U.S. politician reports dozens of suspicious stock trades after violating law
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The stock trading activity of United States Congress members has generally generated interest among the public, primarily because of the potential misuse of insider information to make market bets. Although the laws allow lawmakers to trade, they are required to adhere to the STOCK Act (Stop Trading on Congressional Knowledge Act). The act stipulates that Congress members must disclose their stock transactions within 45 days and prohibits leveraging insider information. However, in what can be considered a violation of the law, Representative John James from Michigan disclosed his trade almost a year after the transaction. Notably, data shared by charting platform TrendSpider in an X post on September 6 indicated that the politician disclosed his purchases in multiple companies on September 2 in transactions initiated on November 10, 2023. Stock trading disclosure by Rep. John James. Source: TrendSpider James purchased notable equities, including technology giants Microsoft (NASDAQ: MSFT) and Apple (NASDAQ: AAPL), alongside a stake in Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A). According to the data, all the transactions accounted for values ranging from $1,000 to $15,000, except for Microsoft, which was allocated between $15,000 and $50,000. Rep. James’ other trades Overall, another data set retrieved from Congress trading tracker Quiver Quantitative suggested that the politician elected in 2023 registered 146 trades, accounting for a volume of $1.19 million. In the meantime, the lawmaker’s primary preference is healthcare stocks, which account for 26 trades, followed by financials. Interestingly, this approach partly deviates from trading patterns by his colleagues, who prefer defense and technology stocks. The trading volume of Rep. John James. Source: Quiver Quant Congress’s trading has seen some politicians stand out, reaping significant profits, with former House Speaker Nancy Pelosi ranking among the most successful traders. Despite Pelosi’s track record, the latest data shows her prowess might be waning…
Filed under: News - @ September 8, 2024 4:24 pm