“There’s no way the public can’t smell, absolutely can’t smell, that it‘s corrupt, that you have it in your mind when you vote,” said Mr Merkley, a Democrat. “You may have the public interest in mind, but you also have in mind the impact this decision could have on the value of your portfolio.”
A story of good timing
Mr. Perdue, whose estimated net worth is over $ 15 million, arrived on Capitol Hill in 2015, posing as an outsider and highlighting his experience as a senior executive at companies like Dollar General, Reebok and Haggar Clothing. He immediately established himself as a skeptic of government regulation, suggesting at different times the removal of the Environmental Protection Agency and the Bureau of Consumer Financial Protection.
Over the next six years, Mr. Perdue – or his advisers – would place premonitory bets in his portfolio, buying and selling stocks at the right times. His business in Devon Energy, a company co-founded in 1971 by J. Larry Nichols, a major Republican donor, provides an example.
On November 12, 2015, Mr. Perdue sold his position in Devon, valued between $ 50,000 and $ 100,000, on a day the stock price closed at $ 45.06. Over the next month, Devon’s price would drop as low as $ 31.54, a 30% drop from when Mr Perdue liquidated his holdings. Analysts attributed the stock’s drop to the company’s announcement, after Mr. Perdue’s sale, to acquire assets from Felix Energy.
While Mr. Perdue traded numerous energy stocks during his tenure, buying and selling dozens of drilling, pipeline, power, and related equipment companies, the deals that call for particular scrutiny are those involving industries. which came under his direct supervision through his committee positions.
Mr. Perdue actively traded in First Data, an Atlanta-based financial firm. Much like his trading in Devon Energy, Mr. Perdue’s transactions in First Data appear to have been well timed, as The Daily Beast reports.
After selling his entire stake in First Data in November 2018, Mr. Perdue repurchased shares in the company in December, three weeks before the announcement of a merger with financial services technology firm Fiserv on the 16th. January 2019. Mr. Perdue then reported the capital gains of $ 50,000 to $ 100,000 in the first data.