While the average American struggles with the economic reality of COVID-19, the elites appear to have a wicked advantage over the average man.
Recently, Rep. Scott Peters from the 52nd congressional district disclosed the sale of tens of thousands of dollars worth of cruise ship and airline stocks two weeks after a congressional briefing on the COVID-19 outbreak. In light of the havoc the virus has wreaked on financial markets, it’s quite interesting how these sales were made prior to the stock market collapse that has caused many Americans to suffer.
Peters received a confidential briefing, and just two days later reported buying around $1.5 million in treasury bonds. This goes directly against the federal “Stop Trading on Congressional Knowledge Act” signed into law by former President Barack Obama, which forbids public officials from using non-public knowledge in their stock trades.
Despite the fact that these sales came from his account, Peters’ staff claims that the transactions were directed by his financial manager and that the congressman had no involvement.
However, other honorable elected officials disclosed no such trades. Those who made sales at the same time as Peters also came under fire for going against the STOCK act, but claim that there was no correlation between their actions and the information they recieved as elected officials.
This appears to be a dereliction of duty, and outright hypocrisy to hide behind his staff while claiming that “Americans are suffering,” as if it makes his actions any less deceitful. There are greedy people on all sides of the political spectrum, and this greed is incredibly disappointing to see in light of a national pandemic.
It’s not about politics, it’s about integrity. Peters has potentially violated his oath of office, and should be investigated accordingly.