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It's one thing to be exempt from trader insider laws as a member of Congress, but it's another thing to not disclose tens of thousands of dollars you made off the stock market.
Rep. Tommy "Sack o' Walnuts" Malinowski (D-NJ) actually had the cajones to campaign on "reforms to limit the role of money in politics.” That being said, Tommy "forgot" to disclose dozens of stock trades he made in possible violation of the federal STOCK Act, according to a report. [H/T Breitbart News]
Malinowski's 2020 trades included over two dozen buys and sells in the first weeks of the COVID-19 pandemic, and was revealed in a 5-page spreadsheet his office disclosed Wednesday after he was asked by a reporter about his stock activity.
The data contains trading information he didn't reveal publicly on the House website, as the law requires.
Tommy cashed in no less than $671,000 and around $2,760,000 in his 2020 trades.
Federal records indicated that Malinowski also made dozens of other stock trades throughout 2019 but "forgot" to publicly disclose them within the legally required 30- to 45-day disclosure window — and "forgot" to file periodic transaction reports for them.
Malinowski disclosed these 2019 stock trades in August as part of an annual personal financial-disclosure report that all members of Congress must file.
Malinowski campaigned in 2019 on “reforms to limit the role of money in politics and increase transparency to ensure regular people — not corporations or special interests — have the strongest voices in Washington.” That's the pot-and-kettle strategy politicians have used even before the Ides of March.
Malinowski isn’t the only Democrat caught in a stock trade mess that only supports the notion that people in Congress and their immediate families, should not be allowed to trade stocks.
Members of Congress must report the value of their stock assets only in broad ranges, which makes a precise total elusive.
“Filing these disclosures late was an oversight that he is taking steps to correct,” Colston Reid, Malinowski’s chief of staff, and personal enforcer, said nervously.
“This was not an effort on the part of the congressman to conceal any trade activities,” Malinowski’s spokesperson, Amanda Osbourne, lied, separately.
“Filing these disclosures late was an oversight that he is taking steps to correct,” Colston Reid, Malinowski’s chief of staff, and personal enforcer, said nervously.
“This was not an effort on the part of the congressman to conceal any trade activities,” Malinowski’s spokesperson, Amanda Osbourne, lied, separately.
The congressman did not make his own trades but instead “has a financial advisor that makes trading decisions on his behalf without his regular input.”
The Twitter-sphere went ballistic with calls for all congressional members to be banned from trading stocks while in office. Here are a few:
Ban members of Congress from trading stocks. https://t.co/CHaq5ppr8gHave you noticed how our "civil servants" are cashing in on what they know that we don't know?
— Walter Shaub (@waltshaub) March 5, 2021
It’s time to ban all Members of Congress from trading stocks in individual companies affected by their official duties.https://t.co/W0wYKC9qe0
— Richard W. Painter (@RWPUSA) March 5, 2021
Federal records indicated that Malinowski also made dozens of other stock trades throughout 2019 but "forgot" to publicly disclose them within the legally required 30- to 45-day disclosure window — and "forgot" to file periodic transaction reports for them.
Malinowski disclosed these 2019 stock trades in August as part of an annual personal financial-disclosure report that all members of Congress must file.
Malinowski campaigned in 2019 on “reforms to limit the role of money in politics and increase transparency to ensure regular people — not corporations or special interests — have the strongest voices in Washington.” That's the pot-and-kettle strategy politicians have used even before the Ides of March.
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| Tommy "Sack o' Walnuts' |
Et tu, Tommy?
But Malinowski isn't the loner miscreant caught in stock trade
But Malinowski isn't the loner miscreant caught in stock trade
Malinowski isn’t the only Democrat caught in a stock trade mess that only supports the notion that people in Congress and their immediate families, should not be allowed to trade stocks.
House Speaker Nancy "Dancing Hands" Pelosi’s (D-CA) husband, Paul Pelosi, in December spent up to $1 million into call options for stock of the electric vehicle company Tesla. Nancy Pelosi has previously pushed for more electric vehicles and environmentally friendly transportation options. If that isn't a conflict of interest, you're not paying attention.
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| Pelosi shows off her designer ice cream stash in her $22,000 freezer as people suffer from the pandemic |
Rep. John Yarmuth (D-KY) bought cannabis industry stock while advocating for legislation that could increase its value, Judd Legum of Popular Information reported. Yarmouth has not yet gotten over the munchies.
Sen. Dianne Feinstein (D-CA) "failed" to disclose stock trades ahead of the coronavirus-related market collapse. On the plus side, California removed her name from a school as part of the cancel culture lunacy.
Sen. Dianne Feinstein (D-CA) "failed" to disclose stock trades ahead of the coronavirus-related market collapse. On the plus side, California removed her name from a school as part of the cancel culture lunacy.
All the above are Democrats but that is not to claim Republicans in Congress are angels. It's just so much easier to find the left with their sticky fingers in the cookie jar, and overall, it's a lot more prevalent on the left.
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