#JFK #JosephKennedy #InsiderTrading #FDR #SEC #SetAThiefToCatchAThief
Did you know that JFK’s father, Joseph Kennedy, made much of his fortune through insider trading? 😱 And to top it off, FDR later made him chairman of the Securities and Exchange Commission. But don’t worry, there’s a twist to this story – when asked why he appointed a crook, FDR replied, “set a thief to catch a thief.” 🕵️♂️ Can you believe it? Kennedy proceeded to outlaw the practices that made him rich. Talk about turning over a new leaf! 🍃
Imagine making your fortune through shady dealings, only to turn around and outlaw those same practices. That’s exactly what Joseph Kennedy did. Let’s delve into the fascinating story of how this controversial figure became a key player in the financial world.
Joseph Kennedy was a savvy businessman. He knew how to work the system and make a profit. He capitalized on insider trading, gaining an unfair advantage in the stock market. This shady practice allowed him to amass a fortune. But his wealth didn’t go unnoticed. Soon enough, FDR, who was no stranger to controversy himself, appointed Kennedy as the chairman of the SEC. 📈
The appointment raised many eyebrows and sparked heated debates. People questioned FDR’s decision to put a known crook in charge of regulating the securities industry. But FDR had a cunning response – “set a thief to catch a thief.” It’s a bold move, but it actually makes sense if you think about it. Who better to understand the intricacies of illegal trading than someone who has firsthand experience with it? 🤔
Kennedy didn’t take the appointment lightly. He understood the gravity of his new role and the impact it could have on the financial world. So, what did he do? He outlawed the very practices that had lined his pockets. Insider trading was no longer going to be a shortcut to wealth, at least not legally. It’s a classic case of “do as I say, not as I did.” 🚫💰
Many people were skeptical of Kennedy’s sudden change of heart. They questioned his motives and wondered if he had truly turned over a new leaf. And who could blame them? After all, it’s not every day that a former insider trader becomes the enforcer of new, stricter regulations. But despite the skepticism, Kennedy was committed to cleaning up the industry and making it more fair and transparent for everyone.
This turn of events is a prime example of how someone with a controversial past can use their experience to bring about positive change. It’s a lesson in personal growth and redemption. Kennedy’s story serves as a reminder that people are capable of change, and their past mistakes don’t define them forever.
It’s also a testament to the complex nature of human beings. We are all capable of both good and bad, and sometimes, it takes a unique set of circumstances to bring out the best in us. Joseph Kennedy’s journey from insider trader to regulator is a prime example of this complexity. It’s a reminder that people can surprise us, and redemption is always possible.
In the end, Joseph Kennedy’s legacy is a mixed bag. He may have made his fortune through questionable means, but his transformation into a reformer of the securities industry is a noteworthy chapter in his story. It’s a reminder that even the most controversial figures can leave a positive impact on the world.
So, what do you think about Joseph Kennedy’s story? It’s definitely an intriguing saga of power, wealth, and redemption. It goes to show that sometimes, truth is indeed stranger than fiction. Let’s keep this story in mind as a symbol of the complexity of human nature and the potential for change. After all, who knows what surprises the future might hold? 🌟
Source: https://www.theguardian.com/books/2010/jan/23/joe-kennedy-hollywood-sarah-churchwell
Hey it wasn’t illegal? Why wasn’t everyone else just doing it? Go on over to the stock store and be like you got any of them inside trades
Edit: I understand insider trading isn’t something everyone can do. This is the joke.
Seems like his family is doing alright. Billions in family wealth and generations entrenched in politics.
Could be a nice way to fix our current state of government/politics. Pay congresses to actually fix the problems within the government, reward them with $, and let them ride into the sunset while laws fundamentally change for all congress moving forward. Maybe even increase the compensation of these roles to attract better talent while simultaneously barring congress from trading and making lobbying illegal. It is kind of the same idea, reworked. Could solve a lot of issues. Congress loves to find their $ though. Might be tough for them to give up those golden handcuffs.
Between this and bootlegging he made a pretty penny.
