Democrat Senator Unloads $4,000,000 in Big Tech Stocks Before Possible Interest Rate Hike
Richard Moorhead
|
Colorado Democrat Senator, multimillionaire and failed presidential candidate John Hickenlooper revealed on Friday night that he had sold up to $4,000,000 in personal stock holdings, mostly from Big Tech companies.
Hickenlooper sold shares of Amazon, Microsoft, Apple and Alphabet(Google’s parent company). The transactions themselves took place on several dates at the end of October and early November.
Hickenlooper made the announcement of the stock splurge on Friday night, in a move that may have been timed to avoid media reports on his personal financial dealings.
Policy makers have increasingly suggested that the Federal Reserve raise interest rates to deter out-of-control inflation, a factor that may have played into Hickenlooper’s decision to sell millions of dollars in Big Tech stocks. The Senate can’t compel the Fed to change interest rates, but the seven members of the Fed’s board are confirmed by the body and it has tremendous implicit influence over the powerful financial institution.
Some have suggested that members of Congress should be barred from buying or selling individual stocks, with nearly any transaction conducted by a Senator or member of Congress subject to conflicts of influence and insider trading information. Both Republicans and Democrats have supported such a proposal, which would forbid questionable sales of stock such as those made by the “moderate” Hickenlooper.
Support Big League Politics by making a donation today. You can also donate via PayPal, Venmo or donate crypto. Your support helps us take on the powerful and report the truth that the mainstream media wants to silence.Â
Share: