Sen. Tommy Tuberville (R-AL) and his wife recently earned as much as Alabama’s $52,000 median income in just two months of owning a single stock they purchased in July, according to a report at Al.com.
The Tuberville’s turned a 55 percent profit on their purchase of “between $100,001 and $250,000 worth of ChannelAdvisor Corp. Stock,” the website reported. The stock was roughly $14 per share at the time of the purchase, but “on Sept. 6, ChannelAdvisor Corp. announced it was being acquired for $23.01 per share,” the report said.
The report noted “there is no evidence suggesting Tuberville had any inside information, and the senator has long said his financial advisors manage his day-to-day portfolio.”
Tuberville was of just 13 members of Congress slapped with the rating of “danger” by Business Insider late last year. In an exhaustive report, the publication rated every member on their “financial conflicts and transparency.”
Tuberville “violated the Stock Act 132 times (with late disclosures) totaling at least $894,000.” And it noted, “member said they paid any applicable fines under the Stock Act but didn’t provide proof.”
None of that seemed to matter to Tuberville, who was unbowed in a February interview with the UK Independent, which had cited the 132 violations. He said he opposed efforts to restrict members of Congress from trading stocks because it would discourage people from serving.
“I think it's ridiculous. They might as well start sending robots up here,” he told The Independent. “I think it would really cut back on the amount of people that would want to come up here and serve.”
But in today’s reporting at Al.com, Tuberville’ office chose not to reiterate the senator’s strong stance when asked about current efforts led by Rep. Zoe Lofgren, D-Calif., to tackle congressional stock trading.
“A spokeswoman for the senator’s office declined to give his position and would not say whether he was concerned about an appearance of conflicts of interest,” the report said.
The al.com report noted the irony that on the same day of his stock purchase, “Tuberville attacked President Biden over the price of cookies” with a tweet charging that the president’s ““reckless economic policies are wreaking havoc on our economy.” That led to a cookie comparison.
“That purchase, about the equivalent of 28,571 to 71,248 boxes of family size Chips Ahoy cookies, would end up being worth between $150,861 and $377,150 as of the end of trading on Thursday, for nearly a 55 percent gain.”
Staying on the theme, the website also noted, “At a minimum, Tuberville and his wife earned about the same as Alabama’s median income of $52,000 in less than two months of owning ChannelAdvisor Corp. Stock.”
Democratic leadership announced Thursday that the House might take up legislation to reform the Stock Act as early as next week, Business Insider reported.