Preface: This is a followup to a post I made about the “Pelosi Provision”.
Some members criticized the post because I only included Nancy Pelosi, and they believed I was making a partisan post. I was quick to note that insider trading occurs on both sides of the aisle. For this followup post, I would like to make a “running list” of Representatives who have engaged in insider trading. Members are encouraged to add to the list, and I will edit the post.
Note: I recognize that insider trading was considered “legal”, and members of Congress still claim “immunity” from prosecution. Hereis a good link to read about the STOCK Act and insider trading.
List of Representatives who have engaged in Insider Trading:
- Nancy Pelosi (D-CA): “The former speaker and her husband have participated in at least eight IPOs, one of which was from Visa in 2008 – just as a troublesome piece of legislation that would have hurt credit card companies began making its way through the House. The Pelosis purchased 5,000 shares of Visa at the initial price of $44 dollars. Two days later it was trading at $64.” Source
- Shelley Capito (R-WV): “Just 12 days before the 2008 economic meltdown…[Capito] dumped between $100,000 and $250,000 of Citigroup stock on the 18th of November 2008 at $83 per share. The next day Citi stock fell to $64 per share.” Source
- John Boehner (R-OH/Former): “On Jan. 23, Boehner met Paulson for breakfast. Boehner would later report the rearrangement of a portion of his own financial portfolio made on that same day. He sold between $50,000 and $100,000 from a more aggressive mutual fund and moved money into a safer investment.” Source
- Spencer Bachus (R-AL/Former): “In one case, the day after getting a private briefing on the collapsing economy and financial system from Ben Bernanke and Hank Paulson, Rep. Bachus effectively shorted the market (by buying options that would rise if the market tanked.) A few days later, after the market tanked, Bachus sold his position and nearly doubled his money. Source
Note: I will be adding to this list when I have more time. This could turn into a long-term project because there are so many cases of insider trading.