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Richard Blumenthal Denies Owning Stocks. His Portfolio Tells a Different Story.
freebeacon ^ | March 16, 2022 | Chuck Ross

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.


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KEYWORDS: blumenthal
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1 posted on 03/17/2022 7:03:05 PM PDT by MarvinStinson
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To: MarvinStinson

He is a habitual lying SOS.


2 posted on 03/17/2022 7:08:00 PM PDT by Shady (The #JihadJunta: "We are now a nation of Men, Not of Laws. You are not as equal as we are...")
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To: MarvinStinson

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.


3 posted on 03/17/2022 7:08:13 PM PDT by Republican Wildcat
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To: MarvinStinson

“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?


4 posted on 03/17/2022 7:08:31 PM PDT by Paladin2
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To: MarvinStinson

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.


5 posted on 03/17/2022 7:20:09 PM PDT by Soul of the South (The past is gone and cannot be changed. Tomorrow can be a better day if we work on i)
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To: Shady
He is a habitual lying SOS. <<

I think he picked up that trait BEFORE he served in Viet Nam .../s

6 posted on 03/17/2022 7:23:08 PM PDT by M-cubed (The MSM is now the 4th Branch of Government.....)
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To: MarvinStinson

DaNang Dick is a liar? Who knew?


7 posted on 03/17/2022 7:31:04 PM PDT by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: MarvinStinson

Whatever a Democrat says the opposite is true!


8 posted on 03/17/2022 7:39:53 PM PDT by stubernx98 (cranky, but reasonable)
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To: MarvinStinson

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.


9 posted on 03/17/2022 8:03:32 PM PDT by Tupelo (“Don't underestimate Joe's ability to f*ck things up” (Barack Obama))
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To: MarvinStinson
These guys are the same ones that kept trying to gin up an issue around Trump owning hotels that sometimes foreign people stayed in (and hence profited from) as a violation of the emoluments clause. That states “[N]o Person holding any Office of Profit or Trust under [the United States], shall, without the Consent of the Congress, accept of any present, Emolument, Office, or Title, of any kind whatever, from any King, Prince, or foreign State.”

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"

10 posted on 03/17/2022 8:23:01 PM PDT by pepsi_junkie (Often wrong, but never in doubt!)
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To: MarvinStinson

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...


11 posted on 03/17/2022 8:28:15 PM PDT by Dave Wright
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To: MarvinStinson

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.


12 posted on 03/17/2022 8:59:05 PM PDT by MadMax, the Grinning Reaper (Figures )
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To: carriage_hill

DaNang Dick is a liar? Who knew?....................... Uhhh? Da Nang? .......................... I heard it was really Kao Dung.


13 posted on 03/17/2022 9:23:29 PM PDT by Bringbackthedraft (In politicians we get what we deserve, usually the best that money can buy, guaranteed.)
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To: MarvinStinson

It needs to be said.
Hanoi jane spent more time in Vietnam than Blumenthal


14 posted on 03/17/2022 11:10:08 PM PDT by South Dakota (Patriotism is the new terrorism )
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To: MarvinStinson

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?


15 posted on 03/17/2022 11:50:12 PM PDT by WKUHilltopper
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To: Shady

But the dumb a$$es in CT will re-elect him


16 posted on 03/18/2022 1:36:23 AM PDT by personalaccts (Is George W going to protect the border?)
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To: Soul of the South

Danang Dick,,,


17 posted on 03/18/2022 5:12:21 AM PDT by Eric in the Ozarks (Baseball players, gangsters and musicians are remembered. But journalists are forgotten.q at)
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To: MarvinStinson

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?


18 posted on 03/18/2022 5:39:12 AM PDT by muir_redwoods (Freedom isn't free, liberty isn't liberal and you'll never find anything Right on the Left)
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To: MarvinStinson

Must have bought them when he was in Vietnam


19 posted on 03/18/2022 5:41:37 AM PDT by ballplayer
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To: MarvinStinson

A lying liar doing more lying is not really a news story in Wash DC. Nothing.Will.Happen.


20 posted on 03/18/2022 6:52:40 AM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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