Richard Burr, chairman of the Senate Intelligence Committee, sold off $1.7 million in stocks two weeks before the pandemic and the subsequent market downturn. Markwayne Mullen, a Republican Senator from Oklahoma, recently bought approximately $50,000 worth of Raytheon stock. He sits on the Senate Armed Services Committee. His portfolio soon thereafter went up 30%.
A group of friends have launched Autopilot, a program that tracks stock buys of various members of Congress. Trades must be reported within 45 days, and you can then make the same buys.
For example, Autopilot tracks Rep. Dan Crenshaw of Texas (up 41%). The founders of Autopilot say their goal is to stop members of Congress from stock trading. It is now legal, although trading on inside information is illegal. Hardly anyone is ever punished for that, however.
See Jack Truesdale, The New Yorker, (June 3, 2024), p. 13.
No comments:
Post a Comment