miss Obama.
Your post reminds me of that scene from the West Wing where the president joins a meeting the VP had already started who had opened with:
"Surely our first priority is to figure out a way to work with Congress"
Then the president joins and is caught up by the note taker and embarrasses the VP with
"Our first priority is to work with congress? Surely our first priority is to serve the American people"
Crazy times we live in that a president can do this.
This creates an incentive to post things that cause high volatility (even in the downward direction) as that creates a "subscribe if you want early warning of market dips" pressure factor.
Maybe we can keep going to a point where it's so ridiculous that people realise the financial markets are the useless money laundering loop that they actually are
The supply of capital is absolutely critical to an industrial economy, even if there's a lot of corruption along the way.
The supply of food is absolutely critical to a human population, even if truckloads of fish are left to rot in the sun outside schools?
The supply of mineral and energy resources is absolutely critical to an industrial economy, even if rivers are polluted to the point they catch fire ala the Cuyahoga River Fire of 1969?
I suspect it's worth the effort to minimise and prosecute the corruption, waste, and harmful externalities.
Every country gets the government it deserves.
-- Joseph de Maistre, 1811
https://en.wikipedia.org/wiki/Joseph_de_Maistre
If you pay to have the info a few seconds before everyone else, does this make it insider trading?
You don’t have the info “before everyone else”. You have it after the ones who are guaranteed to benefit from knowing it and/or from disseminating it. Whether you can benefit from it or are the mark is debatable.
The issue is the conflict of interest in POTUS' office. A news agency giving high speed access to news ostensibly just reports news, doesn't make them. The office of the POTUS literally makes the news, even more so today than in the past.
The markets are very headline driven these days because Trump is a prolific poster and is highly unpredictable. This is basically him selling preferential access to market moves that he himself generates.
It's truly an unprecedented level of grifting happening.
Insider Trading as a Service.
Waiting for the Polymarket joint venture...
How could US now be even worse than the spoils system era?
Seriously, there are no limits to his graft. This is commercialisation of insider trading. He is shameless.
Previously posted topic: https://news.ycombinator.com/item?id=48935614
The epstein-guest-pedo-leader of the "claim-to-be-leader-nation" monetize billion in crypto, poorly chineese manufactured phone and sells access to own market-manipulation-intended-texts. It's so much bad stuff that poor people don't even know how to start battling with it...
The music on this sinking ship will keep playing till the very end. It's a decline. There is no observable way up from this point.
> There is no observable way up from this point.
The mid terms?
It's already looking like Putin/Erdogan-style election fixing...
The grift. It never stops.
> The new commercial data feed, named Truth API, promises to deliver posts to paying institutional clients in "milliseconds".
...
> The company, which launched its social media app in 2022, said some firms have been copying its data for months without permission.
> McGurn warned that Trump Media will soon block these methods, forcing firms to buy the official feed instead.
This looks like it is monetizing and organizing scrapers. Isn't basically everyone doing this with data feeds these days?
At best this just gives a few milliseconds head start to subscribers and cracks down on automation. I would be shocked if NYSE, etc. don't already have premium tiers with faster market data and those feeds are certainly paid APIs. It's known that HFT shops will co-locate, for example, to have low latency.
This looks really bad, but if it were X and not Truth Social, there wouldn't be anything to see. It goes to the underlying issue of Trump owning and trying to profit from Truth Social generally.
There is literally nothing else of value on Truth Social except the president's posts. And those are considered official government communications. There's a legal ruling about that from the time of the first Trump administration.
So the US president has created a wrapper corporation that sells early access to official government communications. It doesn't matter if it's only milliseconds, that's enough for trading systems to make money.
How can any of this be legal in a democracy?
New low..
Elon Musk must be rolling in his shallow grave, out of which he climbs at night, for not thinking of this before Trump.
Insider trading as a service. They're not even pretending not to do it, utterly shameless.