Tag Archives: Insider Trading

Multimillionaire Joe Biden Scolds Politicians for Getting Rich: ‘You Shouldn’t Make Money While You’re in Office’

Kyle Becker
April 19, 2022

President Joe Biden, also known as “the Big Guy” to his scandal-plagued son Hunter, stumbled his way through a Tuesday afternoon address to make the incredible claim he doesn’t believe politicians should get rich in office. Watch:

The War in Ukraine is going to continue to take it toll on the world economy,” Biden said. “It’s going to take it his toll on energy, and it’s going to take its toll relative to food.”

“When I was running for office, you heard it a thousand times from me, that we’re going build an economy me around you,” he continued. “I’m so tired of trickle down economics. And I never found that that trickled down on top of my head very much.”

“I was listed… I had the great pleasure of being listed as the poorest man in Congress for 36 years,” he went on. “I still was making a hell a lot more money than anybody else because I was getting a senator’s salary, no kidding.”

“I didn’t think you should make money while you’re in office,” he claimed.

“But anyway, the point of it is this,” he added. “An awful lot of people are hurting. It makes a big difference. Makes a big difference. The cost of a dozen eggs cost of a gallon of gasoline. It matters. It matters.”

“So I concluded when I ran this last time that we’re going to build this economy from the bottom up in the middle out, because when that happens, everybody does well,” he went on. “The wealthy do very well and the poor have a ladder up and the middle class has a little bit of breathing room.”

Then Biden told one of those hard-to-believe anecdotes that he is so fond of telling when he rambles off-script.

“I grew up in a household where we lived in a split level, home, three bedrooms, four kids, mom, and dad, and grandpa would live with us,” he said. “And I remember one night you could, you know, the walls were kind of thin here. My dad was restless next morning. When he went to work, I asked mom, what was the problem? She said, he just noticed his company just said, no more, not going to, not going to cover health insurance anymore. It matters. These things matter to people. They matter to ordinary people.”

Beyond the Biden folktales, he is has gotten incredibly rich during his nearly 50 years on the public till. Forbes notes that “Joe Biden earned $17.3 million over the four years he was out of office, but his net worth is only an estimated $8 million.”

“On the day America’s first billionaire president took office, ‘middle class’ Joe Biden boarded the Amtrak out of Washington D.C.’s Union Station, bound for Delaware with the kind of modest fortune you might expect from someone who had spent his adult life as an elected official: $2.5 million, mostly composed of pensions and real estate,” Forbes said. “But Biden was about to cash in. By the end of 2017, he and his wife Jill had earned $11.1 million. They raked in $4.6 million the next year, followed by $1 million in 2019 and $630,000 in 2020.”

“The story of how Biden became a wealthy man in the wake of his vice presidency, leveraging his fame to sell books and deliver speeches, has been told many times,” Forbes went on. “But a closer look at the math prompts a question that hasn’t been asked: Why isn’t Biden even richer? If someone starts with a $2.5 million net worth and earns $17.3 million while the markets are raging, you’d expect him to be worth more than $8 million. So what happened to Biden’s money? Well, $7 million of it covered taxes, another $1.3 million went to charity, $180,000 paid for household staff and an estimated $80,000 went toward interest on mortgages. Take those items out, though, and you’re still a few million above Biden’s estimated net worth.”

“There’s a chance that Biden, who shares his fortune with his wife Jill, gave some to other family members,” the report added. “Or perhaps he just spent it all. In order to be worth $8 million—as an analysis of Biden’s financial disclosure reports, property records and career earnings suggest he is—the president would have had to blow an average of roughly some $2,000 per day over the four years he was out of office.”

The White House did not respond to Forbes’ multiple requests for comment about Joe Biden’s money.

Town & Country has also reported on the real estate holdings of Joe Biden.

“Biden began buying homes—especially those that were outside his budget—in his twenties, taking out multiple mortgages and receiving loans against life insurance policies,” Town & Country reported. “His net worth was often in the negatives—in 2007, he was ranked the least wealthy senator.”

