Sen. Feinstein failed to disclose husband’s Facebook stock before Zuckerberg testified: report

Sen. Dianne Feinstein, D-Calif., failed to disclose that her husband owned more than $100,000 in Facebook shares before Facebook CEO Mark Zuckerberg testified to the Senate in April, according to a new report Wednesday.

Feinstein didn’t disclose that her husband, the wealthy investment banker Richard Blum, bought between $100,000 and $250,000 of the social network’s shares before she gave her opening remarks during Zuckerberg’s April 10 testimony in the Senate, according to Sludge, a new investigative journalism startup which launched earlier this year. Feinstein was one of four senators to give opening remarks.

Feinstein’s office told this news organization Wednesday that she doesn’t discuss her husband’s financial transactions with him.

“The transaction was made by the senator’s spouse and was marked as such in the filing. It wasn’t made by the senator and she has no ownership or control over it,” Tom Mentzer, communications director for Feinstein’s office, said in an e-mailed statement. “The senator doesn’t discuss any of her husband’s business or financial decisions with him, so it in no way affected the hearing. All of the senator’s assets are in a blind trust, which was put in place when she joined the Senate. The transaction should have been reported earlier in the year, and a report was filed once the mistake was discovered.”

Blum’s Facebook share ownership was disclosed by Feinstein’s office in a periodic transaction report on May 22, a whole month after the testimony, according to Sludge.

Unlike Feinstein, three members of Congress disclosed their ownership of Facebook stock before Zuckerberg’s testimony to the Senate and House of Representatives in April, ranging from $15,000 to $80,000, according to Roll Call.

A 2012 law requires members of Congress to promptly disclose their stock ownership of a company, according to Sludge. The law — known as the Stop Trading on Congressional Knowledge …read more

Source:: The Mercury News – Business


(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *