Sheldon Whitehouse, Born with a Silver
I mentioned reports that Senator Sheldon Whitehouse had apparently benefited from rules that make it OK for our Washington politicians to engage in what, in any other arena, would be considered insider trading. While Whitehouse continues to deny that he made the trades (instead, it was his financial adviser who did it for him), More details are coming out that reveal a remarkable sense of timing to the benefit of RI’s junior senator (h/t Prof. Jacobson):
Senator Sheldon Whitehouse of Rhode Island also made a flurry of trades in the days after the Paulson-Bernanke meeting with legislators.
At minimum, Whitehouse sold $250,000 in the stocks below between September 18-24, 2008. He may have sold as much as $600,000 in the stock below according to disclosures.
As Whitehouse’s 2012 Senatorial opponent Republican Barry Hinckley told WPRO:
Look at these trades and the timing of them and the massive volume. He is trading between 5 and 20 percent of his net worth I find it implausible that much of someone’s net worth would be traded without someone’s knowledge….It appears there are two sets of rules for people like Sheldon Whitehouse, who are career politicians, who apparently are trading their own accounts when they should be working for us…whether it is exclusive health care they have for themselves or opting out of Obama care and apparently now they are allowed to inside trade which of course is illegal for the rest of Americans….Rhode Islanders are working hard just to make ends meet and it seems like no matter what they do they can’t get ahead but rich career politicians like Sheldon Whitehouse seem to be getting ahead at our cost.