Rep. Tom Malinowski (D-NJ) secretly made $1 million in investing in medical companies that were part of the response to the COVID-19 pandemic.
He might have been acting on inside information because he did declare the money he made on the stock, telling me he wanted it kept a secret.
To make matters worse, Malinowski had criticized companies that made money from the pandemic.
Pot meet kettle. “This is not the time for anybody to be profiting off of selling ventilators, vaccines, drugs, treatments, PPE, anywhere in the world,” Malinowski told PMSDNC. I guess he feels he is the exception to the rule.
If he made the money legally and without bending any ethics rules, why did he not report the money?
Not that it matters, he is a Democrat and won’t have to face the consequences.
MarketWatch reported:
Since early 2020, Malinowski has bought or sold as much as $1 million of stock in medical and tech companies that had a stake in the virus response, according to an analysis of records by The Associated Press. The trades were just one slice of a stock buying and selling spree by the congressman during that time, worth as much as $3.2 million, that he did not properly disclose.
The issue of congressional stock trading took on a new urgency last year when at least three senators were the subject of inquiries about whether they made financial decisions based on insider information. Though no one was charged, their dealings stirred outrage and highlighted the limitations of the Stock Act, a 2012 law intended to curtail stock market speculation by lawmakers.
Malinowski’s trades received little attention at the time. Yet his subsequent failure to report his trading activity to Congress as required by law, which was first reported by Business Insider, have made him the latest to face scrutiny, with two complaints filed against him with the Office of Congressional Ethics.
He also engaged in short-selling stocks at a time when he knew who the government would be helping financially during the pandemic.
He knew which stocks would suffer and which ones would recover.
