Congress Robs Us Blind Through Stock Trading

America’s Lawyer E81: A new report has revealed just how bad insider trading has become in Congress, with Democrats and Republicans trading more than a billion dollars worth of stock in the past year – and they usually get better returns than anyone else in the market. Last month President Biden signed a defense budget that included an extension of the FISA program that allows the United States to spy on its own citizens without having to obtain a warrant. And states are joining forces to sue the drug companies that have artificially inflated the price of Insulin for decades – we’ll bring you the details. All that, and more is coming up, so don’t go anywhere – America’s Lawyer starts right now.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Congressional stock trading is at an all time high, and members of Congress are so good at trading stocks that they routinely beat the average market by miles. There's little doubt that they're using inside knowledge to do that. We'd be arrested if we were the average citizen for doing exactly what they get away with every day. The numbers are startling. I mean, this cat, the numbers are ranging, let me see here, with increases above the market average as high as 200%. In other words, if the S&P is at X, they're beating the X by 200, 250% because of insider trading, right? This is what Nancy Pelosi fought so hard to try to make sure that we could continue doing that. Remember when it came up, Nancy, you're making what, 70%, 65% above the market. You're not doing that because you're so smart. You're doing it, Nancy, because you have information that no other Americans have, right?

Yeah. And, look, this report kind of makes it crystal clear. This is a big bipartisan thing here. You've got Democrats who actually are worse with, what was it, 7,000?

Yes.

Versus 3000 for Republicans. And the top, as you pointed out, was Brian Higgins, Democrat from New York, 238.9% above average market return. You can't make those numbers just guessing on stocks. You don't.

Let's stop just a second. Average person's at home, okay, they're reading the news, they're trying to talk to their broker. They may have their pension program tied up in there, their retirement program tied up in there. They're counting on the money because if they retire, they've gotta live on that, right? So all they have is the information everybody else has. Same stuff you would have, or I would have. These cats up in Congress like Pelosi and this guy that, what was the number? 123% higher than the S&P. I mean.

Yeah. You got Higgins.

Higgins, yeah, Brian Higgins. You've got, but these numbers are to where the reason they're able to do that is because they got to committee meeting, right? In the committee, they say, well, we're gonna sell a bunch of weapons to Saudi Arabia. So what does that person do? Hey, we're gonna sell a bunch of weapons to Saudi Arabia, Mr. Broker, you need to know that information. That's insider trading. Any way you look at it. It affects policy. It affects war policy. It affects economic policy. It affects health policy, right?

It does. And they also know things too, not just about the big things coming. They also know about the bad things coming. Like, hey, we just had a hearing. We're going to possibly subpoena the heads of the pharmaceutical companies. I need you to dump everything Pfizer, dump everything Merck, dump it, dump it, dump it. So when this happens, those stocks are gonna tank and I'm not gonna be a part of it. I'll sell while I can get out.

They actually know the names of the people. They know the names of the company, with Silicon Valley, great example. Members of Congress sold, they sold SVB long before it became a problem, because that's insider information. And so what do we say? Well, if we catch you, Mrs. Pelosi, we're gonna hit you for the $200 fine. Are you kidding me?

Yeah. The Stock Act that is supposed to ban these people from doing it, if they get caught $200 fine.