Barbara Boxer would like you to believe she's been hard at work for the people of California, but the truth of the matter is that she's spent the last 28 years in Washington looking out for herself. Today, California Watch reports that Boxer earned huge profits through "exclusive" investments that were not available to the general public.
At Least Twice In Her Career, Boxer Has Received "Exclusive Access" To Lucrative Investments Not Available To The General Public. "At least twice during her political career, U.S. Sen. Barbara Boxer turned quick profits on IPOs that were unavailable to the general public, records and published reports show. The transactions, which were made public in 1994 and 2000, allowed her exclusive access to several lucrative investments." (Chase Davis, "Boxer Once Profited From Exclusive IPOs," California Watch, 10/25/10)As early as 1994, when Boxer's insider deals first came to light, the Los Angeles Times condemned the practice of awarding IPOs to elected officials and called for an outright ban, in part because the practice "is so transparently corrupting."
Boxer's IPOs Allowed Her To Reap Huge Profits, Including Investments That Tripled In Only A Day. " was given access to several hot stocks that she bought and sold within a day or two. In one case, Boxer bought between $15,000 and $50,000 worth of shares in Palm Inc., the handheld computer company, at $38 apiece on March 1, 2000 - the day before the company was made public. On the first day of trading, shares soared to $140 before closing at $95. Goldman Sachs and Morgan Stanley managed the offering. Days earlier, she bought between $1,000 and $15,000 in stock from an online advertising and marketing company called Avenue A at its opening price of $24. Boxer sold it the next day when the share price tripled to $72." (Chase Davis, "Boxer Once Profited From Exclusive IPOs," California Watch, 10/25/10)
Los Angeles Times: "[IPO Access] Is So Transparently Corrupting." "Apologists for the practice keep reciting, like a mantra, that there's nothing in the law or in the rules of the House or Senate to prevent a member of Congress from accepting first crack at buying usually lucrative new stock offerings. True, though this is really a shamelessly pathetic defense for something that is so transparently corrupting." (Editorial, "It's Time For Their 'Luck' To End," Los Angeles Times, 6/29/94)For nearly three decades in Washington, Barbara Boxer has supported job-killing policies and higher taxes, the result of which is more than 2.2 million Californians suffering without a job and without the "help and hope" Boxer promised. Meanwhile, whether it was through this special IPO access or her vote to give herself a 40 percent pay raise, Barbara Boxer has used the trappings of her office to receive exclusive deals and line her own bank account. Clearly, Barbara Boxer is concerned about saving only one job: her own.