Jennifer Granholm sells holdings in electric bus maker after Republican criticisms

[Yo_Mama_Been_Loggin]

Energy Secretary Jennifer Granholm sold her holdings in electric bus maker Proterra this week, DOE confirmed to POLITICO on Wednesday, following criticism from Republicans that she might be profiting from the administration's push for electric vehicles.

The details: Granholm cleared all of her Proterra holdings in the sales on Monday, providing her with net capital gains of $1.6 million, DOE said. The move fulfills the last of her obligations under her ethics agreement three months before an August deadline. She had been a board member for the company, but resigned before becoming secretary.

Granholm's holdings in the company became a flashpoint for critics after President Joe Biden last month made a virtual visit to a Proterra facility as part of his electric vehicle push. Sen. John Barrasso (R-Wyo.), the top Republican on the Energy and Natural Resources Committee, soon afterward asked DOE's inspector general to investigate whether the secretary had any potential conflicts of interest, and Rep. Ralph Norman (R-S.C.) also pressed her on the matter.

The White House said Granholm had nothing to do with the planning of that visit.

https://www.yahoo.com/news/jennifer-granholm-sells-holdings-electric-164113307.html

[Submariner]

1. Insider trading by members of Congress during financial crisis?

I love it when the republicans pull this crap on Democrats, after the scheming they pulled off during the 2008 market collapse.

Remember McConnell asking the FED if his equities would take a hit from the market crash?


Deal in sight

On Jan. 24, 2008, the day after Boehner’s trades, the White House formally announced that it had reached a tentative agreement with the House on the stimulus package, which had risen to $150 billion. The proposal, approved by the House, called for giving tax breaks to businesses and rebates to taxpayers.

When the proposal went to the Senate, lawmakers began to make revisions and additions. Paulson called Senate Minority Leader Mitch McConnell, R-Ky., three times on Jan. 28, and McConnell called Paulson once that day. On Jan. 29, Paulson called McConnell five more times.

The next day, Paulson again called McConnell five times, and McConnell called him three times. The bill had become bogged down in the Senate as lawmakers continued to spar over adding spending measures to the package.

The next day, Paulson called McConnell twice. McConnell would later report making four trades that day, each worth between $15,000 and $50,000, rearranging four mutual funds in his portfolio. He reported selling shares in a one international fund, buying shares in another and reconfiguring his investments in two domestic funds. He hadn’t made a trade since Nov. 20, 2007, and he would not make another until April 14, 2008.

McConnell declined requests for an interview. During the spring and summer of 2008, another sector of the economy began to wobble: the market for municipal bonds, which local and state governments sell to raise capital. Normally considered to be one of the safest investments on Wall Street, the muni market was falling victim to the economic crisis.

Do any of you DU'ers remember being able to re-arrange your portfolios for profit like McConnell after your call to Treasury Secretary Henry Paulson? Me neither.....

https://www.seattletimes.com/nation-world/insider-trading-by-members-of-congress-during-financial-crisis/