A truly wild moment yesterday from the House Financial Services Committee, where they laugh about the revolving door from Congress to the banks.
Rep Hollingsworth: She has been a team member for a couple of years now but on Monday she becomes a Bank of America team member... I hope you'll take care of her.
$BAC CEO: We'll do that. Her father already works for us.
The $280B CHIPS+ Bill will likely be signed by Biden.
Numerous politicians had purchased semi-conductor plays before the announcement of the bill, and continued buying as it was passing Congressional hurdles.
Some had huge gains.
Some made unusual trades.
Speaker Nancy Pelosi (via her husband) disclosed picking up the most semiconductor stocks since 2020 with ~$1.5M in Apple, $AAPL, & $4.5M in Nvidia, $NVDA.
Pelosi disclosed selling all $NVDA stocks (25,000 shares at an avg price of $165.05 for a loss of $341,365 on July 26).
In the House, Reps Don Beyer, Thomas Suozzi and John Curtis had the highest estimated returns on their semi-stock trades.
Interestingly, the top 5 House Representatives sat on Congressional committees that were tasked with reviewing the CHIPS for America Act in 2020.
Numerous politicians have appeared to trade stocks on which firms lobbied to them.
Congress is more likely to trade if companies lobbied to them.
And Congress made many unusual timed trades off lobbying info, resulting in huge gains/better returns
House Democrat Josh Gottheimer, who sits on the Committee on Financial Services, bought up to $30k $BHP, which lobbied the government on “Financial Institutions/Investments/Securities” and “Taxation/Internal Revenue Code."
House Republican Kevin Hern, who also sits on the Committee on Ways and Means, bought and sold $FSK. The company lobbied Congress on “Taxation/Internal Revenue Code”. Rep.
Elon Musk has lined up the funding he needs for his proposed takeover of Twitter, $TWTR.
In a new filing with the US Securities and Exchange Commission on Thursday, Musk laid out his plan for the $46.5 billion worth of loans that will allow him to finance the buyout offer made on April 14th.
The funding is provided through two debt commitment letters from Morgan Stanley, $MS, Senior Funding, in which the bank commits to offering a series of loans worth $25.5 billion. The remaining $21 billion will be covered by Musk himself.
In November, Lockheed Martin, $LMT, won a $10.9B contract to modernize the Air Force's F-22s. Kevin Hern, who sits on the House Committee on the Budget, bought Lockheed Martin back in August.
He bought another round, up to $100k, in $LMT just 2 weeks before this news.
The US Army first announced a $22B augmented reality deal with Microsoft, $MSFT, on March 31, 2021 and reiterated its commitment to this partnership in October.
Speaker Nancy Pelosi disclosed exercising 150 calls on March 19, 2021 at a strike price of $130.
Numerous policitians bought energy plays BEFORE their run ups, and general discussions on banning Russian oil.
Many are on committees privy to private information, including Defense and Energy.
Many had not purchased energy plays before.
Marjorie Taylor Greene bought American oil stocks, $CVX, war stocks, $LMT, and renewable energy stocks, $NEE, ONE DAY before the invasion and also tweeting:
"War and rumors of war is incredibly profitable and convenient."
Robert Wittman bought $XLE (energy ETF) on January 28, 2022.
Mark Green (who frequently invests in energy stocks) recently bought up to $1M in $ET (Feb 9, 2022) and over $1M in $ENLC (between Feb 9-18, 2022).