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The Journal.

Government Officials and Their Stocks

The Journal.

The Wall Street Journal

Business News, Daily News, News

4.25.8K Ratings

🗓️ 13 October 2022

⏱️ 18 minutes

🧾️ Download transcript

Summary

Hidden records show that thousands of senior executive branch employees owned stocks in companies whose fates were affected by their employers’ actions. WSJ’s Brody Mullins and Rebecca Ballhaus take us inside the nearly year-long Wall Street Journal investigation. Further Reading: - Government Officials Invest in Companies Their Agencies Oversee - 131 Federal Judges Broke the Law by Hearing Cases Where They Had a Financial Interest - Congressional Staffers Gain From Trading in Stocks Further Listening: - The Federal Law that 138 Judges have broken Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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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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