Last week a report was released that detailed New York's junior Senator Kirsten Gillibrand's hypocrisy. Back when she was a member of Congress and privy to insider information, Gillibrand and her husband shorted housing stocks 34 times. This was at a time when the housing crisis was in to gear. The obvious perception is that Gillibrand profited from the insider knowledge she obtained, which, at the surface, appears to be accurate. The result was huge financial gains for the Gillibrand's due to insider information. What's ironic is that Gillibrand, a radical liberal, claims to be a champion of the STOCK Act, which is aimed at stopping insider trading! The irony of politics, particularly liberalism: do as I say, not as I do.
From the Young Republican Club:
Now, Senator Gillbrand is purporting to be a champion of reform against “insider trading” among members of Congress – using the issue to raise money for her re-election campaign. In a fundraising email blast released Monday, Ms. Gillibrand writes:
“I introduced the STOCK Act in November after a 60 Minutes report first exposed the issue of insider trading in Congress. This bill would stop it once and for all, because no member of Congress should unfairly benefit from information they gain from their work as lawmakers. Americans have a right to know that their elected officials are playing by the same rules as they are.”
“Senator Gillibrand and her husband profited handsomely off the collapse of the U.S. housing market, and she never adequately explained where they got the special insight to make those profitable bets,” said State GOP Chairman Cox. “Not a lot of ordinary Americans knew to bet against the housing markets; Ms. Gillibrand needs to finally answer whether what she learned in Congress about the imminent collapse of the market had anything to do with her husband shorting housing stocks. In purporting to be a champion of insider trading reform – in a fundraising appeal no less – Ms. Gillibrand may be being too cute by half. This may not pass the smell test.”
Way to go, Senator Gillibrand! Just another self-serving politician that's feeding her massive ego...and wallet. Chuck Schumer must be proud!
Cliff Levine is a contributing editor for Habledash.
