Don't Take Stock In Anything Beto Says

Press Release

"Yesterday credibility-challenged Beto O'Rourke told a reporter he wanted to ban members of the Texas Legislature from trading stocks despite making large profits trading IPOs while serving in Congress. You can't take stock in anything Beto says. Beto's extreme make-over is nothing more than an attempt to sprint away from his past positions that put him out of touch with Texans." -- Mark Miner, Communications Director

NOW: Yesterday O'Rourke Said He Wanted A Ban On Trading Stocks For Members Of The Texas Legislature. "Texas gubernatorial candidate Beto O'Rourke, a former Democratic presidential candidate, said restricting members of Congress from trading stocks is "the right thing to do.' … Insider asked O'Rourke, a former congressman, if state or federal lawmakers and their spouses should be allowed to trade stocks. He quickly endorsed a ban on trading and said if elected governor, he would try to implement one in the Texas state legislature." (Madison Hall, "Texas Gubernatorial Candidate Beto O'Rourke Says Banning Members Of Congress From Trading Stocks Is "The Right Thing To Do'," Insider, 2/16/22)

THEN: O'Rourke "Bought Into Seven IPOs" While Serving In Congress, In One Case Seeing A "39 Percent Increase On The Shares That He Sold Either The Same Day Or Within Days Of The IPO." "Rep. Beto O'Rourke (D-Texas) has received special access to initial public offerings since he hired his Morgan Stanley stockbroker in 2003. But as the freshman Democrat is now learning, elite access to IPOs doesn't fly as a member of Congress. O'Rourke has bought into seven IPOs since taking office in January, which apparently violates the STOCK Act's prohibition on IPO purchases. … In fact, O'Rourke saw a 39 percent increase on the shares that he sold either the same day or within days of the IPO." ("Rep. O'Rourke Violated The STOCK Act By Buying Into IPOs," LegiStorm, 11/25/13)

Among The IPOs O'Rourke Bought Into Was Twitter. "Rep. Beto O'Rourke (D-Texas) has received special access to initial public offerings since he hired his Morgan Stanley stockbroker in 2003. … The freshman lawmaker bought seven stocks at the fixed IPO prices, including Twitter, 58 COM Inc., Surgical Care Affiliates, Third Point Reinsurance, Phillips 66 Partners LP, RetailMeNot Inc. and Noodles Inc." ("Rep. O'Rourke Violated The STOCK Act By Buying Into IPOs," LegiStorm, 11/25/13)
LegiStorm Headline: "Rep. O'Rourke Violated The STOCK Act By Buying Into IPOs" (LegiStorm, 11/25/13)

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