In a recent report by Finbold, disturbing findings have emerged about US Senator Tommy Tuberville, who, last month, was revealed to have engaged in more suspicious trades than any of his Senate counterparts.
Notably, Tuberville had been a vocal critic of proposals to ban congressional stock trading, dismissing such measures as “ridiculous” and warning they would “really cut back on the number of people who want to come up here and serve.”
Today, on December 6, we delve deeper into another revelation surrounding Senator Tuberville’s congressional trading activities, specifically examining his transactions during his involvement in military promotions.
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What happened?
As reported by alternative trading data platform Quiver Quantitative, Senator Tuberville has recently concluded his hold on military promotions.
During the hold, the 69-year-old US representative was one of Congress’s most active stock investors, trading roughly $11 million worth of stock and options.
What is particularly intriguing about this revelation is timing, among other things. Notably, the senator engaged in approximately $11 million worth of stock and options trading while holding back military promotions. This overlap between financial activities and critical legislative duties, such as these promotions, raises questions about potential conflicts of interest and ethical considerations.
The term “hold on military promotions” refers to a senator’s ability to block or delay the advancement of military personnel within the armed forces. By having such authority, senators can influence or impede the career progression of military officers.
Tuberville’s involvement in stock trading during this period intensifies the controversy, as it suggests a potential intersection between financial interests and decisions affecting the nation’s defense and security apparatus.
Congressional trading controversy
Congressional trading has become a focal point of mounting controversy, fueled by a surge in suspicious transactions, such as those in military and defense stocks during periods of heightened geopolitical tensions in the Middle East.
The timing of trades and instances of seemingly advantageous decision-making have intensified concerns about potential insider information being leveraged for personal gain. Moreover, the increasing number of violations of the STOCK Act, intended to prevent such abuses, has further underscored the need for enhanced scrutiny and regulatory measures to uphold the integrity of financial dealings among elected officials.
Most recently, Finbold reported on US representative Josh Gottheimer’s “almost perfectly timed” investments in a little-known Dutch payment company. Remarkably, the politician bought this stock in 2020, sold it in 2021, purchased it again in 2022, and now has bought and sold in 2023, each time timing them perfectly to turn a profit.
