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A judge who overturned a $72 million verdict against Boeing disclosed he bought and sold Boeing stock while hearing the case

A judge who overturned a $72 million verdict against Boeing disclosed he bought and sold Boeing stock while hearing the case — but says his wife's IRA was to blame

https://www.businessinsider.com/judge-boeing-zunum-lawsuit-stock-trade-accident-ethics-2024-8

A judge who threw out a $72 million verdict against Boeing said the case wasn't impacted by a financial advisor's trades of Boeing stock last year.

A judge who overturned a $72 million verdict against Boeing disclosed he bought and sold Boeing stock while hearing the case — but says his wife's IRA was to blame

cross-posted from: https://lemmygrad.ml/post/5493122

25 comments

Roonerino

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Zunum could bring up the issue on appeal, Roth said, but it probably wouldn't change anything. He said the law doesn't require disqualification if a judge has already sunk significant time into a case when issues like this arise.

Oh alright then

wombat

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stalin shouldn't have stopped at berlin

Palacegalleryratio

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Berlin?! He shouldn’t have stopped at Anchorage (traveling west)!!!

ashinadash

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Stalin World Tour till he circumnavigates the globe and ends up back in Moscow

refurbishedrefurbisher

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The stock market is just gambling.

Prove me wrong.

Babs

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It's just gambling for us. For politicians doing legal insider trading, it's a reliable source of wealth.

keepcarrot

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Does it count as gambling if you're the house?

Evilphd666

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Is it gambling you're the one setting the deck?

Now with the rest of us not privy to inside info or pre-emptively leveraging on the levers of power janet-wink it is gambling. Horrific odds too as fundementals don't seem to mean a damned thing anymore. I litterally have better returns playing the known odds in scratch off tickets.

The richest idiots in the world run companies that have NO PROFIT. The companies that do churn a profit and seem to do well end up getting shorted to death. I used to make money in stocks - or at least knew enough to follow indicators to make money. There were idicators that basically told you when things were too hyped or too low.

The last time I made money was when the anti sicko-hexbear-woke people attacked Disney and drove the stock price artifically low. Then it bounced right back when they moved on to thier next target (which seems to be smaller and smaller freeze-gamer game companies with no public facing stock now sicko-wistful .

But we never really recovered from 2008. The faded employee rights laminated poster at work still has the Federal Minimum wage at $7.25 last updated 2009. 13 years ago.

I think 2014-2016 was the final nail in the coffin on fundamentals working. We are overdue for a dose of reality. They can't keep the artifical JOY up forever. Last few years I've switched my investing money to mostly precious metals and CDs. They aren't going to make me huge gains, but those aren't going to drop 20-80% loss because the Empire gets butthurt someone did it better so they leverage shorts (which should be illegal) to choke a company to death. Space mining could have happened by now but they are choking NASA because I swear they found a Golden Nugget up there and they must maintain artifical scarcity.

Des

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hmm.

yeah my own hypothesis is that wall street is using the post-Covid retail stock trading surge as cover to do all kinds of blatently illegal shit

also they now have algo trading to hide behind and go shrug-outta-hecks when something weird happens. and like everything else, total deregulation and decay of the rules making capacity of the Empire has allowed the stock market, Civilization Golden Wonder of the Capitalist World, to effectively become another grift

weird how legalized sports gambling and it's total domination of that entire space also perfectly synced up with this new market (also another great cover for fuckery)

obviously like you said it's not just post-2019/meme stock that created this mess it goes back to 2008 and further. it's just that has added this element of randomness and given the FTC the excuse of "welp it's just so many regular people fucking up the market so guess we can't do anything about it you want us to lock up 10 million robinhood grindset traders?" capitalist-laugh "honestly we'd love to lock everyone up but we need some of these people"

meanwhile the last of the wealth is exacted by the financial sector and any corporation that represents the national bougoinoise productive or extractive sector is slowly dismantled using the market (shorts, etc) as a weapon for private equity to swoop in, buy up, sell for parts, and move on

the private equity firms are the very thing creating their wealth from the pure grift.

love when capitalism eats itself. not sure if your solution is the correct one (metals, etc) but there's no conventional wisdom anymore. i mean at least that's based on a real physical value. i suppose investing in China or BRICS could be another but good luck if the U.S. decides to start it's economic war and you lose your investments

Boredom

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Buy bonds in good companies, not stocks

PeePeePooPooPeee

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good companies

what

i just buy total market with a decent amount of bonds. I don't want anything to do with any of this shit but unfortunately in order to not die at work I have to play investor for any chance at a shred of retirement

Boredom

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I meant ones with long term growth potential

WhatDoYouMeanPodcast

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There are ways to get returns reliably. The total US market increased through the great depression, the world wars, etc. In my mind, if your total market index fund loses significantly, you're in a brave new world where your USD isn't going to help you much either. The only reason the government does stuff today is to make that money line go up and make sure those companies get to burn through all the resources of the world with nothing to show for it without suffering financial consequences.

Individual stocks are gambling unless you have foresight like a member of congress knowing that the next round of patch notes is going to nerf a company really big.

Wertheimer

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It's not just gambling. Sometimes it's astrology.

Evilphd666

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When you are the ones weaving the future via laws and court cases you have power over you might as well bring out that 🔮

UlyssesT

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It's a measurement of rich asshole feelings at any given moment. cap-think

jackmarxist

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Least corrupt government entity in Capitalism

nothx

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Put his wife in jail as too...

Chronicon

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am I the only one who thinks this is a nothingburger? clickbait, even.

There's a million things wrong with the US legal system but a judge's wife basically just using the wrong kind of IRA for a couple months and correcting it immediately when noticed, long before it goes public, is not that.

Unless he's totally lying and the reporters didn't catch wind, but this seems pretty straightforward

Dolores

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yes not that a big deal in the grand scheme of things, but also yes they should be disbarred & restricted. these people need to be held to x10000 times higher standard

ClimateChangeAnxiety

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Like, I’m sorry, judges and elected officials should be completely barred from having investments, full stop.

Chronicon

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disbarred? why?

Recused from that case, and any future involving boeing, yeah, sure, its probably not legally required under current law, but to eliminate the possibility of bias or perceived bias, sure, I'm 100% on board.

But there is no evidence, even circumstantial, presented in that article that this was malicious, or even that he could have reasonably profited from his role as judge here, given that he found out about the purchase and sold it so early in the case.

to be fair, in a better society, bumping him from being a judge to doing some other relevant job, wouldn't jeopardize his well being and standard of living (which is surely exorbitant now in capitalist USA), so I'd be more on board with it, but it still seems silly to fire a judge over such a simple oversight, easily corrected, in his wife's finances

Dolores

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to be fair, in a better society,

that's the approach i'm taking, judges with unambiguous separation from all financial instruments is the only acceptable basis to have a judiciary in a society that has financial instruments. just soapboxing this case doesn't offend me particularly lol

LocalOaf

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"This is the one thing we didn't want to happen."

infuziSporg

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Business Insider reporting on insider ~~trading~~ businessing