How is this even legal?
Martha Stewart did something similar to this and she ended up in jail.
Speaker of the House Nancy Pelosi purchased 25 call options of Tesla Inc, a company that makes electric cars.
It is a suspicious purchase because she will benefit financially if Congress passes Biden’s green energy agenda.
Biden’s plan for electric vehicles would lift the cap on sales, give buyers tax credits, and also he also plans another round of cash-for-clunkers to push consumer to buy electric vehicles.
Pelosi now has a financial interest to make sure Biden’s green energy reforms are passed in Congress.
US Senator Jeff Merkley (D-OR) has co-sponsored legislation to ban members of from adding individual stocks while they are serving in congress but, let’s be honest that bill has no chance at seeing the light of day.
In 2020 four US senators were accused of doing the same style insider trader.
CNBC reported:
Four U.S. senators were accused in March of using insider information about the coronavirus pandemic to profit in the stock market.
A couple of months later, the investigations into Sens. Kelly Loeffler, R-Ga., Dianna Feinstein, D-Calif., and James Inhofe, R-Okla., were closed. Sen. Richard Burr, R-N.C., stepped down as chairman of the Senate Intelligence Committee amid the allegations.
Investigators found no wrongdoing.
“Tonight, the Department of Justice informed me that it has concluded its review of my personal financial transactions conducted early last year. The case is now closed,” Burr said in a statement.
Burr was under the most scrutiny because he sold off $1.7 million in stocks from travel companies after he received several coronavirus briefings. A few weeks after he sold the stocks they crashed because of the coronavirus pandemic.
In 2012, the Stop Trading on Congressional Knowledge Act was passed but it appears Congress left themselves some loopholes.
This is how the rich get rich and the swamp stays swampier.
CNBC | Yahoo Finance | NPR
