Insider Trading by Congress
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Last updated on: 1/3/2012 2:09:48 PM PST

Should insider trading by Congress be allowed?


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PRO (yes) Comments (5)

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  • +3 +11 -8 Farmer Oct. 28, 2011
    "Because I am going to run for congress, so that I can act like the rest of those bastards and get rich at the same time"
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  • +2 +3 -1 Gregorie Feb. 15, 2012
    "Why Yes, Of Course. I think congress should make decisions based on their own self interest first; how much money can they make.
    What a silly question to ask."
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  • -4 +1 -5 Robert Jan. 30, 2012
    "It is not insider trading. One way or another, they are going to see the information. If they see a potential downfall downfall, they should be allowed to safeguard their own investments before they lose it. Look, these people are going to see market information. They are going to have to make representative decisions on it. They also have themselves to worry about. They are human beings also. They are not paying to get this information. It is part of their offices. And because of that, they have the right to use that knowledge."
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    • +1 +1 0 DanO Sep. 10, 2012
      "Nonsense. They more than any should be fully exposed to the laws they are making and the impact such laws will have on the companies they regulate. Without forcing them to feel the full impact of their regulations, they have no reason to consider the consequences of their actions."
    • +1 +1 0 dragonshound Feb. 19, 2012
      "Every other citizen goes to jail for this action. Why dont the members of congress. Why are they different? What say you?"
    • 0 0 0 Carl Oct. 23, 2012
      "Wow! You are the only responder on the pro-side, who isn't being sarcastic. I'm surprised I've even found one."
  • -4 +3 -7 Sumgflow Dec. 15, 2011
    "Yes insider trading should be allowed by Congress as long as it is reported electronically in real time. We have no way of knowing what is in a persons head when they trade. But with prompt disclose it becomes public."
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  • -7 +2 -9 northcoast Nov. 14, 2011
    "They should be able to do so. They should have the character to choose to not profit from information that is not available to the public and from decisions in which they participate."
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    • +2 +2 0 ED Nov. 23, 2011
      "Why is it illegal for EVERYONE else?"
    • +1 +1 0 disbief Dec. 2, 2011
      "You must be a congress member or be married to one-otherwise why in God's green earth would you even THINK that that 'character' has a place in this choice. I have to laugh"
    • +1 +1 0 Tom Nov. 18, 2011
      "Certainly, you must be joking! You can't actually trust politicians to exhibit such character. Nobody is that naive. And if they do so such character, then they will have no reluctance to ban insider trading on their part. Why do you think they don't do so?"
    • 0 0 0 Barone Dec. 11, 2013
      "I guess the optimal words here are "Should Have." However , Our gov. is so upside down in character that You seriously sound silly . (google silly)"

CON (no) Comments (48)


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  • +11 +13 -2 ROBERT May. 27, 2011
    "ARE YOU KIDDING. SINCE WHEN DID PUBLIC SERVICE
    BECOME SELF SERVICE. THEY SHOULD HAVE TO
    FOLLOW THE SAME LAWS AS THE REST OF US."
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  • +11 +15 -4 Jason Apr. 27, 2011
    "The key issue here is the rule of law. No one should be above the law. If American citizens are not allowed to trade on material, non-public information, then neither should our leaders. Congress has set up a double standard that more closely resembles the ethics of Soviet Russia than the aspirations of the USA."
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    • 0 0 0 Sumflow Dec. 15, 2011
      "THe law is there but it cannot be enforced without prompt disclosure."
  • +10 +15 -5 j. D. Allred Nov. 13, 2011
    "I've worked for nearly 40 years, paid my taxes, and been a moral, decent, honorable member of society. I've never collected unemployment, never filed for bankruptcy protection, or applied for federal food assistance. My wife has one child from her previous marriage whom I love and support like my own. I am, by most accounts, a model citizen.

    But when I learned about how Speaker Boehner, and former speaker Pelosi had benefitted through this loophole, I honest to god just wanted to douse myself in gasoline on my representative's front lawn and strike a match. I'm deflated, defeated and bereft of hope now.

