GOP lawmakers snap up surging health insurance stocks as they gut Obamacare

Paul Ryan ally Rep. Mike Conaway [R-TX, @ConawayTX11, +1 (202) 225-3605] is the proud owner of $30,000 worth of stock in UnitedHealth, who stand to benefit enormously from Rep Conaway's efforts to destroy Obamacare and replace it with a system that allows insurers to charge more and kick more than 22,000,000 Americans off their insurance.

Conaway's wife made the purchase the same day that the House Rules Committee advanced the Obamacare-killing House bill. The shares have surged 7% since Rep Conaway cast his vote. Rep Conaway is leading the House Intelligence Committee investigation into Russian interference in the 2016 election.

Another Congressman who made serious money by buying health stocks and then voting to kill Obamacare is Sen. James Inhofe [R-OK, @jiminhofe, +1 (202) 224-4721], who bought between $50,000 and $100,000 in UnitedHealth stock prior to the Congressional vote. Rep Inhofe's spokesperson claimed the purchase was made by a financial advisor who spent his money without talking to him first.

Conaway, who serves as a GOP deputy whip in the House, has a long record of investing in firms that coincide with his official duties. Politico reported that Conaway's wife purchased stock in a nuclear firm just after Conaway sponsored a bill to deal with nuclear waste storage in his district. The firm stood to directly benefit from the legislation.

[Lee Fang/The Intercept]

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