Will we ever see an end to lawmakers enriching themselves on the Hill? Even with the main offender Nancy Pelosi on her way out, plenty of pols still line their pockets in gray-area conflicts of interest; essentially, voting for bills that line their pockets.
The latest example comes by way of the billions of dollars in Ukrainian aid approved by Congress over the last year —$20 billion worth of military aid between January 24th and November 20th of last year.
Top U.S. defense firms like Raytheon and Lockheed Martin ramped up production as a result of aid to Ukraine —making shareholders rich.
Shareholders like Democratic Rep. Earl Blumenauer of Oregon…
According to The Daily Caller, Blumenauer “netted the highest average returns on defense company stocks since 2021 at 40%, according to a chart published by Unusual Whales, a site known for exposing how members of Congress profit from trading related to legislative issues. Rep. Marjorie Taylor Greene of Georgia, who has voted against Ukraine aid, was the top Republican at 35.5%.”
And things really picked up in 2022 once Russia invaded Ukraine…
“Republican Florida Rep. John Rutherford and Blumenauer each bought up to $15,000 in Raytheon stock the day of Russia’s invasion on Feb. 24. Rutherford claimed in his disclosure that his advisers erroneously purchased the stock, and it was sold on March 14 for a 3% gain, according to Unusual Whales,” The Daily Caller reports.
“Rutherford, a member of the House Appropriations Committee, and Blumenauer voted for a $40 billion supplemental military and humanitarian aid package for Ukraine passed in May, the Congressional Record shows,” The Caller adds.
On February 22, 2022, Georgia Rep. Marjorie Taylor Greene (R-GA) bought Lockheed Martin, Chevron, and NextEra Energy. Two days later, Russia invaded Ukraine.
“War and rumors of war is incredibly profitable and convenient,” Greene is reported to have said at the time.
These are only a few of the lawmakers that profited off of Ukrainian aid. Multiple bills have circulated in both chambers of Congress but, so far, no steps have been taken to prevent lawmakers from making a killing on Wall Street.
And why would they take any steps when it’s working out so well for them?