“Today, the 78-year-old president-elect is hardly middle class anymore,” the report added. “According to a 2019 Forbes estimate, Biden and his wife Jill are worth $9 million, much of that accrued from speaking fees and book deals that came pouring in after his vice presidency. About $4 million of that worth is in his real estate. And while they are officially moving into America’s grandest house today, the White House joins an already impressive group of stately digs owned by the President and First Lady.”

Town & Country then listed impressive estates in Greenville, Delaware; Rehoboth Beach, Delaware; and McLean, Virginia.

The Daily Mail, one of the major publications that has analyzed Hunter Biden’s laptop firsthand, has detailed how the former senator’s and vice president’s connections was leveraged to make his family a large fortune.

“Multiple associates of Joe Biden called him the ‘big guy’ in emails – the latest in a mountain of evidence that the president was involved in his son’s business dealings,” the Daily Mail noted.

But emails and documents on Hunter’s laptop show Joe Biden:

  • Was referenced under the nickname ‘big guy’ as a potential 10% owner in Hunter’s joint venture with Chinese oil giant CEFC, in an email by Hunter’s partner in the deal
  • Met with Hunter’s foreign business associates at a DC restaurant, despite initial White House denials
  • At his son’s behest, met with an executive from the allegedly corrupt Ukrainian gas firm Burisma, where Hunter had a $1 million-per-year board seat
  • Met with Hunter and his Mexican billionaire business partners in the Vice President’s official residence
  • Flew Hunter and his business partner – a top political donor – on Air Force 2 to Mexico for a business meeting with those same Mexican billionaires 
  • Was issued keys for Hunter’s proposed office to be shared with his Chinese business partners – though Hunter never picked the keys up according to the office manager
  • Met with Hunter’s now-jailed business partner Devon Archer, who was then appointed a Burisma board member alongside Hunter the same month Joe visited Ukraine as VP, according to White House visitor logs
  • Shared a bank account with Hunter and paid each other’s bills 
  • Spoke with former FBI director Louis Freeh who at the time was plotting establishing a DC consultancy with Hunter and Joe catering to foreign criminals
  • Had Hunter’s business partner file his taxes
  • Wrote a college recommendation letter for the son of Hunter’s Chinese business partner, Jonathan Li

Joe Biden might claim that he doesn’t believe that public officials should get rich “while in office,” but the track record of “middle class Joe” shows that he has not only made millions in his five decades in office, but he has made an even bigger fortune for his family through institutionalized corruption.


OPINION: This article contains commentary which reflects the author’s opinion.

JOIN MASSIVE Nationwide Campaign To Take On Nancy Pelosi and Insider Trading By Congress…With ONE Click!

Patty McMurray
April 5, 2022 

Kevin Freeman, host of Economic War Room on BlazeTV, has launched a national campaign slamming Nancy Pelosi for protecting corrupt insider trading by members of Congress. More than 1,450,000 emails have already been sent to Congress!

In 60 seconds anyone in America can send an email to all 535 members of Congress and tell them to stop the DC greed!  The corrupt ruling class has gotten away with this for too long. It’s time to turn up the heat! TAKE ACTION HERE

Freeman describes the issue like this:

Nancy Pelosi has made a fortune worth more than $100 million – all while working on a government salary. HOW?! How are she and other politicians becoming multi-millionaires while supposedly working for “us” in Congress?

The corruption is deeply disturbing: Democrats and Republicans alike are pigging out on ‘Pelosi Perks’. 

Politicians in Washington are giving themselves big salaries, big pensions, and big benefits. And – as if that wasn’t bad enough – they’re making MILLIONS on Wall Street with insider trading. In fact, Nancy Pelosi and her husband made more than $30 million just from trading tech stocks. They bought their shares – and then she started blocking efforts to rein in Big Tech. And no wonder: by protecting them, she’s hurting us while making a FORTUNE.

Our elected officials have lined their pockets at our expense for too long! 

Economic War Room has just released its expose of this outrage, and we’ve launched a nationwide campaign so every American can take action to demand an end to Pelosi Perks.

You can watch Freeman’s Economic War Room special on the issue featuring Tom Fitton of Judicial Watch, Jenny Beth Martin of Tea Party Patriots, and Justin Danhoff of the Free Enterprise Project here.

