x
Breaking News
More () »

It looks fishy for Congressmen to cash in with stock moves amid COVID-19

Local 24 News political analyst and commentator Otis Sanford shares his point of view lawmakers’ stock moves amid COVID-19.

MEMPHIS, Tenn. — With so much sickness and death caused by the coronavirus pandemic, it has been disheartening to learn that some members of Congress took financial advantage of their knowledge that the virus was spreading. Now, those revelations have touched a Congressman from Tennessee. They are contained in a detailed report in the Nashville Tennessean – outlining hundreds of stock transactions on behalf of First District Congressman Phil Roe of Johnson City.

According to the newspaper, as COVID-19 was beginning wreak havoc on public health and the U. S. economy, Roe purchased shares of stock in Zoom. That’s the online video conferencing platform that seemingly everyone is using these days to conduct business, teach classes, even hold religious services. Roe also bought shares in another company that is working on a coronavirus vaccine. He then sold his shares in Royal Caribbean Cruise Lines and Disney – two companies that have since suffered mightily from the pandemic. In all, Roe made nearly 700 transactions during the first quarter – involving between $4 and $18 million in assets. A spokesman for the Congressman declined to respond to the newspaper’s questions, saying only that an investment manager handled Roe’s transactions.

Sorry, that’s not good enough. I don’t know if Roe did anything illegal or even unethical. But it certainly looks fishy for a Congressman to cash in this way. Hopefully, someone at the federal level will look into it. And that’s my point of view.

RELATED: Stock probes into senators Feinstein, Loeffler, Inhofe closed by Justice Department

RELATED: New York Stock Exchange opens but under new rules

RELATED: Fed Chair: Recovery may begin by summer, will likely be slow

Before You Leave, Check This Out