Posted on 03/17/2022 7:03:05 PM PDT by MarvinStinson
Sen. Richard Blumenthal (D., Conn.) is denying that he owns individual stocks even after he disclosed that his family’s investment fund bought millions of dollars worth of shares earlier this year.
Blumenthal, one of the richest members of Congress, claimed last month that he does not own stocks. But Blumenthal disclosed to the Senate Ethics Committee earlier this month that an investment fund controlled by his wife’s family bought between $1 million and $2 million in shares of four tech companies on Jan. 31, days before he denied owning any stocks. Asked about the apparent contradiction on Tuesday, Blumenthal’s office insisted to the Washington Free Beacon that he does not own any private stocks and that neither he nor his wife conducted any of the trades in his family’s portfolio.
Blumenthal’s denial appears to rest on the claim that his wife is the true owner of the stock portfolio. But the head of the watchdog group Foundation for Accountability and Civic Trust rejects that defense.
"There is no distinction between him owning individual stocks and the family trust owning them, which is proven by the fact that he must disclose them," said Kendra Arnold, the executive director of the foundation.
The Blumenthals’ trades come amid a bipartisan push to ban members of Congress and their spouses from owning stocks in order to prevent insider trading. Blumenthal has said that he supports a ban on members of Congress owning shares of individual companies.
The Blumenthals purchased between $250,000 and $500,000 each of Microsoft, Amazon, Intel, and Google parent company Alphabet, according to disclosures filed on March 3. The trades were conducted through an investment fund controlled by Blumenthal’s in-laws, a wealthy real estate family in New York.
The holdings pose a potential conflict for Blumenthal, who serves on both the Senate Commerce and Judiciary Committees, which have worked on legislation related to tech companies. Blumenthal cosponsored a bill this year that would tighten regulation on some tech firms.
Three of the tech companies in Blumenthal’s portfolio have contributed to his campaign. Microsoft has contributed $16,000 to Blumenthal’s campaign and his leadership PAC since 2017, according to Federal Election Commission records. Intel gave $2,500 to Blumenthal’s leadership PAC in 2020, while Amazon contributed $5,000 to his campaign in 2016.
"Anytime there is overlap between congressional business and personal financial investments, it raises serious conflict of interest concerns," Arnold told the Free Beacon.
Blumenthal first denied owning individual stocks after the Free Beacon reported last month that his family fund sold between $1,265,000 and $2,550,000 worth of shares of Robinhood, the controversial online brokerage company. Blumenthal failed to disclose some of the transactions within the 45-day deadline required by the STOCK Act. His family fund purchased some of the Robinhood shares on the same day that Blumenthal called for congressional investigations into the company’s role in the "meme stock" trading frenzy. Blumenthal did not open an investigation himself, even though he is a chairman of a Senate subcommittee for consumer protection.
Blumenthal has not said whether he supports legislation to ban congressional spouses from owning stocks. He has also not addressed how he will handle his family investment fund.
A spokeswoman for Blumenthal said he has "consistently supported" a ban on members of Congress from owning or trading individual stocks.
"Senator Blumenthal owns no individual stock—including stock in Amazon, Alphabet, Intel, or Microsoft. He had nothing to do with these stock trades. Neither he nor his wife had any control over these transactions," Maria McElwain, the Blumenthal spokeswoman, told the Free Beacon.
She did not respond to follow-up questions about who owns the investment portfolio or whether Blumenthal also supports a ban on spouses from owning individual stocks.
He is a habitual lying SOS.
He also claimed he was unaware that an event he spoke at and and gave an award to the organization while praising it in his speech was a communist party organization.
He seems to be unaware of a lot.
Connecticut will probably elect him yet again.
“In 1982, he married Cynthia Allison Malkin.[28] She is the daughter of real estate investor Peter L. Malkin. Her maternal grandfather was lawyer and philanthropist Lawrence Wien.[29]”
So he is a gigolo, but not quite in JF’nK’s league?
At a 2008 event Blumenthal claimed he served in Vietnam. While he did serve in the Marine Reserve, he never served overseas. Another big lie.
I think he picked up that trait BEFORE he served in Viet Nam .../s
DaNang Dick is a liar? Who knew?
Whatever a Democrat says the opposite is true!
US Senator. Democrat US Senator. Very wealthy Democrat US Senator.
No problemo. Slick Dick Blumenthal will simply invoke his Sovereign Immunity and get on with business as usual.
Power & Money = More Money & Power = Even More Power & Money
That my friends is why the run for office and why they try to stay in that office until they die.
Sure, someone staying in a hotel room is what they had in mind.
Meanwhile the congress has excepted themselves from insider trading laws and profited immensely from the privileged information they get behind closed doors. As I tell my daughter, look at how much money these lifelong politicians have and compare it to their relatively modest public salaries and ask yourselves "how could they ethically get all that money"
Technically he gives money to his financial advisor and the advisor determines what stocks to purchase. It’s quite likely he has no clue about his stocks or any of his financial assets since he’s a complete dufus. He’s a member of the stupid rich class that just gives their money to trusted con men like Bernie Madoff and never try to draw it out unless they are using it pay off campaign expenses which allows them to hide the gains from the IRS. I doubt he would be smart enough to recognize an insider trade deal if it bit him on the...
Well, well. Blumenthal is not only a lying leftist “Stolen Valor” fraud, he’s also a lying crook and psychopath. Guess that’s why the leftist schmucks of Connecticut elected him - their favorite type of psychopath.
DaNang Dick is a liar? Who knew?....................... Uhhh? Da Nang? .......................... I heard it was really Kao Dung.
It needs to be said.
Hanoi jane spent more time in Vietnam than Blumenthal
Maybe he’s having flash backs of Vietnam? Maybe thinks one of those stuffed teddy bears at Toys For Tots are hiding in the brush waiting to jump out and ambush him?
But the dumb a$$es in CT will re-elect him
Danang Dick,,,
Connecticut is not a community property state, it is what’s called an equitable distribution state. This means that, in the event of a divorce the courts would decide who the proper owner of the stocks would be. Does anyone think it would be his wife?
Must have bought them when he was in Vietnam
A lying liar doing more lying is not really a news story in Wash DC. Nothing.Will.Happen.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.