That last paragraph:
In his monetary dealings, Joe Kennedy was a democrat: he would screw almost anyone. Otherwise, his politics were closer to fascism: his advice to the overwhelmingly Jewish heads of film studios during the second world war was to appease Hitler by ceasing to make “anti-Nazi pictures”. What Kennedy learned best from Hollywood, however, was the importance of branding and myth-making: he was an early manipulator of the cult of personality. His talent for pious façades camouflaging covert manipulation only came to fruition with his sons’ political careers, as he instructed them: “It’s not what you are, but what people think you are that is important.” Fortunately, scrupulous biographies such as this help ensure that what we think of Joe Kennedy is precisely what he so richly deserved.
Straight savage.
least corrupt yankee politics
> Keen to buy the Pantages Theatre chain, which had 63 profitable theaters, Kennedy made an offer of $8 million (equivalent to $136.3 million in 2022). It was declined. He then stopped distributing his movies to Pantages. Still, Alexander Pantages declined to sell. However, when Pantages was later charged and tried for rape, his reputation took a battering, and he accepted Kennedy’s revised offer of $3.5 million (equivalent to $59.6 million in 2022). Pantages, who claimed that Kennedy had “set him up”, was later found not guilty at a second trial. The girl who had accused Pantages of rape, Eunice Pringle, confessed on her deathbed that Kennedy was the mastermind of the plot to frame Pantages.
https://en.wikipedia.org/wiki/Joseph_P._Kennedy_Sr.?wprov=sfti1#Hollywood
This is just like Empire Records when they hire Warren after he steals from the record shop.
He was a straight-up scumbag. In all areas of life.
The Boston Irish mob
JFK never forgave his father for most of what he did, especially what he did to Rosemary Kennedy, his younger sister who suffered from undefined developmental disabilities.
She was forcibly lobotomized at the age of 23 under the orders of Joseph Kennedy in an attempt to fix her mood swings, seizures, and disruptive behavior. As with most lobotomies, it went horribly wrong and left her in a severe nearly vegetative state where she was largely unresponsive and unintelligible requiring constant care.
JFK was obviously long before my time (he died 30 years before I was even born) but I’ve always appreciated the stories of JFK’s rivalry and hatred towards his father. From the dealings with Rosemary Kennedy to the Marilyn Monroe situation. I think that JFK was motivated by a desire to be better than his father, to do things better than his father, and had he not been assassinated when he was his policies would have changed the U.S. in substantial ways.
American policies in the nutshell to third world countries and China.
I can abuse my environment. Kill off the bisons to kill off the indigenous Indians. Burn a shit tonne of coal during the industrial revolution and abusing child work force.
We got rich doing it and we are where we are now because we did it.
Now you cant cut your trees. You can sell palm oil because it’s killing the orang Utans even though you are certified a environmentally green company. We will ban your companied from selling your medical gloves to semi conductors because you abused your workers by not giving them holidays or proper wages. You can suck on it poor countries.
So he’s a grifting, two faced con artist and a coward who did nothing but fall upwards in his life. Really sad to see that the likes of him still do well, nay, thrive in American society to this day.
May have already been mentioned, but did he also have JFK’s sister lobotomized because she was too free spirited?
Pretty fucked up if I remember correctly…
Don’t forget about the bootlegging.
Stupid story. Insider trading is legal tosay as long as you’re a hedge fund or a politician. This is propaganda to make us think there’s good anti insider trading laws enforced today.
This is a fantastic example of “Screw you! I got mine!”
In this political climate, like under Trump, they would have just destroyed the commission instead of strengthening it.
Nothing bad ever happens to the [Kennedys](https://www.youtube.com/watch?v=nGrApzKJHEM).
And he used the money from bootlegging to invest.
lmao no he didn’t. He made most of his fortune through rum running and war profiteering. Entire Kennedy family is shitbags for generations.
> Kennedy proceeded to outlaw the practices that made him rich.
A ladder-puller on top of everything else. Just a straight-up scumbag.
lol and The dark side of the Force is a pathway to many abilities some consider to be unnatural.
No wonder that family is cursed.
“He’s out snake now Jim”
This family with Joe as patriarch (a la succession) deserves an HBO mini series. This guy was straight up evil.
Kennedy setting the boomer mindset of outlawing or preventing others from doing what made you thrive.