Published on 30 Apr 2024 on Insider Monkey via Yahoo Finance
Democrats and Corporate Insiders are Buying These 10 Stocks
In this article, we will take a detailed look at Democrats and Corporate Insiders are Buying These 10 Stocks. For a quick overview of such stocks, read our article Democrats and Insiders are Buying These 5 Stocks.
Ethical questions and concerns related to politicians trading stocks grew louder during the pandemic, where analysts saw various cases of Congress members and Senators buying or selling stocks directly impacted by the coronavirus crisis. A research paper titled "Failures of the STOCK Act and the Future of Congressional Insider Trader Reform" says that in February 2020, Senator Richard Burr sold stocks worth between $628,000 and $1,720,000, while his brother in-law dumped stocks worth between $97,000 and $280,000. But what's wrong with selling stocks? The research paper highlights that the Senator had received special briefings on the COVID-19 crisis and attended a meeting with former Center for Disease Control Director Robert Redfield and Dr. Anthony Fauci a few days before these stock sales. The Senator allegedly foresaw the crisis brewing and sold his stocks to avoid a selloff that stuck the US stock market hard.
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