    And meanwhile, our representatives are stacking the deck in their favor and assuring In God We Trust remains on the currency that fewer and fewer of us have.

    Just spare us the further indignities and put us on trains to the labor camps already."
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    • +1 +1 0 dragonshound Feb. 19, 2012
      "You echo the sentiment of many. Loss of hope. Demoralization. This is not a party issue. this is an issue of flat-out wrong and right. The American people have become distracted drones. We have only ourselves to blame because we let these monsters run amok."
  • +9 +11 -2 Hate D. System Dec. 28, 2011
    "Congress is already bought and paid for by lobbyists, big business, and the richest 1%. Do they have to further their unethical behavior by keeping themselves above insider trading laws as well ? Seriously, people.....at what point will we band together to make this stop ?"
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  • +6 +8 -2 Pat Apr. 27, 2011
    "Why Congress would not be subject to the same insider trading rules as Wall Street (within their own frame of knowledge) is a mystery.

    If the rule is good for Wall Street, why not Congress?

    Blind trusts can be presumed to be little more than the convenience of saying to the public that 'what they don't know can't hurt them.' But all voters and legislators know that cannot be true.

    Using ignorance of one's portfolio (or position) as an excuse is sophomoric and fantasy despite being fallacious."
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  • +4 +6 -2 BG Hooper Nov. 19, 2011
    "Their mind should on fulfilling their promise to the American people. To be involved with trading takes the time and attention away from their official duties. No portfolio or special holdings should be allowed during their term.

