By Matt Rooney
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You may’ve seen a new report from Business Insider this week revealing that Rep. Tom Malinowski (D, NJ-07) didn’t abide by strict congressional disclosure requirements for stock trading. He could end up facing ethical action – including fines – for allegedly violating the STOCK Act and failing to disclose possibly as much as $2.76 million in trades within 45 days.
Embarassing? Sure, especially in light of the fact that Mr. Transparancy previously attacked then-Georgia Senator Kelly Loeffler over insider trading investigation.
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But that’s not the worst part, Save Jerseyans. Not by a long shot. I think some of the commentary out there about this episode is missing Malinowski’s most grievous sin…
Malinowski has been a consistent and visible defender of Governor Murphy’s draconian covid restrictions here in New Jersey. He’s also voted twice to thwart school-reopening legislation. Perhaps uncoincidentally, some of Malinowski’s trades reportedly involved Peloton stock and stock in COVID-19 testing kit companies. As an aside, Peloton has donated significant money to pro-lockdown Dems including fellow New Jersey representative Mikie Sherrill.
Did the two-term New Jersey Democrat profit off of helping keep America – and his home state – in lockdown mode?
Here’s just some of what Insider reported about the far-Left congressman’s 2020 moves…
Malinowski on March 19 also sold up to $15,000 worth of stock in New York-based Chembio Diagnostics Inc., an infectious disease testing company whose offerings include COVID-19 testing kits.
Chembio Diagnostics’ stock price closed at $2.93 per share that day — a significant increase from its close of $2.36 per share three days earlier when the stock hit a five-year low.
Chembio Diagnostic on March 20 announced it had secured a $4 million purchase order from a Brazilian scientific foundation for its COVID-19 tests. The stock’s price soared, closing above $15.50 per share in late April before shedding much of its value since.
Later in 2020, the lawmaker purchased up to $50,000 worth of shares in Peloton Interactive Inc., the home exercise equipment company, and up to $50,000 worth of stock in luxury sports car maker Ferrari N.V., among many other stocks.
So yeah, it’s exactly what it looks like: Malinowski was trading pandemic stocks while making sure you were stuck at home on your Peloton (if you could afford one) or watching Peloton commercials (if you couldn’t) while your finances soured and your kids’ minds rotted.
He probably made money off of it.
“The only thing worse than Tom Malinowski profiting off this pandemic, is his outrageous attempt to conceal it from voters until after Election Day,” said Calvin Moore, Communications Director for the GOP-affiliated Congressional Leadership Fund. “Tom Malinowski should be held accountable to the fullest extent of the law and should thoroughly explain to voters why he thought it was appropriate to line his pockets on American suffering, and then conceal it from his constituents.”
I disagree with Calvin only in how I’d order which act was worse.
The toll unnecessary lockdowns have exacted on this nation are far worse – and the damage more long-lasting – than any single ethical breach by a member of the U.S. House of Representatives. One-third of New Jersey small businesses failed in 2020. Tom Malinowski owns that now in a more real way than he did before.
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