Member of Congress Gained From Twitter IPO and Others
Posted at 10:26 a.m. on Nov. 26, 2013
A member of Congress has reported stock transactions in numerous initial public offerings this year, including Twitter Inc. two days after the House Ethics Committee issued a warning about IPO participation.
Rep. Beto O’Rourke, D-Texas, reported in periodic transaction reports that he and his spouse took part in numerous IPOs often buying and selling on the same day as the public offering. These included:
Between $1,000 and $15,000 of Palo Alto Networks sold on 5/16. (IPO in July 2012)
Between $1,000 and $15,000 of Third PT REins LTD bought on 8/15.
Between $1,000 and $15,000 of Noodles & Company sold on 6/28, although there was no reported purchase.
Between $1,000 and $15,000 in RetailMenot Ins. Services bought and sold on 7/18.
Between $1,000 and $15,000 of Phillips 66 Partners LP bought on 7/23 and sold on 7/24.
Between $1,000 and $15,000 of Pandora Media bought and sold on 9/19. (IPO in June 2011)
Between $1,000 and $15,000 of Plains GP Holdings LP bought on 10/16. Spouse only.
Between $1,000 and $15,000 of MIH Coinvestors sold on 10/18, although there was no reported purchase. It may relate to GP Holdings LP. Spouse only.
Between $1,000 and $15,000 of Surgical Care Affiliates bought on 10/30.
Between $1,000 and $15,000 of 58 Com Inc. bought and sold on 10/31.
Between $1,000 and $15,000 of Twitter Inc. bought and sold on 11/7.
The House Ethics Committee issued a notice, “Reminder about the Limitation on Participating in Initial Public Offerings,” on Nov. 5. The key determination will be whether the IPO participation was in a manner available to the general public.
Legistorm first reported that O’Rourke had made at least $4,800 profit so far on the transactions. It reported that O’Rourke has contacted the House Ethics Committee and that O’Rourke stated he has “instructed our broker to stop any further transactions.”
Update: 11/28 The El Paso Times reported Rep. O’Rourke had sold all his stock from IPOs on Wednesday and sent a $7,136 check, equal to his profits from the trades, to the U. S. Treasury.
To search detailed money-in-politics databases, visit Political MoneyLine.