Cory Booker answers whether he should be the Senate Democrats' next leader
After breaking the Senate record for longest speech, Sen. Cory Booker, D-New Jersey, gave an innocuous answer on whether he sees himself as the Democratic Party’s next leader. (Credit: Nicholas Ballasy)
Cory Booker, fresh off demonstrating that he is capable of going 25 hours without a bathroom break, is "demanding" an investigation into alleged insider trading at the Trump White House.
Booker contends that when the president announced a reprieve from the imposition of draconian tariffs, which set stocks soaring by record amounts, Trump or his White House colleagues likely traded on the news, illicitly reaping gains from the markets’ big moves.
The New Jersey senator has not one iota of proof that anyone in the Trump camp bought stocks ahead of the big announcement, but Booker, rapidly morphing into the P. T. Barnum of Democrat politics, is searching for showstoppers – facts be damned.
CORY BOOKER ON WHETHER HE SHOULD BE THE DEMOCRATS' NEXT LEADER: ‘IT’S TIME FOR ALL OF US'
Asked on NBC News’ Meet the Press if Democrats had any evidence of wrongdoing, Booker first dodged the question and then said, "There is enough of an offense here, there’s enough smoke here that should demand congressional hearings." So, actually no.
Let’s be honest: Booker and his Democrat compatriots were furious that markets boomed in response to the temporary tariff hiatus. They and their media allies have worked overtime to scare voters, predicting that Trump’s trade moves will torpedo our economy; plunging markets fed their narrative. Not only has Senate Minority Leader Chuck Schumer et al promised that Trump will drive us into recession, they also suggest that his efforts to make global trading more favorable to U.S. firms will undermine the U.S. dollar’s status as the world’s reserve currency.
Democrats are not afraid that Trump will fail; they are panicked that he might actually succeed.
Booker most recently made headlines by breaking a fellow Democrat’s record for staging the longest-ever senate filibuster. Strom Thurmond, senator from South Carolina, held forth on the Senate floor for 24-plus hours in 1957 to block passage of the Civil Rights Act; Booker surpassed his feat, protesting not a bill, but everything to do with President Trump. It was lame, but he received a lot of publicity and for a Democrat panting to become his party’s presidential nominee, that’s evidently all that matters. Now he’s onto his next act.
Notwithstanding the lack of evidence of wrongdoing, several Democrats in the House, led by Maxine Waters, wrote a letter to SEC Chair Paul Atkins and other officials echoing the call for insider trading investigations. Someone should tell Democrats: be careful what you wish for. If Republicans in the House opened an investigation into trading on non-public information, what they discover might be highly embarrassing for Booker’s party.
For years, many have questioned the apparent trading expertise of former House Majority Leader Nancy Pelosi, who appears to have an uncanny knack for beating markets. Last year, for instance, according to trading platform Autopilot, the Nancy Pelosi "stock tracker" scored a gain of 54%, beating out nearly every hedge fund but Light Year Capital, which was up 59%. As one reporter described Pelosi’s feat: "Remarkably, it even beat the Inverse Cramer Stock Tracker, designed to do exactly the opposite of [CNBC’s] Jim Cramer's stock picks, which itself posted an impressive 43% gain in 2024.
We can follow Pelosi’s trades, and those made by other members of Congress, because of the STOCK Act, passed in 2012, which required legislators to report stock or bond trades within 30 to 45 days if such transactions amount to more than $1,000. As lawmakers reveal investment decisions, the public can play along, investing in ETFs created by platforms like Unusual Whales. If you like what Democrats buy (or are convinced they have "special knowledge"), you can buy NANC; if you prefer the GOP approach, an ETF with the symbol KRUZ is for you.
For years, there have been calls to investigate portfolio moves made by members of Congress. Nancy Pelosi who, with her venture capital husband Paul, has an estimated net worth of about $250 million, has come under special scrutiny. But it is not only her stock trades which deserve scrutiny; much of the activity in her portfolio has included the buying and selling of options, which raises red flags. Trading puts and calls on stocks is done for a variety of reasons, including hedging, but such transactions are typically short term. They are not the vehicle of choice for long-term investors. Instead, they are the preferred vehicle for someone trading on breaking news, or who is aware that near-term events could drive stocks up or down.
For example, Investopedia reports that in November 2023, "Pelosi bought 50 Nvidia stock call options with a strike price of $120, valued at between $1 million and $5 million, with an expiration date of Dec. 20, 2024." Her timing was impeccable. Nvidia stock sold at around $40 at the beginning of November; six months later, as significant policies about AI rolled out of the Joe Biden White House, it hit $90. A year later it traded around $140.
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Though Congress passed the STOCK Act, it has not prevented legislators from taking advantage of privileged information, though normal insider trading rules apply to them like other members of the public. To be fair, both Republicans and Democrats have been suspected of illegal trading.
Many have called in recent years for a ban on stock trading by members of Congress. Not surprisingly, those calls have gone unanswered. Employees of large banks are prohibited from trading stocks, because they have access to non-public information. The same is true of legislators, who routinely pass bills that can impact the future results of companies.
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The most recent Gallup poll on the subject asked, "How much trust and confidence do you have at this time in the legislative branch?" Only 4% answered "a great deal", while 30% responded "a fair amount." Banning stock trading might be a good call.
Meanwhile, Cory Booker might want to survey his colleagues before plunging into a widespread review of stock trading by elected officials. And, work on policies that help his constituents rather than troll for headlines.
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