Sen. Feinstein Loaded up on Biotech Stock Just Before Company Received $24 Million Gov’t Grant
Posted on | November 19, 2011 | 4 Comments
In the new blockbuster tell-all Throw Them All Out, investigative reporter and Breitbart editor Peter Schweizer reveals that on November 18, 2009, Sen. Feinstein and her husband invested $1 million into Amyris Biotechnologies, a “green” company focused on plant-based renewable fuels and chemicals. The Feinsteins’ million-dollar investment was their only stock transaction for the entire year.
Feinstein, however, had good reason to feel that all her investment eggs were secure in the biotech basket, because just weeks after her seven-figure investment in Amyris, the company scored a $24 million grant from the Department of Energy (DOE) to build a pilot plant where altered yeast would turn sugar into hydrocarbons.
The company went public the following year with an IPO that raked in $85 million. Currently, it’s unclear exactly how much money Senator Feinstein and her husband made off their investment, “but it’s safe to assume that they did well,” concludes Schweizer.
Do we know for certain that Feinstein’s willingness to bet $1 million bet on Amyris was the result of insider knowledge that the DOE’s $24 million infusion of federal funds was forthcoming? No, not without further investigation. That, argues Schweizer in Throw Them All Out, is why insider trading laws should apply to members of Congress and trigger the kinds of SEC investigations to which ordinary investors must submit. https://biggovernment.com/whall/2011/11/15/sen-feinstein-loaded-up-on-biotech-stock-just-before-company-received-24-million-govt-grant/
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November 19th, 2011 @ 1:18 pm
Of course we know their is a cause and affect relationship here. How much evidence do some people need?
November 19th, 2011 @ 10:01 pm
Huh? What “insider information”? The Prospectus for the IPO disclosed the DOE grant at pages 29-30:
“We have been awarded a $24.3 million “Integrated Bio-Refinery” grant from the U.S. Department of Energy (“DOE”). The terms of this grant require us to use the funds to leverage and expand our existing Emeryville, California, pilot plant and support laboratories to develop U.S.-based production capabilities for renewable fuels and chemicals derived from sweet sorghum. Under this grant, we would be required to fund an additional $10.5 million in cost sharing expenses.”
November 20th, 2011 @ 5:33 am
when was the grant approved? When did she buy the stock?
December 11th, 2011 @ 3:06 am
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