    We did not elect them to fatten their own wallet."
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  • +4 +6 -2 Pam Edwards Nov. 3, 2011
    "If I can't do it, they can't. In fact, unlike me, they are public servants. They are only there to serve, not to be served."
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  • +3 +3 0 Howard Austin Mar. 9, 2012
    "Insider Trading is a corrupting practice. One of the ways in which members of Congress are bought and sold, part of the big money influence in government is INSIDER TRADING. Members of Congress and their "associates" are allowed to profit from this practice and therefore they have an incentive to manipulate the law in favor of their own personal financial gain. Where others are prosecuted for insider trading Members of Congress are rewarded.
    What happened to "equality before the law"???"
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    • 0 0 0 Howard Austin Mar. 11, 2012
      "Notice that when they are confronted they become defensive. So even though it is technically legal, they know it's wrong."
  • +3 +5 -2 Larry Nov. 16, 2011
    "They are public servants supposedly representing the people, if they want to make money from trades then get a job in the private sector. Using their position for personal gain while our military is sacrificing their lives overseas, while we are in a economic recession with no jobs for the kids graduating school, and people losing their homes is horrid and disgusting. Where is the SEC?"
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  • +3 +5 -2 Anthony from DC Apr. 27, 2011
    "Why anyone would expect Congress to vote in favor of a bill (STOCK ACT) that potentially negatively affects their own livelihood is beyond me. Congress members are human and by nature human instinct is to look out for self first. It is not unfair to assume that the majority of Congress makes decisions based on their own financial interest, or at the very least, the interest of their loved ones. As long as Congress is charged with the decision of whether or not it is legal to profit from insider knowledge, there will always be injustice served to the American people."
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  • +2 +2 0 Steven Apr. 20, 2013
    "They are of the People, and return again to mix with the People, having no more durable preeminence than the different Grains of Sand in an Hourglass. Such an Assembly cannot easily become dangerous to Liberty. They are the Servants of the People, sent together to do the People's Business, and promote the public Welfare; their Powers must be sufficient, or their Duties cannot be performed. They have NO PROFITABLE APPOINTMENTS, but a mere Payment of daily Wages, such as are scarcely equivalent to their Expences; so that, having no Chance for great Places, and enormous Salaries or Pensions, as in some Countries, there is no triguing or bribing for Elections.
    Benjamin Franklin, letter to George Whatley, May 23, 1785"
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  • +2 +4 -2 Tom Nov. 18, 2011
    "The problem is not simply that elected representatives can trade on insider information but rather that their votes can be influenced by the fact that they already own securities that will be affected by their votes. This is outrageous, in my opinion and I was saddened to see that my own representative, Judy Biggert, reportedly actively trades on insider information."
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  • +2 +4 -2 EP Nov. 15, 2011
    "This is insane, what is wrong with this country?? They make these rules for us and then write it in that they can cheat us. It needs to STOP NOW. Forget about contacting your congressmen, that will get nowhere. Obama was going to fix these wrongs but that is a joke. We need to get rid of all of them."
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  • +1 +1 0 leona Dec. 9, 2013
    "Let's take stocks for an example. We are not allowed to perform inside trading which I believe is for our own benefit. If inside trading was allowed regular civilians would have less of a chance to make big money by buying stocks. Same with this issue, they should not be allowed this right. By letting congress proceed to inside trade they are taking away some of our rights. I also believe one thing leads to another and by letting them get away with this, we are letting congress have more rights then necessary and we are in the future allowing congress to get away with more then they should be allowed."
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  • +1 +1 0 DanO Sep. 10, 2012
    "Absolutely not! I work and have worked in the financial services industry for nearly 30 years. At various points of my career I have gained access to inside information, both material and immaterial. In all circumstances I understood that my first responsibility was to report what I learned to the appropriate compliance personnel. The law is clear - it is forbidden to trade on material inside information and, where in doubt, DO NOT TRADE. Why should those who pass those laws be exempt from them???"
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  • +1 +2 -1 Soapy Feb. 9, 2012
    "Congress should be subject the same laws and consequences as everyone else."
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  • +1 +3 -2 michael smedley Jan. 9, 2012
    "hell no. send them to jail. thats what would hapen to us. every time a bill comes up to stop this, not one of the high mucktmucks shows up to vote."
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  • +1 +4 -3 Linda Jan. 5, 2012
    "They should not have an unfair advantage over other Americans. They should NEVER be exempted from laws the average American must abide to."
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  • +1 +3 -2 Antonia Gilligan Dec. 21, 2011
    "If regular citizens, can't they can't They are senators and congressmen not GODS. Every one needs to be indicted tried and punished. Ask Martha Stewart"
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  • +1 +3 -2 Scott Gould Dec. 6, 2011
    "I don't believe that members of Congress should get special perks that the rest of the public doesn't; period, end of discussion!"
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    • 0 0 0 Sumflow Dec. 15, 2011
      "Perks that let them break the law cannot be accepted."
  • +1 +3 -2 Amagi Dec. 3, 2011
    "Of course not. They should be subject to the same laws they impose on the American people. They work FOR us, supposedly. And while we're at it, they should also convert their pension we pay for into Social Security and if there is any other benefits, it is from their own savings from the salary we already pay them. Time for this gravy train to end!"
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  • +1 +4 -3 Ed Nov. 23, 2011
    "It should be made public all people in Congress who used this insider information and then the voters can decide to keep them in office or oust them. Personally I am insulted and outraged that not only has this practice gone on, but stopping it has been delayed for five plus years."
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  • +1 +2 -1 dennis maye Nov. 15, 2011
    "lets use congress's wallstreet insider tradeing info to get our country out of debt."
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  • +1 +3 -2 Linda Nov. 15, 2011
    "This should be illegal; instead, it is unjust, unethical and immoral. Please stop treating yourselves as royalty while the folks who put you in office are drowning in the failing economy. Greed will be your downfall."
