Connecticut's War Hero Senator Caught Playing Robin Hood

confirmation hearings, Blumenthal to Supreme Court nominee brett kavenaugh

Blumenthal Bought Robinhood Shares as He Called for Congress To Investigate GameStop Trading Frenzy

Senator failed to disclose trades within federally mandated window

Sen. Richard Blumenthal (D., Conn.) and his wife bought and sold shares of the stock trading app Robinhood while he called for Congress to investigate a controversial trading practice largely carried out on the platform.

Blumenthal disclosed that he and his wife sold between $1,265,000 and $2,550,000 worth of shares of Robinhood in the last quarter of 2021. At the time, Blumenthal joined a chorus of lawmakers in calling for investigations into Robinhood's role in supporting a speculation frenzy involving shares of GameStop. Blumenthal did not probe the matter even though he was well positioned to do so as the chairman of the Senate Commerce Subcommittee on Consumer Protection.

Blumenthal's complex financial disclosures make it difficult to discern how much money he and his wife made from the Robinhood investment, though a review of their filings suggests a profit of at least $500,000.