In As Pandemic Spread Pain and Panic, Congressman Chased Profit (2021), Associated Press criticizes the hypocrisy of a certain U.S. Congressman. The article explains how Republican Congressman Tom Malinowski, despite his heated scolding of those who take advantage of the insider information for their stock trading, used this very data to gain money on trading. The Stock Act of 2012 operates as the law that prohibits stock market speculation by the lawmakers to a certain limit, however, the Congressman decided to disobey it completely. Malinowski not only secured millions through trading in the face of an extraordinary health crisis but did not report any of his deals to the Congress, as required by the law. He also engaged in the short-selling of stocks – a questionable practice that has the potential of ruining the market. When Malinowski’s actions caught official and public attention, he processed to redirect the blame on his brokerage firm.
As the article explores different cases of questionable stock trading, similar to Malinowski’s one, it becomes clear that even during a pandemic, certain lawmakers do not hesitate to take advantage for their gain. The Stock Act does not hold enough authority for these Congressman to be properly convicted. The author brilliantly explains all of the little details of Malinowski’s and other’s wrongdoings, which, when summarized, paint a very unpleasant picture of corrupted lawmakers. The article’s main argument states that the U.S. laws do not provide enough legal force to successfully outline and punish stock market speculations. As a result, the temptation to use the insider information for trading is nearly impossible to resist. In the end, the experts state that, perhaps, people who cannot sacrifice their appetites for the sake of their country should not be in charge of leading it.
Reference
Associated Press. (2021). As pandemic spread pain and panic, congressman chased profit. Spectrum News NY1. Web.