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  • +1 +3 -2 Tracey Shipman Nov. 14, 2011
    "Absolutley not! But im sure this is not the only thing the the represenitves that we have elected to represent us the people are benefitting from. Our government leaders are among the most dishonest, money grubbing, and corrupt people in the world. They come to washington to serve the people who voted them to be there and they leave millionares. While millions of people lost thier life savings to a market crash that they new was going to happen. Hardly sounds fair. Nothing will change until the masses stop being sheep and decide as a whole to do something about the people we send to washington to represent OUR interest."
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  • +1 +3 -2 Warren Jun. 15, 2011
    "First of all they shouldn't be the ones that make rules that they need to follow, that should be put on a ballot for the people to vote on! Second the reason they shouldn't even be allowed to participate in any other beneficial markets that they could support or make lean to there beneficial favor. They choose to be a Public Servant for a set length term so they can wait until after their term is over to trade. Congress has the power to send the USA to war which in turn has beneficial margins to it such as oil prices going though the roof, which anyone that was alive during the First George Bush era will know that the Mid East doesn't like American Soldiers on their soil. Hence the rise in oil prices then and now since George Jr was in office. The number one reason oil prices are not be pushed down is because Congressional members that have oil stock vote to make money in stocks not for the good of American People and the World Economy And don't take me the wrong way I am all for equal rights for everyone in the world. We have other ways to deal with unfairness. Put it on the Ballot for the people to vote on it!"
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  • 0 0 0 Suzie May. 28, 2014
    "It hurts the economy for everyone when a select few have inside information on what buy and what to avoid.
    Congress is for "service to others" vs "SELF SERVICE".
    To further unethical behavior by keeping themselves above insider trading laws is dishonest."
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  • 0 0 0 Barone Dec. 10, 2013
    "What the heck , If Martha can't do it why should Congress get away with it . How about we have all Congress Members wear a wire with live streaming feed while they entertain & work."
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  • 0 0 0 Phil Aug. 27, 2012
    "I am against the notion that Congress be allowed to trade on information they get because they have insider info. But I am also against the piece of legislation because as I believe all individuals are already covered under the insider trading laws, Correct? I can not imagine a law that says insider trading is against the law accepted by members of Congress. This is another waste of time for this do nothing Congress."
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  • 0 +1 -1 Laura Johnson Feb. 7, 2012
    "Why on earth would it be okay for Congress members to be above the law? Does it make sense for the people that make our laws to be outside or above them? No! They need to be held accountable for their actions, just like everybody else. So when they try to sneak in the law that makes it legal for Congress members to act on inside information when trading in the market...you say HELL NO! If we can't, then you sure as hell can't! It is ridiculous that this is even a concern."
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  • 0 +1 -1 Jardin Dec. 12, 2011
    "Unbelievable; being one of the "new poor" but grew up middle class - As America goes down due to these idiot men and women that are suppose to be working for us - the American People - instead they just want the job so they can line their pockets. America is corrupt beyong repair. WE NEED A HEALTHY THRIVING THIRD PARTY!"
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  • 0 +2 -2 t Dec. 9, 2011
    "Are we really so dumbed down that anyone would even consider a yes answer to this?
    Yes, we are. That is why we continue to re-elect the same people who empowered and protect the 1%, who together put our country into the financial crisis it is in, and who continue to constantly give us the finger. Just look at what just happened to the insider trading bill stopped today by
    R-Eric Cantor. Surprised? Only if you are one of the brain dead 99%."
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    • 0 0 0 Sumflow Dec. 15, 2011
      "A nice version got through the Senate. The House version was making some kinds of insider trading legal. The Senate version make it all illegal, and has the tools to detect it. But it would be better if they reported the same as corporate and not get special trulls for 30 days delay."
  • 0 +2 -2 Bob Nov. 20, 2011
    "The so called representatives of the people like the Supreme Court(they were appointed, not elected), the Congress, and the Senate, are crooks and thieves, and do not represent the freedom loving people. They are also arrogant,self-righteous, control freaks, and against freedom and self decision making for the people.
    The rules that they make for the public don't seem to apply for them.
    When will the American people wake up and not vote to put these slime in power ?"
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  • 0 +2 -2 dennis maye Nov. 15, 2011
    "that explains why the republicans wont tax the rich , they lose money. it should be made criminal and all their assests should be put towards the national debt. audit every congressman. or let the public in on the tradeing possibility's"
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    • 0 0 0 Kate Jan. 6, 2012
      "I guess you never heard about Hilary Clinton's windfall because of insider trading."
  • 0 +2 -2 Linda A Nov. 14, 2011
    "Why should our governmental official be allowed to do a proscutial offince to the rest of us. Not are they making millions their are several that don't pay income tax. Most of this money they are making is a capital gain at the highest tax rate for capital gains, because the stock is not held for more that one year."
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  • 0 +2 -2 ken Oct. 25, 2011
    "a congress person should not be able to enrich themselves in a way unavailable to the common person. They entered into the legislature as a public service act--that is nuts they went into politics to make themselves wealthy."
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  • 0 +2 -2 Sir Li of Roy Aug. 29, 2011
    "It is stealing. Stealing is not legal. The whole controversy is intended to build plausible deniability. They are sneak thieves. Nothing more."
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  • 0 +4 -4 Morg111 May. 31, 2011
    "It is corruption. Plain and simple. Our leaders, particularly the democrats have turned this government into nothing short of a European style Feudalism. The lords and ladies do what they please, when they please, while they stay in power by providing patronage to their voters in the form of unsustainable entitlements. This has become a sick joke."
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  • -1 0 -1 Roger Apr. 18, 2012
    "Its not insider trading, its trading on inside information (the public can know this info if they read and follow the senate floor online).

