GOP Uses Stock Act as Excuse to Call Kirsten Gillibrand a Congressional Inside Trader (Again)

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Senator Kirsten Gillibrand
Following yesterday's passage in the U.S. Senate of the Federal Stock Act, the New York State Republican Party came out swinging. Per usual, Senator Kirsten Gillibrand -- who voted in favor of the bill -- is the target of the GOP's blows.

First and foremost, the Federal Stock Act would make it so insider trading by members of Congress is expressly illegal. In other words, it would be a crime for members of Congress to make stock transactions based on information they're only privy to because they're in Congress. It's been hailed by the Washington Post as the "most substantial debate on congressional ethics in nearly five years."

Gillibrand voted in favor of the bill -- which apparently wasn't enough to satisfy state GOP Chairman Ed Cox, who used the passage of the bill as an excuse to take shots at the junior senator (who happens to be up for re-election this year).

"We're pleased that Senator Gillibrand has recognized the error of her ways and

is now opposed to congressional insider trading," Cox says in a statement. "However, not long ago, when Gillibrand was a member of the House and privy to inside information on a plethora of topics, her husband 'shorted' housing stocks at least 34 times, giving the couple a financial windfall as millions of Americans saw the value of their homes abruptly plummet."

Cox has been chirping about Gillibrand's husband's alleged insider trading since it was exposed in a 2010 article in the Wall Street Journal -- basically, Gillibrand's husband, Jonathan, bet against the housing market in several trades he made online.

Now, Cox is requesting that the senator "disclose to the public where she got the foresight to invest against the housing market at a time when most of the country was unaware of its imminent collapse."

Gillibrand's campaign is none too pleased with Cox's rehashing of the issue (as we learned, in detail, during a (ahem) spirited conversation with her campaign spokesman this afternoon).

Following our conversation, Gillibrand's spokesman, Glen Caplin, sent us the following response:

"Senator Gillibrand has been a leading advocate for transparency and accountability in government since her first day in Congress. She was the first member of Congress to post her official daily schedule, all of her earmark requests and personal financial information online for her constituents to see. Since the three unknown Republican candidates are bankrupt of ideas, they are resorting to peddling tired lies about a member of the Senator's family. This an old baseless political attack that was as untrue then as it is now. New Yorkers deserve better."

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2 comments
Cape Coral Properties
Cape Coral Properties

The topic that you've discussed was very interesting. You did a great job detailing it. Thanks for sharing this one!

Sumflow
Sumflow

Everybody who does not trade in Real Estate knew that it was a risky business.  There is no way you can prove that she needed insider information to come to the same conclusion as millions of other investors.

With the lack of disclosure Congress has before and at the time of the incident.  It would be easy for anyone to find some warning articles to cover there tracks if they did learn it in Washington.  This case is just a smear, it is not going anywhere.

Congress can say.  I did not break the law at that time.

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