• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
1 Day After Pelosi Calls for Ban on Lawmaker Trading, Dem Blumenthal Busted for Shady Stock Moves

1 Day After Pelosi Calls for Ban on Lawmaker Trading, Dem Blumenthal Busted for Shady Stock Moves

February 11, 2022
SCOTUS Smacks Down Biden Judge’s Bid To Defy Order Allowing Deportations

SCOTUS Smacks Down Biden Judge’s Bid To Defy Order Allowing Deportations

July 3, 2025
Byron Donalds Breaks Down How Trump ‘Closed This Deal’ On His ‘Big, Beautiful Bill’

Byron Donalds Breaks Down How Trump ‘Closed This Deal’ On His ‘Big, Beautiful Bill’

July 3, 2025
Trump’s ‘Big, Beautiful Bill’ Just Changed The Game On Immigration

Trump’s ‘Big, Beautiful Bill’ Just Changed The Game On Immigration

July 3, 2025
Trump Admin Rushes To Find Homes For Animals Used For Experiments Under Biden

Trump Admin Rushes To Find Homes For Animals Used For Experiments Under Biden

July 3, 2025
SHERI FEW: It’s Time To Make Our Children Healthy Again, Starting With ADHD Reform

SHERI FEW: It’s Time To Make Our Children Healthy Again, Starting With ADHD Reform

July 3, 2025
Jefferies Calls Trump’s ‘Liberation Day’ An Actual  Recession Day’

Jeffries’ ‘Magic Minute’ Address Sets House Record 

July 3, 2025
Harvard’s Battle With Trump Admin May Break It

Harvard’s Battle With Trump Admin May Break It

July 3, 2025
Scott Bessent Reveals Where Treasury’s Hammer Will Be Dropping Next

Scott Bessent Reveals Where Treasury’s Hammer Will Be Dropping Next

July 3, 2025
Sentencing Law Backed By Dems, Activists Led To Explosion Of Repeat Offenders, AG Says

Sentencing Law Backed By Dems, Activists Led To Explosion Of Repeat Offenders, AG Says

July 3, 2025
Congress Passes ‘Big, Beautiful Bill’ in Major Win for Trump

Congress Passes ‘Big, Beautiful Bill’ in Major Win for Trump

July 3, 2025
‘Define Wins’: Dem Rep Spins Trump’s Victories After CNN Host Lists Off His Accomplishments

‘Define Wins’: Dem Rep Spins Trump’s Victories After CNN Host Lists Off His Accomplishments

July 3, 2025
Melania Trump Visits with Patients at Washington Children’s Hospital

Melania Trump Visits with Patients at Washington Children’s Hospital

July 3, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Thursday, July 3, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

1 Day After Pelosi Calls for Ban on Lawmaker Trading, Dem Blumenthal Busted for Shady Stock Moves

by Western Journal
February 11, 2022 at 1:05 pm
in News
250 2
0
1 Day After Pelosi Calls for Ban on Lawmaker Trading, Dem Blumenthal Busted for Shady Stock Moves

(Photo by Bill O'Leary-Pool/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Last year, Robinhood and GameStop took Wall Street on a wild ride and the side effects are still being felt.

In short, retail traders banded together through Reddit and decided to invest in GameStop in order to make money and troll the large hedge funds. This bloated the GameStop stock and caused top financial firms to lose billions of dollars, since they had bet against GameStop’s stock, the Associated Press reported.

Robinhood, an app used for amateur trading, got dragged into the fiasco since the traders used it to buy GameStop’s shares and inflate the stock. In the midst of the flurry, though, Robinhood suspended trading, Protocol reported.

In the aftermath, Congressional leaders called for an investigation into Robinhood.

Republican Sen. Ted Cruz, New York Rep. Alexandria Ocasio-Cortez, and Sen. Richard Blumenthal of Connecticut were among the congressmen calling for an investigation into Robinhood’s practices.

However, it has been discovered that Blumenthal and his wife sold between $1,265,000 and $2,550,000 worth of shares of Robinhood in the last quarter of 2021, the Washington Free Beacon reported.

So while he was calling for an investigation into the trading app, Blumenthal was simultaneously making money from his shares in the company.

According to financial disclosures, a limited liability corporation — the Malkin fund, which is overseen by Blumenthal’s in-laws — bought and then sold shares of Robinhood on behalf of Blumenthal’s wife in February, October, November and December 2021, the Daily Caller reported.

These trades came to light because Blumenthal failed to report the December trades in a timely fashion. This is an apparent violation of the 2012 Stop Trading on Congressional Knowledge Act, which is a federal law that mandates lawmakers to report financial activities and trades.

Congressional lawmakers like Blumenthal have been under extraordinary scrutiny concerning trades and finances since dozens of congressmen were found violating the STOCK Act.

In January, Insider reported that at least 55 members of Congress had failed to properly report their financial trades.

In response to these violations of the STOCK Act, Speaker of the House Nancy Pelosi announced that Democrats were looking into potential laws that could ban lawmakers from stock trading, CNN reported.

“We’ve tasked the House Administration Committee to review the options that members are putting forth,” Pelosi said. “We’ll go forward with what the consensus is.”

This comes amidst a bipartisan push in Congress to ban lawmakers from trading while in office, since there is the natural risk of insider trading.

Already in January, Pelosi asked the House Administration Committee to consider enforcing higher fees and restrictions for congress members and aides who violate the STOCK Act.

“We have to tighten the fines on those who violate the STOCK Act. It is not sufficient to deter behavior,” Pelosi said.

In the midst of this fight to eliminate conflicts of interest and insider trading, Blumenthal appears to have a very clear conflict of interest by not reporting his sales of the Robinhood stock in time.

“The Blumenthals sold between $265,000 and $550,000 worth of Robinhood shares on Dec. 8 but did not disclose it until 56 days later, on Feb. 2,” the Washington Free Beacon reported.

It is possible that Blumenthal was entirely unaware of his trades and shares in Robinhood, however.

According to The Free Beacon, “A spokeswoman previously told the Washington Free Beacon that the senator is not always aware of trades made through the Malkin family investments.”

This article appeared originally on The Western Journal.

Tags: CongressNancy PelosipoliticsRichard Blumenthal
Share196Tweet123
Western Journal

Western Journal

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th