Senator Corker is working with the media to damage the President. He gave the New York Times an interview yesterday that brutally attacked the President, but who is the man making the accusations?
Roll Call says Corker is the 23rd richest member of Congress. A watchdog wants to know if he acquired the wealth honestly.
A watchdog group twice called for an SEC and FBI investigation of Bob Corker for possible insider trading and accounting fraud. The Wall Street Journal first reported there was an investigation in May 2016. Politico also reported last May that the SEC was scrutinizing Corker’s transactions.
The Tennessee Star reported this past August that the SEC is preparing to conclude their investigation of CBL and Senator Corker but no one knows how it will conclude. You can read the full CfA press release here.
The WSJ reported in 2015 that Corker also failed to properly disclose millions of dollars in income to the Senate between 2007 and 2015.
The Tennessee senator and land developer failed to properly disclose millions of dollars in income from real estate, hedge funds and other investments since entering the Senate in 2007, according to financial reports filed by the Tennessee Republican. It violated Senate rules.
The Tennessee Republican filed amendments going back to 2007, saying, ‘I am extremely disappointed in the filing errors’. He filed immediately after The Wall Street Journal called his office and asked about the irregularities.
The senator is the third-ranking Republican on the Senate Banking Committee, which oversees the real-estate and financial-services sectors.
The new forms show that Mr. Corker had failed to properly disclose at least $2 million in income from investments in three small hedge funds based in his home state. He also didn’t properly report millions of dollars in income from commercial real-estate investments due to an accounting error. And he didn’t disclose millions of dollars in other assets and income from other financial transactions.
It’s an ethics issue insofar as the Senate is concerned, but why not report it properly?
The Campaign for Accountability (CFA), a D.C. watchdog, filed a total of three complaints, calling for an SEC and ethics investigation of Corker in connection with his family’s trading in shares of CBL & Associates (a REIT based in Tennessee). One of the complaints concerned his ties to Wells Fargo and came as late as September of last year.
Corker worked for CBL briefly but is still friends with the top CBL executives according to CFA who also say he has passed legislation that has helped CBL.
According to CFA, between 2008 and 2015, Sen. Corker, his wife and daughters made an astonishing 70 trades of stock in the real estate investment giant CBL & Associates Properties – more than triple the number of transactions he made of any other stock. Some of the trades closely preceded company announcements that led to changes in the stock’s price and seemingly resulted in the senator making millions of dollars.
CFA Executive Director Anne Weismann stated, “Sen. Corker’s trades followed a consistent pattern — he bought low and sold high. It beggars belief to suggest these trades – netting the senator and his family millions – were mere coincidences.”
As the WSJ reported, Sen. Corker failed to report numerous trades of CBL stock. Federal law requires members of Congress to report stock trades and file reports disclosing their assets. Many of Sen. Corker’s profitable trades were made in advance of his broker, UBS, issuing reports impacting CBL’s trading price.
Also the CBA wrote, “as a member of the Senate Banking Committee, Sen. Corker has advanced legislation that would financially benefit UBS and CBL.”
Democrats love him now but didn’t love him when he ran for the Senate in 2006. The Democratic Underground still has the story. They claimed he used his political office as mayor of Chattanooga for personal gain by building a Wall-Mart in a wetland he owned that was supposed to remain protected as a watershed by the mayor.