Company owned by Blumenthal’s wife swapped Robinhood securities as he calls for investigation – NBC Connecticut
A company owned by the wife of Senator Richard Blumenthal bought securities in a hedge fund that pooled shares of stock trading platform Robinhood ahead of the IPO. This happened the same day the senator was asking for the company to be investigated.
“I do not own any individual stock and had no knowledge of or control over any transaction involving Robinhood stock,” Blumenthal said.
Blumenthal reported the transactions under the STOCK law, which requires him to report any transactions made by him or his family.
“It belongs to a family fund. My wife has no knowledge or control over what goes into this fund,” Blumenthal said.
“I support measures that would fight corruption, including prohibiting any member of Congress from owning individual stocks,” he added.
Robinhood has been in the crosshairs of feds since day traders used it to drive up the price of stocks like Gamestop, AMC and Blackberry.
“He was tweeting that Congress needs to investigate this,” said Geneieve Quinn, a political science professor at Quinnipiac University.
“The timing couldn’t be worse,” she said.
Blumenthal is re-elected in November.
“Connecticut is a blue state, it’s probably pretty safe,” Quinn said.
Quinn said he was late in the game for a main challenge, but it’s a possibility.
“He’s definitely in a tough spot, I think,” Quinn said.
As for legislation to further regulate stock market trading by members of Congress or their families, “there is pressure on members of Congress to somehow start taking this legislation seriously, whether it progress or not, that’s another story,” Quinn said.
Blumenthal said he supports the legislation.
“I support measures that would fight corruption, including prohibiting any member of Congress from owning individual stocks,” Blumenthal said.