Tag Archives: insider trading

Fresh Calls for Stock Trading Ban After US Lawmakers Beat Market in 2023

“Members of Congress should not be allowed to trade stock,” said one former congressional candidate. “It’s corruption.”

By Jessica Corbett. Published 1-3-2024 by Common Dreams

Screenshot: Yahoo Finance

A financial watchdog group on Tuesday released its annual report on congressional stock trading, which shows that “Congress blew the market out of the water” in 2023, fueling fresh calls for a ban targeting U.S. lawmakers and their immediate family members.

“Members of Congress shouldn’t be allowed to trade stocks of the companies they regulate for the same reasons referees aren’t allowed to bet on the games they officiate,” Melanie D’Arrigo, a former Democratic congressional candidate who is now executive director of the Campaign for New York Health, said in response to the Unusual Whales report.

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US Lawmakers With Pipeline Stocks Profit as Gas Exports to Europe Soar

“Members of Congress who own stock in pipeline companies like Enterprise Products stand to profit from the push to export liquid fossil gas amid Russia-Ukraine tensions,” according to a new investigation.

By Kenny Stancil.  Published 2-10-2022 by Common Dreams

The LNG taker Rivers arrives in Brest. Photo: Pline/Wikimedia Commons/CC

Amid escalating tensions between Russia and Ukraine, which could have far-reaching implications for energy markets in central Europe, U.S. President Joe Biden has increased gas exports to Germany and surrounding countries, benefiting members of Congress who own—and are buying up more—stock in pipeline and tanker companies.

That’s according to new reporting published Wednesday by the nonprofit investigative outlet Sludge, which previously identified at least 28 U.S. senators and 100 House members whose households own stock in oil and gas companies or hold other investments in the fossil fuel industry. Continue reading

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‘A No-Brainer’: Lawmakers Urge Pelosi to Hold Vote on Stock Trading Ban

“Perhaps this means some of our colleagues will miss out on lucrative investment opportunities,” said House members in a bipartisan letter. “We don’t care.”

By Jessica Corbett  Published 1-24-2022 by Common Dreams

Photo: Gage Skidmore/flickr/CC

A bipartisan group of U.S. lawmakers on Monday urged the top Democrat and Republican in the House of Representatives to “swiftly bring legislation to prohibit members of Congress from owning or trading stock” to the floor.

The call came in a letter to House Speaker Nancy Pelosi (D-Calif.)—who has faced criticism for defending her husband’s trades and existing rules—and Minority Leader Kevin McCarthy (R-Calif.), who is reportedly considering enacting a ban on lawmakers trading if the GOP wins control of the chamber in this year’s midterms. Continue reading

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SEC Launches Probe Into Kodak After Warren Raised Questions Over Lucrative Covid-19 Deal With Trump

“If investors or Kodak employees were trading based on the unauthorized disclosure or discussion of nonpublic information, then it would appear to be a clear violation of securities law. The SEC should hold them accountable.”

By Jake Johnson, staff writer for Common Dreams. Published 8-4-2020

Photo: Gage Skidmore/Wikimedia Commons/CC

The Securities and Exchange Commission on Tuesday reportedly launched an investigation into Kodak after Sen. Elizabeth Warren demanded a probe of possible insider trading at the tech company, which gifted its CEO nearly two million stock options just a day before President Donald Trump last week handed the company a $765 million federal loan to produce generic pharmaceuticals to combat Covid-19.

“Good,” Warren tweeted in response to reports of the SEC’s investigation. “If investors or Kodak employees were trading based on the unauthorized disclosure or discussion of nonpublic information, then it would appear to be a clear violation of securities law. The SEC should hold them accountable.” Continue reading

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New Report Finally Exposes Congress’ Secret Weapon for Insider Trading

By James Holbrooks. Published 9-27-2017 by The Anti-Media

Photo: Kevin Hutchinson (Flickr) [CC BY 2.0], via Wikimedia Commons

It’s rare that we get a glimpse into how the machine actually operates, but POLITICO just gave us one. The findings of an investigation by the news agency, published Monday, reveal that congressional staffers may play a far larger role in greasing the engine of American government than one might assume. From the article by Maggie Severns:

“A POLITICO review of federal disclosures for 2015 and 2016 found that some senior aides regularly buy and sell individual stocks that present potential conflicts of interest with their work. A smaller number of staffers trade in companies that lobby Congress and the committees that employ them. In all, approximately 450 aides have bought or sold a stock of more than $1,001 in value since May 2015.

“That’s likely just the tip of the iceberg, since most congressional aides aren’t required to report their trades. Only those in positions earning more than $124,406 per year must reveal their investments. Of the 12,500 staffers working for lawmakers, committees and leadership offices, only about 1,700 make that much, according to data compiled by Legistorm and the Brookings Institution.” Continue reading

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