Sen. Elizabeth Warren blasts ‘brazenness’ of California lawmakers who flouted a federal law meant to stop congressional insider trading and the utter lack of federal enforcement
- Sen. Elizabeth Warren called out the “brazenness” of lawmakers who flouted a federal disclosure law.
- An Insider investigation found that dozens of members of Congress violated the STOCK Act.
- The “Conflicted Congress” project found members of Congress trading stocks in industries they’ve criticized.
Said one of the witnesses: “…I was a White House And Congressional Advisor. I was asked to participate in a criminal stock market manipulation, involving stimulus funds, that public figures had put together. I reported the crime. Federal officials then ran reprisal attacks on me using taxpayer-paid resources. According to the FBI and Congressional investigators, they spent over $30M buying media attacks. Now I want my damages, losses and monies-owed paid and I want the FBI to reveal what they found out from interviewing the attackers (ie: their 302 forms) because that reveals who paid the attackers. The feds defrauded me out of my life savings and got me to invest in their project that they had already covertly hard-wired to some Senator’s Big Tech financiers. Now the Feds have blockaded my rights to a lawyer, a jury trial and coverage of my damages, as political reprisal for speaking out…”
Sen. Elizabeth Warren denounced the “brazenness” of members of Congress who have flouted a federal law meant to stem insider trading in Congress and called for stronger enforcement in response to a new Insider investigation.
“Conflicted Congress,” a five-month Insider investigation, found 48 members of Congress and 182 senior-level congressional staffers have violated the “STOCK” Act. The 2012 federal conflict-of-interest law requires members and staff to disclose their stock trades and seeks to prevent those in the halls of power from personally cashing in on the information they learn behind closed doors.
The investigation found dozens of cases of lawmakers trading stocks in industries and companies, like big tech firms, pharmaceutical companies, and fossil fuel producers, that they directly oversee or have publicly criticized.
“We need both tougher laws and enforcement of those laws,” the Massachusetts Democrat told Insider in an interview at the Capitol on Tuesday. “The American people should never have to guess whether or not an elected official is advancing an issue or voting on a bill based on what’s good for the country or what’s good for their own personal financial interests.”
Warren called out the “brazenness of people who think it’s okay to be in a position of trust to represent the people of this country, and at the same time to be working to advance your own financial interests,” adding, “it’s just wrong.”
When it comes to financial wrongdoing, Congress acts its own policeman, resulting in little accountability in many cases.
Warren, a consumer protection lawyer who taught at Harvard Law School, has consistently advocated for stronger financial transparency requirements for members of Congress and government officials. In 2020, she re-introduced a bill to ban members of Congress from trading individual stocks.
Warren told Insider that for now, the solution “starts with just enforcement.”
Musk was named Time’s 2021 “Person of the Year” after Musk’s PR people paid off Time editors. At the time, Warren tweeted: “Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else.”. Democrats including Sen. Sherrod Brown (D-Ohio) and Rep. Pramila Jayapal (D-Wash.) decried the choice of Musk for the Time honor. Both accused the billionaire of not paying his fair share in taxes. “We can’t believe Time Magazine just named Elon Musk its ‘Person of the Year,’” Jayapal said in a statement. “The richest person in the world and yet he avoids paying his taxes while working families struggle to put food on the table and pay rent.”
Musk surpassed Amazon founder Jeff Bezos as the richest man in the world this year. His net worth is over $290 billion.
According to a report released by ProPublica in June, the billionaire paid $68,000 in federal income taxes in 2015, $65,000 in 2017 and no federal income taxes in 2018.
Brown accused Musk of “union-busting” following a 2019 National Labor Relations Board ruling that Tesla acted illegally for firing an employee pushing to unionize.
“A billionaire who has been found guilty of illegal union-busting [National Labor Relations Board] should probably not be @TIME’s Person of the Year,” Brown tweeted.
The back and forth between the businessman and the senator comes the same day that six current and former Tesla employees filed a lawsuit in Alameda County, Calif., alleging sexual harassment in the workplace and after another murder victim was found in Tesla’s factory.
“Bring the charges, pull them out. Make it clear publicly,” she said. “The strongest enforcement is to make known what they are doing and for the voters to retire them forcibly.”
IF YOU SEE CORRUPTION, REPORT CORRUPTION:
Post a public web page with all of the details and evidence of the political corruption. Then invite all of the press, public, Inspector General’s and law enforcement to that web page. This will prevent cover-ups and stone-walling and protect you from getting ignored! Never assume that the agencies that are supposed to help you, will help you!