    What would you do to stop them -- ban them from the market? They should have the freedom to trade, besides they make a good market indicator."
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  • -1 +1 -2 Ron Moss Jan. 25, 2012
    "Insider Trading by members of Congress is already illegal; it is just not enforced."
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  • -1 +1 -2 ShirleyA Jan. 19, 2012
    "It is my understanding that all major transactions must be reported to the FTC within a certain period of time prior to their taking affect. So, why should Congress be exempt from the self same regulations that they enforce upon those who own the companies. Why should Martha Stewart have to serve time and Congressmen not, who do exactly the same thing? The law should either cover everyone or no one."
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  • -1 +1 -2 Mike Dec. 11, 2011
    "They should be jailed. This is morally wrong and Congress should NOT be able to take advantage of information due to their elected position and profit from it. Wake up America, enough is enough!"
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  • -1 +1 -2 Sumflow Dec. 7, 2011
    "The SEC said in today's hearing that delayed reporting of securities transactions by congress, defeats, obstructs, and impairs its use as timely evidence. This is why no Congress people were busted under the current law. The laws apply, but are unenforceable against elected public officials, because they refuse to disclose information in the time permitted for everybody else. If this STOCK act with long 90 day reporting times passes, it will just confirm what the people already suspect about a double standard for congressional insider trading."
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  • -1 +1 -2 stan Nov. 15, 2011
    "i think that farmer says it best, also i will get my children jobs with their congressman so they can get their student loans paid"
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    • 0 0 0 Sumflow Dec. 15, 2011
      "Sure I would vote for him, as long as he discloses what he is doing back to his voters, so that they can do the same!!"
  • -2 0 -2 Glenda Jan. 19, 2012
    "We would be arrested. And that is the reason ladies and gentlemen why they want to be in politics Beacause they all can be millionaires while the whole time encouraging us all to keep investing in the stock market as the CEOs pull it out the other end. By the way, when you go bankrupt, all contracts should be voided. But only for we the people."
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  • -3 0 -3 Kermit Dec. 9, 2011
    "The bill (Stop Trading on Congressional Knowledge (STOCK) Act (H.R. 1148) does not go far enough!!! Members of congress should put their private wealth in a blind trust which is managed by an independent manager. This is what the president and memnbers of the supreme court do."
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    • 0 0 0 Sumflow Dec. 15, 2011
      "Kermit that act has been updates three times."
  • -3 0 -3 stanley kania Nov. 14, 2011
    "Interest should be what is best for all not making decisions about my best for my personal bank account, no wonder America is f***ed up. Someone needs to grow some balls and stop the law makers and bankers from running this country,"
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  • -3 +3 -6 Joan Apr. 27, 2011
    "Insider trading is illegal, no matter who does it. Are you people kidding with this website? I can't believe that this is sponsored by our government. Apparently even the government does not know that insider trading is illegal. Unbelievable"
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    • 0 0 0 Sumflow Dec. 15, 2011
      "Insider trading is illegal, its just that they don't disclose it until it is to late to do anything about it."
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