BREAKING NEWS: 49 Congress Members Violated Insider Trading Laws!!!
The latest report that Business Insider launched, called Conflicted Congress, revealed the congress members’ incredible number of ethical violations.
You may believe you know how bad it is, but when you see what really happened in front of your eyes, you will be amazed, fascinated, and disgusted at the same time!
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What this report reveals is mind-blowing! You have to see it!
“Insider’s new investigative reporting project, “Conflicted Congress,” chronicles the myriad ways members of the US House and Senate have eviscerated their own ethical standards, avoided consequences, and blinded Americans to the many moments when lawmakers’ personal finances clash with their public duties.
In all, Insider spent hundreds of hours over five months reviewing nearly 9,000 financial-disclosure reports for every sitting lawmaker and their top-ranking staffers. Reporters conducted hundreds of interviews, including those with some of the nation’s most powerful leaders.”
These are the Big Picture findings:
- 49 members of Congress and 182 senior-level congressional staffers who have violated a federal conflicts-of-interest law.
- Nearly 75 federal lawmakers who held stocks in COVID-19 vaccine makers Moderna, Johnson & Johnson, or Pfizer in 2020, with many of them buying or selling these stocks in the early weeks of the pandemic.
- 15 lawmakers tasked with shaping US defense policy that actively invest in military contractors.
- More than a dozen environmentally-minded Democrats who invest in fossil fuel companies or other corporations with concerning environmental track records.
- Members who regularly chide “the media” but personally pour their money into at least one of the nation’s largest news media or social media companies, including Facebook, Twitter, Comcast, Disney, and the New York Times Co.
- 16 lawmakers who buy and hold tobacco company stock, including some who have publicly fought smoking.
- Senators, House members, and top Capitol Hill staffers who will help decide whether the government regulates cryptocurrency — and are themselves invested in bitcoin and altcoins.
Congress passed one bill back in 2012, “The Stop Trading On Congressional Knowledge Act” STOCK
This isn’t a joke!
The act aimed to increase the transparency of Congressional financial reporting, especially for stock trades. Members have to report all the transactions immediately.
Check this out:
https://twitter.com/thisisinsider/status/1470512073767542784?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1470512073767542784%7Ctwgr%5E%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwelovetrump.com%2F2021%2F12%2F16%2Fnew-report-49-members-of-congress-violated-insider-trading-laws%2F
If the STOCK act as an actual deterrent, why the 74 Congress members stock the Moderna, J&J, and Pfizer in the first days of the C-19 outbreak.
There must be consequences for these violations: While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials. Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks, although neither has come to pass.
Business Insider reported:
”Sen. Dianne Feinstein (D-CA) took months to report her husband’s five-figure deal in a youth-focused polling company.
The Office of Congressional Ethics found a reason to think that Malinowski violated the rules and laws created to promote transparency and defend against conflicts.
It voted 5-1 to refer the findings to the Dems-led House Committee on Ethics.
Some other violations were made by:
- Rep. Mo Brooks ran for US Senate and failed to disclose a sale of Pfizer stock, $50,000.
- Rep. Dan Crenshaw disclosed several stocks trades late. They were made at the beginning of the pandemic.
- Rep. Brian mast was late disclosing that he had bought up to $100,000 in stock in an aerospace company.
- Rep. Kim Schrier was two months late disclosing that her husband bought one million in Apple inc., stock, Sludge, and Forbes shared.
- Rep. Tom Suozzi couldn’t file reports on 300 financial transactions.
- Rep. Peter Welch was late disclosing the sale of his wife’s ExxonMobil stock.
- Rep. Rob Wittman was late disclosing 4 of his stock transactions, including the J&J company.
- Rep. Alan Lowenthal was late disclosing his wife’s purchase of a corporate bond in cloud computing and tech company VMWare.
Everything is mixed up here. These are just the ones that we managed to highlight. All the members violated some ethical laws, only to profit from them.
Check this out:
The 23rd richest member of Congress, @RepFredUpton’s fortune mainly derives from an appliance company that his grandfather founded, @WhirlpoolCorp $WHR, which the congressman reported holding at least $1 million of stock in. https://t.co/dKHJGKCR0Q pic.twitter.com/9bIsfsh1vU
— Finance Insider (@FinanceInsider) December 15, 2021
The bulk of @JayObernolte's fortune stems from his ownership of FarSight Studios, a video-game company in Big Bear Lake, California, that he launched in 1988.https://t.co/JrbTVUJVVF pic.twitter.com/CzkPzciLf7
— Finance Insider (@FinanceInsider) December 15, 2021
The bulk of @MittRomney's wealth derives from his success @BainCapital $BCSF, a private-equity investment firm where he rose to CEO. And much of his fortune is in @GoldmanSachs $GS mutual funds. He’s the seventh richest member of Congress.https://t.co/xWtOkYYpi0 pic.twitter.com/YPlwwMnL9L
— Finance Insider (@FinanceInsider) December 15, 2021
Before venturing into politics, @MarkWarner, the senator and former VA governor, ran a VC firm and a telecom company. His wealth is divvied up among mutual funds, private-equity funds, and hedge funds, making him the sixth wealthiest member of Congresshttps://t.co/iNcvHhMhL4 pic.twitter.com/h131AWJlwE
— Finance Insider (@FinanceInsider) December 15, 2021
The Military-Industrial Complex reported on a couple of examples from 2020:
…at least 15 lawmakers who hold powerful positions on a pair of House and Senate committees that control US military policy have financial ties to prominent defense contractors that together were worth nearly $1 million in 2020
And throughout 2021, both Democrats and Republicans serving on the congressional Armed Services committees have continued to invest in or cash out of the most important players in the military and defense industry.
Some of the world-renowned weapons makers and defense-technology developers peppered across the committee members’ financial disclosures were Lockheed Martin Corp., Boeing Co., Raytheon Technologies Corp., Honeywell, and General Electric. All are companies that also annually spend millions of dollars lobbying the federal government to prod elected officials, shape policy, and win lucrative government contracts.
Atop the list is the 16-term Rep. Jim Cooper, a Democrat of Tennessee who chairs the House panel’s Strategic Forces Subcommittee. He reported owning up to $65,000 worth of stock in General Electric at the end of 2020, with up to $50,000 worth of it held in a tax-favored individual retirement account and up to $15,000 worth held in a brokerage account established for one of his children.
…at least 15 lawmakers who hold powerful positions on a pair of House and Senate committees that control US military policy have financial ties to prominent defense contractors that together were worth nearly $1 million in 2020
And throughout 2021, both Democrats and Republicans serving on the congressional Armed Services committees have continued to invest in or cash out of the most important players in the military and defense industry.
Some of the world-renowned weapons makers and defense-technology developers peppered across the committee members’ financial disclosures were Lockheed Martin Corp., Boeing Co., Raytheon Technologies Corp., Honeywell, and General Electric. All are companies that also annually spend millions of dollars lobbying the federal government to prod elected officials, shape policy, and win lucrative government contracts.
Atop the list is the 16-term Rep. Jim Cooper, a Democrat of Tennessee who chairs the House panel’s Strategic Forces Subcommittee. He reported owning up to $65,000 worth of stock in General Electric at the end of 2020, with up to $50,000 worth of it held in a tax-favored individual retirement account and up to $15,000 worth held in a brokerage account established for one of his children.
