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The Journal.

Thousands of Government Officials Own Stocks In Companies Their Agencies Oversee

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.25.3K Ratings

🗓️ 29 May 2023

⏱️ 18 minutes

🧾️ Download transcript

Summary

We’re off today, but we still have an episode for you! 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. This episode originally aired in October 2022. 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

Hey, it's Kate.

0:02.0

We're off today from Memorial Day,

0:04.0

but we wanted to share an episode we made last year.

0:07.0

It's based on a Wall Street Journal series

0:09.0

that just won the Pulitzer Prize for investigative reporting.

0:13.0

Here it is.

0:17.0

If you're a senior official in the federal government,

0:20.0

you have to fill out what's called a financial disclosure form.

0:23.0

It's a list of financial interests and investments,

0:26.0

things like stocks.

0:28.0

And the goal is to make sure that officials don't have conflicts of interest.

0:32.0

The financial transactions aren't influencing decision making.

0:35.0

So going back for decades since 1978,

0:39.0

every government agency has compiled every year a report on the financial ownership,

0:46.0

financial stocks, and trades that their top agency officials have made.

0:51.0

These documents are also supposed to be publicly available,

0:54.0

but in most cases, they're not online.

0:57.0

And they're actually really hard to find.

1:00.0

Those documents have gone into a stack somewhere in a file case

1:06.0

and someone's locked the door and no one's ever seen them.

1:09.0

And so no one's really ever looked at these documents

1:11.0

so I thought, wow, if we go look at them,

...

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