At least 97 current members of Congress are suspected of using inside information to buy and sold stock from 2019 to 2021. (Screenshot from New York Times)
(ECNS) – The New York Times has reported that at least 97 current members of Congress are suspected of using insider information to buy and sell stocks from 2019 to 2021.
And according to an investigation conducted by The Wall Street Journal (WSJ)， thousands of federal officials were found to have been making decisions in their respective government agencies that had a direct effect on stocks they owned or traded.
WSJ’s analysis found that about 240 officials at health agencies and the Pentagon, a key player in the vaccine rollout, reported owning a total of between $9 million and $28 million in stocks of drug, manufacturing and biotechnology companies that won federal contracts related to Covid-19 in 2020 and 2021.
U.S. government officials use the Congress as a tool to make their fortunes, using insider information to trade stocks. The Covid-19 pandemic, Ukraine crisis and other global events have become their business opportunities.
Members of the Congress purchased energy and defense stocks prior to the Ukraine crisis and these stocks rose greatly after the U.S. announced it would provide military assistance to Ukraine.
These people cash in on insider information, which has violated U.S. Federal Securities Laws and destroyed public confidence and trust in a fair market.
Although the public supports the ban on their trading stocks and call on the Congress to legislate, the majority of both parties disagree to this proposal, with even Nancy Pelosi, speaker of the U.S. House of Representatives, publicly opposing such kind of ban.
Self-supervision of the Congress is hardly possible in the face of huge interests. In fact, in 2012, the Congress passed a STOCK Act to make it illegal for its members to engage in insider trading. However, it has showed very low deterrence due to its light punishment.
Either insider trading or money-manipulated President and Congress member election has proved that U.S.-style democracy is dominated by money, which protects the interests of the wealthy more than that of the ordinary people.
The Congress members, most of whom are millionaires, are desperate to win re-election, which further confirms that government decisions work for the rich.
U.S. politicians indulge in empty talk when canvassing but don’t care about the voters after they win elections. Those in power speculate and gain wealth by illegal means. The U.S.-style democracy which boasts freedom and fairness has already been kidnapped by money.