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Wed Jul 14, 2021, 08:34 PM

GOP Rep. on cyber committee dumped MSFT stock shortly before $10B Pentagon contract was scrapped

Source: Salon

Rep. Pat Fallon, a first-term Republican from Texas, sold a large block of Microsoft stock just two weeks before the Pentagon announced it was scrapping a cloud computing deal with the company valued at up to $10 billion over the next decade, according to financial disclosure reports.

The previously unreported June 21 sale, listed on disclosure forms as between $100,000 and $250,000, was especially notable in light of the freshman congressman's assignment on the House Armed Services Committee's brand new Subcommittee on Cyber, Innovative Technologies, and Information Systems, which has oversight of the deal in question, known as the Joint Enterprise Defense Infrastructure (JEDI) contract. The Pentagon officially announced it was terminating the deal on July 6.

If Fallon had any prior knowledge of the state of the contract through his subcommittee assignment, the well-timed sale could be evidence of criminal insider trading, according to Richard Painter, a University of Minnesota law professor and former White House ethics attorney under George W. Bush. Such charges are difficult to prove, however, because members of Congress may withhold evidence by invoking the Constitution's Speech or Debate Clause, which offers legislators special protections from investigation by the executive branch.

The investments nonetheless raise concerns over the ethical problems that members of Congress create when they trade individual stocks within an industry their actions have the potential to influence.

Read more: https://www.msn.com/en-us/news/politics/gop-rep-on-cyber-committee-dumped-msft-stock-shortly-before-10b-pentagon-contract-was-scrapped/ar-AAMa9Vy?li=BBnbcA1&ocid=DELLDHP

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Reply GOP Rep. on cyber committee dumped MSFT stock shortly before $10B Pentagon contract was scrapped (Original post)
Yo_Mama_Been_Loggin Jul 14 OP
catbyte Jul 14 #1
Stuart G Jul 14 #2
NullTuples Jul 14 #3
riversedge Jul 14 #5
keithbvadu2 Jul 14 #4
Starfury Jul 14 #6
Dopers_Greed Jul 15 #7
Lonestarblue Jul 15 #8
IronLionZion Jul 15 #9
BumRushDaShow Jul 15 #10

Response to Yo_Mama_Been_Loggin (Original post)

Wed Jul 14, 2021, 08:37 PM

1. Gee, what a lucky coincidink, wasn't it?!?

Rotten to the core.

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Response to Yo_Mama_Been_Loggin (Original post)

Wed Jul 14, 2021, 08:38 PM

2. K and R...Thank You for this post...It informed me a whole lot..

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Response to Yo_Mama_Been_Loggin (Original post)

Wed Jul 14, 2021, 08:48 PM

3. Betting pool on whether there will be any repercussions at all?

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Response to NullTuples (Reply #3)

Wed Jul 14, 2021, 09:22 PM

5. my cynical self says probably not.

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Response to Yo_Mama_Been_Loggin (Original post)

Wed Jul 14, 2021, 09:06 PM

4. Similar to taking the fifth? What do you have to hide?

https://www.democraticunderground.com/1017602194 video

"The mob takes the Fifth," Trump said after Hillary Clinton aides invoked their right against self-incrimination. "if you're innocent, why are you taking the Fifth Amendment?"

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Response to Yo_Mama_Been_Loggin (Original post)

Wed Jul 14, 2021, 11:54 PM

6. Showing he's both unethical and a bad investor.

If it's any comfort, he's missed the most recent stock run up. If he'd simply kept the stock, he'd be richer (on paper) by up to ~$20k today, not to mention he'll miss out on future stock price increases. Not a smart investor...

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 15, 2021, 01:41 AM

7. Joke's on him

I own Microsoft stock and it kept going up even after this news came out.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 15, 2021, 08:59 AM

8. He's a Republican. They have no ethics.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jul 15, 2021, 10:13 AM

9. Charge him under the STOCK ACT

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Response to IronLionZion (Reply #9)

Thu Jul 15, 2021, 02:28 PM

10. They have considered that for other people previously, but there were issues with invoking it

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