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Insider Trading Concerns Raised After Report Shows Democrat Members of Congress Crushed the Stock Market in 2023

  • by:
  • Source: Bongino
  • 01/04/2024
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In the least surprising news you’ll read all day, a new report confirms that (mostly Democrat) members of Congress continued to outperform the stock market - a feat that the overwhelming majority of hedge funds fail to do. 


According to Unusual Whales, which assembled the report:
 
The S&P 500 had a great year, up 24.23% (SPY itself is up 24.81%). However Democrats came out on top significantly, due to their heavy tech portfolios. Republicans only returned around 18%, which is still great. They underperformed as an aggregate because their portfolios are mainly in financials, oil, and commodities, which had a difficult year due to the banking collapses and high rate hikes.


 

Nevertheless, this is pretty incredible, that Democrats dominated their Republican counterparts significantly. Let’s break it down by member:


 

Over a decade ago, Congress passed the “STOCK Act” as an attempt to crack down on Congressional insider trading, which was completely legal before it. One key provision of the Act requires members of Congress to disclose any stock trades made by themselves, spouses, or a dependent child. At least 78 members of Congress have been identified in violation of the Act - and there’s not much consequences they can possibly face, outside of a standard $200 fine.

Even a literal slap on the wrist would be a harsher punishment.

Matt Palumbo is the author of Fact-Checking the Fact-Checkers: How the Left Hijacked and Weaponized the Fact-Checking Industry and The Man Behind the Curtain: Inside the Secret Network of George Soros


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Photos by Getty Images
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