Government Officials and Their Stocks
The Journal.
The Wall Street Journal
4.2 • 5.8K Ratings
🗓️ 13 October 2022
⏱️ 18 minutes
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| 0:00.0 | If you're a senior official in the federal government, you have to fill out what's called |
| 0:09.2 | a financial disclosure form. |
| 0:11.6 | It's a list of financial interests and investments, things like stocks. |
| 0:16.1 | And the goal is to make sure that officials don't have conflicts of interest. |
| 0:20.0 | That financial transactions aren't influencing decision making. |
| 0:23.6 | So going back for decades since 1978, every government agency has compiled every year a |
| 0:31.1 | report on the financial ownership, financial stocks and trades that their top agency officials |
| 0:37.7 | have made. |
| 0:39.4 | These documents are also supposed to be publicly available, but in most cases they're not online. |
| 0:45.0 | And they're actually really hard to find. |
| 0:49.4 | Those documents have gone into a stack somewhere in a file case and someone's locked the door |
| 0:55.7 | and no one's ever seen them. |
| 0:57.6 | And so no one's really ever looked at these documents. |
| 0:59.4 | So I thought, wow, if we go look at them, we might find something. |
| 1:03.6 | That's our colleague Brody Mullins. |
| 1:05.6 | My long time hypothesis as a reporter is the harder it is to find information, the more |
| 1:12.4 | likely you're going to find something good. |
| 1:14.6 | Also if there's a stack of documents somewhere that no one's looked at in a long time, there's |
| 1:19.0 | probably a story there. |
| 1:21.3 | It turns out there was a good story there. |
| 1:26.0 | And once we got them, we found out that people who worked in the government trade a lot |
| 1:30.6 | of stocks and own a lot of stocks in issues that their agencies were in charge of regulating. |
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