Pelosi's stocks up 50% in 2023!, (S&P is up 17%) Other members of Congress also cash in while reform stalls

Go to Congress. Get rich using privileged information. Seems fair.

The Daily Beast just reported that Congressman Mike Garcia (R-CA) sold some of his Boeing stock right before his congressional committee issued a derogatory report on the company and its 737 jet. The trade doesn’t look good, but in the end it is unlikely to amount to much for the congressman.

This particular trade is getting some attention largely because Mr. Garcia is in California and in a very tight swing district. But there are probably many instances like this across both parties if folks look hard enough. This is no excuse for what could be an abuse of Garcia’s position of course. We are just making the point that on the Hill this sort of trading has been widespread and accepted for a long time.

Congress plays by very different investing rules than you and me.

(From The Daily Beast)

In August 2020, Rep. Mike Garcia (R-CA) sold up to $50,000 in shares of aerospace giant Boeing, weeks before his committee released the damning results of its investigation into deadly crashes involving the company’s 737 Max airliner…

…Garcia blew the mandated deadline to report the transaction, only filing the paperwork on Nov. 23—more than two months after the 45-day reporting window had closed. When he finally did disclose the sale, it was two weeks after the 2020 general election votes were cast, and three days after Garcia declared victory.

By the way, if you want to follow what Congress is trading Capitol Trades is a great resource.