14 Members of Congress Accused of Violating Federal Law in New Report

By Abby Liebing,
December 13, 2021

A new report has found that 14 members of Congress have been violating the STOCK Act and handle their finances in a way “that could expose them to ethical problems.”

Insider reported the following Republican lawmakers were among those in the “danger” zone of financial compliance: Rep. Pat Fallon of Texas; Rep. Dan Meuser of Pennsylvania; Rep. Blake Moore of Utah; Rep. Lance Gooden of Texas; Rep. Diana Harshbarger of Tennessee; Rep. Kevin Hern of Oklahoma; Sen. Tommy Tuberville of Alabama; and Rep. Chris Jacobs of New York.

The list continued with several Democrats who had violated the STOCK Act as well: Sen. Dianne Feinstein of California; Rep. Susie Lee of Nevada; Rep. Tom Malinowski of New Jersey; Rep. Sean Patrick Maloney of New York; Rep. Kim Schrier of Washington; and Rep. Tom Suozzi of New York.

So what is the STOCK Act? An acronym for “Stop Trading on Congressional Knowledge Act,” the 2012 provision made it illegal for Congress members to participate in insider trading, Investopedia reported.

To many, it was surprising that this had to be formalized in law since many just assumed insider trading was illegal. But until 2012, “trading based on material nonpublic information — otherwise known as insider trading — was both legal and commonplace among members of Congress,” Investopedia explained.

Nine years ago, the STOCK Act made it expressly illegal. The act was widely supported in Congress, by both Republicans and Democrats. In the House, it passed 417-2 and in the Senate, it passed with a 96-3 vote.

Now at least 14 Congress members have failed to properly disclose financial trades.

“These lawmakers have violated the Stop Trading on Congressional Knowledge Act of 2012 by failing to properly disclose financial trades, many to a significant degree,” Insider reported.

“Some also employ senior staff members who’ve violated the STOCK Act or haven’t themselves taken proactive steps to avoid potential conflicts of interest,” the outlet found.

Perhaps the most prominent member of Congress listed among the 14 is Feinstein.

The senator violated the STOCK Act one time, which totaled about $15,000. She said that she paid the fine for not disclosing her trade, but did not provide any proof.

Schrier violated the act once, totaling at least $500,000. Schrier did not comment or confirm whether the fines had been paid.

Other members of Congress reportedly violated the STOCK Act over 100 times.

Fallon had 118 late disclosures, which totaled about $9,113,000.

“Upon learning of his STOCK Act violation, Congressman Fallon self-reported himself to the Ethics Committee and proactively paid his fines. The congressman has not been late on reporting stock transactions since his discovery of his first infringements,” Austin Higginbotham, Fallon’s communications director, said in a statement.

Suozzi violated the STOCK Act about 300 times, which resulted in at least $3,200,000. Suozzi did not comment on whether he had paid the fines necessary for these violations.

The infringements regarding the STOCK Act are nothing new, though.

In September, an outside ethics group complained that seven House lawmakers didn’t disclose stock trades, NPR reported.

“The lack of accountability we’ve seen in regard to STOCK Act compliance is basically giving elected officials the green light to buy and sell stocks based on information gained from committee meetings without any transparency for their voters,” Kedric Payne, general counsel and senior director of ethics at the Campaign Legal Center, wrote in a statement.

In July, Forbes also put the spotlight on three Republican lawmakers who did not report “up to $22 million in stock trades made earlier this year” — Tuberville, Moore and Fallon.

But while the 14 members of Congress identified by Insider were the ones with very clear trading violations, Insider also shone a light on other lawmakers who did not properly report their trading.

“Insider and several other news organizations have this year identified 47 members of Congress who’ve failed to properly report their financial trades as mandated by the Stop Trading on Congressional Knowledge Act of 2012, also known as the STOCK Act,” the outlet reported.

In light of all these violations, many ethics groups and government watchdogs are pushing for fines and punishments for STOCK Act violations to be harsher.

“While lawmakers who violate the STOCK Act face a fine, the penalty is usually small — $200 is the standard amount — or waived by House or Senate ethics officials,” Insider reported.

“Ethics watchdogs and even some members of Congress have called for stricter penalties or even a ban on federal lawmakers from trading individual stocks, although neither has come to pass.”

This article appeared originally on The Western Journal.