Connect with us

NEWS

David Perdue Facing Insider-Trading Scrutiny After Bombshell Report On His Financial Records

Published

on

Multimillionaire Georgia Republican senator David Perdue is facing insider-trading scrutiny ahead of runoff elections in January after financial documents show that he traded hundreds of thousands of dollars in bank stock while passing pro-bank legislation on the Senate Banking Committee, according to a new bombshell report published by Salon on Friday.

Citing federal filings, Salon reports that “between 2017 and 2020, while on the committee, Perdue co-sponsored 14 bills that benefited the financial industry, including through deregulation and extended liability protection. In that time he also accepted more than $1 million in political contributions from financial interests.”

[…] Disclosures only provide ranges of value, so we cannot know precisely how much money Perdue has moved in stock trades, or the extent of his profits. But the forms do show that between 2017 and 2020, while he sat on the Banking Committee, Perdue traded at a minimum hundreds of thousands of dollars, possibly millions.

According to the disclosures, Perdue held up to $910,000 in bank stocks alone from 2017 to 2019, through DBP and Wells Fargo. The shares earned him up to $204,000 in capital gains and dividends payouts. […]

Over the next three years, Perdue continued to throw softballs to big banks. As he was slinging stock, he cosponsored 14 bills that benefited the financial industry, the majority earning the blessing of the ABA. Five of them were lobbied on by financial institutions where Perdue held hundreds of thousands in stock, including Regions Financial, US Bancorp and JP Morgan.[…]

The news comes as Perdue faces a Jan. 5 runoff against Democratic rival Jon Ossoff, who battered Perdue on the insider-trading allegations throughout the year. Perdue has declined a debate before the January contest.

The runoff, along with Georgia Republican Sen. Kelly Loeffler’s runoff election held on the same day — Loeffler faces the Rev. Raphael Warnock, a Democrat — will determine which party controls the Senate.

You can read more at Salon.com.