June 19, 2011 12:42 AM UTC

Reps. Perlmutter and Tipton: Unethical, but Not Illegal?

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• by: droll

A report of the 2009/2010* disclosures show that both Perlmutter and Tipton own substantial stock in companies that are affected by the committees they sit on. Perlmutter owning up to $350,000 of US Bank shares while serving on the House Financial Services Committee, Tipton owns up to $750,00 of natural gas and oil stocks and assets while serving on the House Natural Resources Committee.

Perlmutter’s office points out that his family has owned US Bank stock for more than twenty years. Does that matter? What about everyone else? Where is the line drawn? A recent study found that Representatives average 6% better returns than everyone else. The Senate averages 10%.

The great question is are committee members involved in insider trading, whether intentional or not? I’d say no because if you’re in either chamber you’re going to pick things up. Which would mean that no members could own stock, or assets of any kind. Of course, I naively believe everyone is as honest as they say. Where has that gotten me?

*Perlmutter, Udall, and Polis have filed for extensions for 2010. Presumably until Polis files, Tipton is the richest Colorado Representative. Random side note.