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this post was submitted on 10 Sep 2023
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politics
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As far as divesting, would you be okay with not necessarily liquidating but moving investments into a 3rd party holder?
Basically like "okay this is what you had in an investment fund, now a third party (for sake of argument fidelity) takes over the fund and now fidelity advisers manage it in its entirety until the person is no longer a representative.
The question really being, what kind of divesting do you want? Because straight liquidation could still negatively impact younger candidates, given that the liquidation would remove potential legitimate interest from their portfolio. Meaning that them running could negatively impact their future.
Yeah straight liquidation would be really bad. It should absolutely be a blind trust.
I like that idea... but I'd split the difference. Put your assets into escrow when you run, and it's liquidated only if you win.
The idea is that public service should be sustainable... maybe even modestly beneficial in it's own right, and strict term limits prevent it from being milked.
If a multimillionaire puts their assets into holdings and gets it back after their tenure, then the incentive to corruption still exists because they can still make decisions that affect those assets even indirectly. We should not tolerate that as even a possibility.
Not really if they don't know what the portfolio is composed of, the only way they could definitely positively affect it is if they make decisions good for the whole of the economy.
That's what I was actually proposing, the politician would transfer complete holding to someone like vanguard and they would diversify the assets in a reasonable way. The politician would not have control over it or even see what stocks are in the account, but still be able to benefit from the country's economy.
All the politician could see is the valuation of the holdings in the event they do want to liquidate, but again, they wouldn't directly choose what is being liquidated (because they don't know what they have)