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Source: AP Photo/Julio Cortez
Democrat congressman Tom Malinowski (D-NJ) is facing ethical grievances for failing to disclose stock trades, which is a violation of federal law. Two different nonpartisan ethics groups, the Foundation for Accountability and Civic Trust (FACT) and the Campaign Legal Center both called on the Office of Congressional Ethics to launch a probe into Malinowski, Business Insider reported. The congressman is said to have failed to disclose $671,000 in stock trades.
“When members of Congress trade individual stocks and fail to disclose those trades, they break the law and diminish the public’s trust in government,” Campaign Legal Center lawyers Kedric Payne and Delaney Marsco wrote to the Office of Congressional Ethics. “Rep. Malinowski repeatedly failed to comply with this requirement for over two years. He describes this omission as an oversight even though he is an experienced investor and former political appointee who has been subjec
U.S. House Speaker Nancy Pelosi came under criticism due to the contents of her financial disclosure in January 2021. Claims were issued that Pelosi purchased Tesla stocks a day before U.S. President Joe Biden announced his bid to shift the federal fleet to all-electric vehicles.
There were multiple reports that Pelosi made a $1 million investment in the electric vehicle company prior to Biden s announcement, according to The Oregon Conservative report. The purchases could have been done by Pelosi or her husband Paul, who runs a venture capital firm.
The House speaker was reported to paid between $500,000 and $1 million for the options, with an expiration of March. 18, 2020, according to a Bezinga report.
The federal government has more than 645,000 cars in its fleet.
“It’s corrupt and unacceptable for members of Congress, particularly the speaker, to trade stocks in companies affected by their votes in Congress,” said John Pudner, executive director of TakeBack.org, a conservative political reform organization focused on pay-to-play corruption.
“Elected leaders from all political parties should live up to a standard of ethics that ordinary Americans see as vital to the country,” Mr. Pudner said Thursday.
A recent financial disclosure report by Mrs. Pelosi showed the couple had made 25 stock market maneuvers, known as call options, which will allow Mrs. Pelosi to buy Tesla at $500-a-share up to March 2022. The amount of the investment was as much as $1 million.
Pelosi could cash in on Biden electric vehicle plan Print this article
The latest financial disclosures of House Speaker Nancy Pelosi include a recent stock option buy that could result in a financial windfall for the California Democrat thanks to a Biden administration electric car executive order just issued.
According to the disclosure, the California Democrat (or her husband, Paul, who heads up a venture capital firm) purchased 25 Tesla call options. The options were purchased at a stake price of $500 and expire March 18, 2022. The speaker bought between $500,000 and $1 million in options.
Since the call options were purchased back in December, Tesla shares have risen from $640.34 to over $890. The options are now worth $1.12 million.
AP Photo/Jacquelyn Martin
Nancy Pelosi’s latest financial disclosures, revealed over the weekend, show that she purchased 25 Tesla call options with a $500 strike price and an expiration date of 3/12/2022 on December 22, 2020, paying between $500,000 and $1 million for the option.
There were other purchases of AllianceBernstein Holdings, Apple, and Walt Disney on the disclosure, but the Tesla purchase is raising eyebrows, as Chris Katje of Yahoo! Finance noted, “as arguments could be made that the companies stand to benefit from new President Joe Biden’s agenda.”
Why is this important? The ethical issue surrounding members of Congress buying individual stocks is hardly new. Former Georgia Senator David Perdue was accused of unethical stock purchases while he was in Congress. He was, however, investigated and cleared of wrongdoing. Former Congressman Chris Collins (R-N.Y.), however, was sentenced to 26 months in prison for giving his son an illegal stock tip about an Austra