US Congressman Ed Perlmutter, a Democrat from Colorado, is about to face many more questions about his clear questionable stock trading model.
The law in question is known as Stop Trading on Congressional Knowledge (STOCK) Act which, among other provisions, provides a 45-day window for members of Congress to report operations.
Peak previously reported on Perlmutter’s trading activities, specifically his propensity to trade actions that fall under the jurisdiction of a committee in which he sits (more on that later).
In August he comments a Business Insider, Perlmutter accused his accountant of a mistake, which resulted in the non-disclosure of two operations of his wife’s shares of Alibaba and Berkshire Hathaway.
Both transactions that Perlmutter failed to report correctly are intriguing for different reasons.
Nancy Perlmutter sold up to $ 15,000 in stock in an e-commerce company Alibaba Group Holding Limited. The company has ties to the Communist Party of China, for which it reportedly helped produce propaganda app. The disclosure shows that after its sale on June 14, it kept some shares in the company.
Nancy Perlmutter, a public school teacher who has spoken openly on his friendship with first lady Jill Biden, he also bought up to $ 15,000 worth of stock in Berkshire Hathaway, the holding company of billionaire Warren Buffett, on June 16.
Perlmutter acquired Alibaba stock following Biden’s election in November and again in May before deciding to dump the entire position in July with a likely loss.
Alibaba’s stock has been in crisis since the Chinese Communist Party and President Xi stepped up their crackdown on businesses, including Alibaba founder Jack Ma who only reappeared in October after months spent in a long “timeout” by his Communist overlords.
Investing in a Communist nation full of systemic fraud and led by someone who is consolidating power by cracking down on profits isn’t exactly a one-way ticket to generating big returns, so it’s hard to feel bad for Perlmutter there.
It is worth noting that Perlmutter became more optimistic about the Chinese company’s prospects after Biden’s election. It is doubtful that he would have made the same calculation if Trump had prevailed.
Mother of pearl Buy Berkshire stock on June 16, however, looks much more suspicious.
This is because the following week, June 24, the White House announced their support for the Senate’s bipartisan infrastructure law framework.
Berkshire Hathaway will benefit enormously from the infrastructure bill that is now headed for Biden’s desk.
Like the personal finance website the Mixed fool reported last April:
Spending of such epic proportions will be spread out in many different ways, but a great way to play the whole spike in spending could be Warren Buffett’s Berkshire Hathaway. Rail and transport companies occupy a prominent place in Berkshire Hathaway’s portfolio of subsidiaries – including America’s largest railroad, the BNSF, and private pilot service stations and large truck service stations. Manufacturing (like auto parts company Precision Castparts) is also a big chunk of Berkshire. And there’s the company’s sprawling energy and utilities business, which includes sizable stakes in renewable energy projects.
Did Perlmutter (or his wife, in this case) have advance knowledge of the Senate and White House infrastructure deal last June? It certainly looks like that.
There is one final nugget in this summer’s Perlmutter Periodic Transaction Report that is worth noting.
On July 6, we published a report on Perlmutter’s purchase of up to $ 15,000 of Alphabet (Google) stock in May 2021 and its scheme generally to charge large tech companies that fall within the jurisdiction of the House Committee on Science, Space and technology.
That House panel, where Perlmutter sits in Congress, is keenly aware of the as yet unpublished legislative information impacting the tech sector.
Our report also discussed the Speaker of the House and golden age sci-fi villain Pelosi, who gained national control in June when it was revealed that her husband exercised thousands of call options for buy $ 5 million of Alphabet stock.
It appears that Ed is an active Peak reader because the the day afterOn July 7, his wife completely dumped their entire investment on Google.
Note that the Perlmutters only held their Alphabet stock for less than two months before deciding to sell them on July 7th.
What could have changed? Nothing, aside from the fact that Ed realized their May Alphabet purchase was barely a month removed from Pelosi’s $ 5 million windfall.
Additionally, a Bloomberg report released hours after the market closed on July 7 revealed Pelosi’s husband made $ 4.8 million in profits from Alphabet options it bought prior to a key anti-trust vote of the House judiciary.
Is it a coincidence that Perlmutter’s wife liquidated their Google stock the same day the Democrats realized their Alphabet investments were going to be a political problem?
Unfortunately for Perlmutter, the STOCK Act is the same law designed to detect this type of potential wrongdoing.
Thanks to the disclosure rules, voters now know that Perlmutter has dumped his large tech holdings nach Peak reported on his penchant for trading technology companies that fall within the jurisdiction of his congressional commission.
If he’s embarrassed or just got caught in his immoral attempt to profit from his position in Congress, Perlmutter should explain to voters why.
As a new target for National Republicans, we expect Perlmutter to have ample opportunity to explain why the STOCK Act is causing him so much trouble.
Between the state congressional delegation, only Perlmutter and US Senator John Hickenlooper actively trade a wide range of individual stocks.
* EDITOR’S NOTE: In full disclosure, Business Insider is the same publication operated by SCUMBAG SCUMBAG SCUMBAG CEO Henry Blodget, which is permanently banned by the SEC from trading in securities.
Reminder that I will go to any show that invites me to attend. I want to scream from the rooftops for what’s going on here. This shouldn’t be political. Everyone should be outraged pic.twitter.com/MbGIk0SZGA
– Dave Portnoy (@stoolpresident) November 9, 2021
In the interest of truth and transparency, we have independently audited Perlmutter’s transactions reported by Business Insider, which may be accessible from the home employee’s website.