Malinowski improper stock gains during pandemic

[SHUMA04]

Might have fumbled NJ 7 back into GOP hands with a stock trading scandal focused on pharma companies in the midst of pandemic:

https://www.nj.com/politics/2021/05/nj-congressman-chased-profit-during-pandemic-records-show.html



WASHINGTON — In the early days of the pandemic, New Jersey Rep. Tom Malinowski scolded those looking to capitalize on the health crisis, saying it was “not the time for anybody to be profiting” from selling goods to combat the pandemic.

The two-term Democrat did not heed his own admonition.

Since early 2020, Malinowski has bought or sold as much as $1 million of stock in medical and tech companies that had a stake in the virus response, records show. The trades were just one slice of as much as $3.2 million in trades he did not properly disclose.

 

[SPK145]

Another corrupt, hypocritical politician. There are a lot of them from both major parties.

 

[sami]

Nothing wrong with buying or selling, but damn fishy/wrong/illegal to be buying or selling without disclosing.

Known people to instantly lose their jobs in finance because of improper clearing of trades. You know you have to do it, and there’s likely a reason you’re not.

 

[shu09]

I honestly don't see much wrong here other than a disclosure issue. He's free to buy and sell stock like the rest of us do. In fact, smart move buying in March 2020 after the market overreacted. A lot of smart people put money to work then.

That said, he's still a politician. Why do we, the American people, keep electing millionaires and billionaires to Congress and then wonder why nothing good gets done for regular people? Hmmm....

 

[cernjSHU]

He seemed to buy and sell well. I can’t blame him for that unless he did it with inside information. Why he didn’t disclose is something that needs to be looked at. Why not disclose it? Is that some sort of rookie mistake or something more nefarious.

 

[SPK145]

He seemed to buy and sell well. I can’t blame him for that unless he did it with inside information. Why he didn’t disclose is something that needs to be looked at. Why not disclose it? Is that some sort of rookie mistake or something more nefarious.

C’mon man, you know the answer to that.

 

[SHUMA04]

He seemed to buy and sell well. I can’t blame him for that unless he did it with inside information. Why he didn’t disclose is something that needs to be looked at. Why not disclose it? Is that some sort of rookie mistake or something more nefarious.

C’mon man, you know the answer to that.

NJ District 7 probably has the most well connected senior big pharma executives in the country, with the possible exceptions of San Francisco and Boston.

At the very least, such trades in this context present an obvious conflict of interest. The possibility of insider trading, while generally difficult to prove, is also very real here. It's not too hard to fathom why he didn't disclose them properly.

Either way, this represents a major lapse in judgement around propriety and ethics. It's hard to see how Malinowski survives. The optics and resulting vulnerability are fatal. My guess is the Democrats will replace him themselves.

 

[ed odowd]

Tom terrific NOT

 

[cernjSHU]

C’mon man, you know the answer to that.

You are assuming. I don't think it was a surprise that drug companies stood to go up big time with CoVid.