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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:
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.