Weissmann Calls on Polis to Make a Pledge Against Insider Trading

Monday, March 05, 2012

(Boulder, CO) – Eric Weissmann, candidate for Congress in Colorado’s 2nd Congressional District, Friday called on Congressman Jared Polis to pledge to the citizens of Colorado he will never again trade investments based on privileged information available to him because of his position in Congress, even if Congress fails to adopt the STOCK Act (H.R. 1148).

A book by Stanford University’s Hoover Institute fellow Peter Schweizer, Throw Them All Out, recently detailed exactly how Polis used his congressional perch to obtain information, unavailable to the general public, about who stood to profit from the passage of certain provisions of Obamacare as the bill moved through Congress. Polis then profited handsomely by using the inside information to make multi-million dollar investments in a private medical tourism company and in biotech ETF shares, each well positioned to profit from legislative action.

In an act of brazen hypocrisy, Polis sought political cover for his actions by endorsing the STOCK Act, but only after publication of Schweizer’s book showed him caught red-handed profiting from inside information.

“That the STOCK Act is stuck on Senate Majority Leader Harry Reid’s desk and is in jeopardy of not finding its way to the President’s desk even after its passage by the House is an indication of just how broken Washington really is,” said Weissmann.

“Whether or not the STOCK Act makes it to the President’s desk, Congressman Polis owes the voters of Colorado an apology. I call on Congressman Polis to pledge to the voters of Colorado that he will not engage in these corrupt, abusive and unethical practices again, irrespective of the status of the STOCK Act.

“Remember Amendment 41?” concluded Weissmann. “Polis was a financial backer of this so-called ethics initiative, put to Colorado voters in 2006. Two years after helping bankroll the measure’s passage, Polis went to Congress and profited from this astonishingly unethical act. Congressman Polis’ commitment to ethics seems evident only when politically convenient and necessary. The people of Colorado deserve better than this cynical and hypocritical behavior.”

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