Greg Gianforte Invested As Much as $4.5 Million During Just Two Months of the Pandemic

As average Americans struggled to pay their bills in the face of the COVID-19 pandemic, Congressman Greg Gianforte was investing $4.5 million in the stock market–with 138 trades recorded between the start of February and the start of April.

Analysis from the nonpartisan watchdog Campaign Legal Center shows that Gianforte was feverishly making stock trades as the seriousness of the pandemic was becoming apparent, and while he was reassuring investors that the market was fine.

The Campaign Legal Center argues the danger of letting members of Congress buy and sell stock while they are making critical choices about how the nation will respond to COVID-19:

Today, that ground for suspicion remains as members of Congress buy and sell stock for their personal portfolios, while simultaneously picking winners and losers in the market as they craft economic stimulus packages.

More to the point with Gianforte, they note that a blind trust–what Gianforte promised in 2017 and failed to deliver–would better protect the public interest and our confidence in elected officials:

This unprecedented transparency begs the question: do Americans want their elected legislators to avoid potential conflicts of interest by divesting themselves of individual stocks, or place them in blind trusts where they are not allowed to communicate with the independent trustee?

Gianforte–already the second richest member of Congress–chose to lie to Montanans about putting his money in a blind trust. He chose to continue massive investment while the country was facing a crisis unprecedented in modern history.

Attorney General Tim Fox’s campaign probably overreached when they accused Gianforte of insider trading. Still, they are correct to question the ethics of a Congressman who lied to the people of Montana and to examine how someone who invested more money in two months than most Montanans will see in a lifetime could possibly represent the interests of the people of our state.

If you appreciate an independent voice holding Montana politicians accountable and informing voters, and you can throw a few dollars a month our way, we would certainly appreciate it.

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About the author

Don Pogreba

Don Pogreba has been writing about Montana politics since 2005 and teaching high school English since 2000. He's a former debate coach, and loyal, if often sad, fan of the San Diego Padres and Portland Timbers. He spends far too many hours of his life working at school and on his small business, Big Sky Debate.
His work has appeared in Politico and Rewire.
In the past few years, travel has become a priority, whether it's a road trip to some little town in Montana or a museum of culture in Ísafjörður, Iceland.

5 Comments

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  • I feel maybe the problem is there are to many rich people in Congress from both parties. The stock trading is on both sides of the aisle. M.Sherill (D) NJ traded $3,169,770,Nancy Pelosi (D) CA $3,259,000, Susan DelBene (D) WA $4,580,000, Gilbert Cisneros (D) CA.
    But I do have some understanding what may have happened with so many trades and money movement in the stock market. The low point of the market was March 23. Some stocks lost between 30-50% as I well know since I have stocks in 105 companies. I have been for the long gain but was forces to do many trades during that same time period so to try save my retirement investment. Some of these people have all their assets in the market so alot of trades during this upheaval isn’t business as usual.

  • I wonder what investments Bullock and Tester are trading since they are getting paychecks and most Montanans especially since their paychecks are coming off the backs of taxpayers.

    Are you going to apologize since you did the same for “Attorney General Tim Fox’s campaign probably overreached when they accused Gianforte of insider trading.”

    I see you blocked me again. So much for free speech except with liberals. Best leadership is through example.

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