How the Government Makes Millions off Investors | Summary and Q&A

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October 20, 2022
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Let's Talk Money! with Joseph Hogue, CFA
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How the Government Makes Millions off Investors

TL;DR

Government officials, including high-ranking members at the EPA and IRS, have been engaging in insider stock trading, manipulating markets and profiting from legislative actions.

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Questions & Answers

Q: How many stock trades were uncovered in the analysis by The Wall Street Journal?

The analysis found over 315,000 stock trades by Washington insiders in the past five years.

Q: Which government agencies were involved in insider stock trading?

More than 2,600 officials from agencies such as the EPA, Treasury Department, and IRS were found to be trading stocks in companies lobbying their agencies.

Q: Were government officials trading in tech stocks?

Yes, over 1,800 government officials, including 81 officials at the IRS, reported owning or trading in major tech stocks such as Facebook, Google, Apple, and Amazon.

Q: How did some officials profit from their insider information?

More than 60 officials at agencies like the Federal Trade Commission and Department of Justice traded stocks just before announcing penalties and actions against those companies.

Summary & Key Takeaways

  • An analysis by The Wall Street Journal uncovered over 315,000 stock trades by Washington insiders in the past five years, many of which were never reported.

  • More than 2,600 officials at various government agencies were found to be trading stocks in companies lobbying their agencies for policy.

  • Officials at the EPA, IRS, and other agencies were found to own shares and trade in major tech stocks and oil giants, while short selling stocks in companies they could manipulate with legislative actions.

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