The TV ad blitz thus far in the U.S. Senate race has come down to two things: which candidate can suck up the most to Donald Trump. One, Rep. Julia Letlow, has Dementia Don’s endorsement while incumbent Bill Cassidy touts his “working with Trump” for the benefit of humanity—but failing to mention the inflation-feeding war with Iran.
The second thing is Cassidy’s political action committee keeps hitting challenger Letlow with all those negative ads about her insider trading, a charge that may or may not have some merit.
Insider trading. It’s an ugly term that implies exactly what one would think it does: Those in key positions, i.e. elected officials, get a heads-up on what the market is going to do and they react accordingly, amassing sudden wealth in the process.
Google any given year and one will find scores, if not hundreds of members of Congress who were confirmed as having used their positions to conduct insider trading. The practice is illegal under federal law and the STOCK Act, but because of loopholes, enforcement is practically non-existent. What Martha Stewart went to prison for is pretty much common practice and business as usual for members of Congress.
It’s an advantage the average person does not have nor will he ever have—and it’s blatantly unfair. These people are elected to represent us, not to smirk at us as they reap a fortune as a result of our putting our trust in them to do the right thing.
Bobby Jindal, for example, entered Congress as a U.S. representative in 2005 as something of an average Joe, financially speaking. Three years later he left Congress to become governor, but with substantially greater wealth, millions, in fact.
Columnist Heather Cox Richardson, a history professor at Boston College who writes a daily newsletter, today quoted economist Paul Krugman who has called evidence of insider trading by those close to Trump “treason.”
Another online news service, DAILY KOS, also quoted Krugman: “…When officers of a company or people close to them exploit confidential information for personal financial gain, that’s insider trading — which is illegal. But we have another word for situations in which people with access to confidential information regarding national security — such as plans to bomb or not to bomb another country — exploit that information for profit. That word is “treason.”
Apologists for Trump, including some of the LouisianaVoice readers, have been quick to point out that Cankle Ankles takes no salary as president.
But when a series of trades worth about $800 million are made literally minutes before a Truth Social POST from Trump in which he announced he was extending the deadline and was postponing military strikes against Iranian power plants as a result of ongoing talks with Iran, then, KRUGMAN SAY, “People close to Trump are trading based on national secrets.”
There is no nice way to put this, so I’ll let Cox-Richardson say it: “The evidence for such a claim is the sudden and isolated jump in trading volume in S&P 500 and oil futures about 15 minutes before Trump suddenly announced that the U.S. and Iran were in negotiations to end the war—an announcement that turned out to be false.”
“I’d very much like to know exactly who was making those trades yesterday morning,” Krugman wrote.
Yeah, so would we.
“Were they people directly in the know, or billionaires/traders who paid people in the know for tips?” he asked.
It’s pretty much a certainty one won’t find Trump’s name directly involved, but you can bet that being the grifter he is, if there’s a nickel to be made, he’s profiting from it–and it ain’t chump change he’s pocketing.
“When officers of a company or people close to them exploit confidential information for personal financial gain, that’s insider trading — which is illegal. But we have another word for situations in which people with access to confidential information regarding national security — such as plans to bomb or not to bomb another country — exploit that information for profit. That word is ‘treason,’” KRUGMAN WROTE.
All of which kinda makes Letlow look like an afterthought in the grand scheme of things with her alleged insider trading—not that it would excuse her for one nano-second.
And while the ad does its best to tie Letlow to Nancy Pelosi (which is one helluva stretch, by anyone’s measure, considering their respective political philosophies), insider trading is a common thread that runs through both parties with equal aplomb and shamelessness—and even more so with this administration.



