Welch stock trading makes front page of New York Times, as challenger Malloy closes gap

by Guy Page

This month, Democratic nominee for U.S. Senate Rep. Peter Welch has received at least three pieces of bad campaign news: critical coverage of his stock trading on the front page of the New York Times, positive national news coverage of GOP darkhorse challenger Gerald Malloy, and a national poll showing Malloy just 6.5% behind him.

Welch’s thumbnail photo appeared with many other members of Congress of both parties in an above-the-fold news story headlined “Stock Trades Reported by Nearly a Fifth of Congress Show Possible Conflicts.” The story named lawmakers owning stock in companies their committees oversee, transactions of these stocks, and lawmakers’ efforts to hide these transactions.

The New York Times story didn’t go into detail about Welch’s eyebrow-raising stock transactions. But other media already had. 

According to Capitol Trades, Welch was the only member of the Vermont Congressional delegation to make stock market trades in the previous three years. Almost all of his 55 trades were “sell.” The most recent “buys” occurred in March, 2020, when Welch purchased between $1000 and $15,000 shares of Medtronic, a medical equipment company; PayPal; and Consolidated Edison, an energy company serving New York City and Westchester County. 

Rep. Peter Welch and wife Margaret Cheney – Facebook photo.

The Washington Times reported December 28, 2021 that Welch and his wife Margaret Cheney failed to promptly report a September $6,238 sale of Exxon stock. Cheney reportedly had inherited the stock from her mother. Cheney is the former chair of the Vermont Public Service Board, the state’s ‘energy court.’ She also is a former chair of the House Natural Resources and Energy Committee, where she oversaw pro-renewable power energy legislation.

The Exxon trade went unreported for 53 days. The tardy reporting violated a 2012 law co-sponsored by Welch regulating congressional stock sales. The law sets a 30-45 day trade reporting deadline.

On October 28, Welch grilled Exxon’s CEO at a House hearing, including challenging his ‘credibility.’

Those facts were not lost on a non-partisan government watchdog group, Foundation for Accountability and Civic Trust (FACT). 

Recent reporting shows that Rep. Welch failed to disclose that his wife sold $6,238 in ExxonMobil stock on September 17, 2021, by the November 1, 2021, deadline,” FACT reported Dec. 22. “Although Rep. Welch’s spokesperson admitted that he had learned of the trade on October 25, 2021, he grilled ExxonMobil’s CEO in a House Oversight and Government Reform Committee hearing on October 28, 2021, and didn’t disclose the transaction until November 9, 2021, eight days after he was required to.

“Rep. Welch has been a member of Congress for nearly 15 years and is well aware of the financial reporting requirements. What makes this case egregious, beyond the violation itself, is that his office acknowledged that he knew of the transaction prior to the reporting deadline and not only missed it, but grilled the ExxonMobil CEO about transparency and credibility just days later. The OCE must fully investigate this violation and apply the requisite penalties,” said Kendra Arnold, Executive Director of FACT.

It also wasn’t the only tardily-reported trade. A sale of Cloetta AB worth $1000 – $15,000, went unreported for 106 days, Capitol Trades reports. Cloetta AB is a Swedish confectionary company.

Welch’s spokesperson told the Washington Times in December he would no longer trade stock. The most recent stock transaction attributed to Welch on Capitol Trades is November 18, 2021 – a month before the December, 2021 promise. 

Vermont Daily Chronicle published details of the Trafalgar national poll on September 11. Breitbart published its news story on September 18. The first four paragraphs are republished below:

Vermont’s Republican U.S. Senate nominee Gerald Malloy said that “Vermonters are ready for change” after being “fed up” with the current leadership in the country during an appearance on Breitbart News Saturday.

“I can tell you campaigning in the last seven months [with] boots on the ground… Vermonters are ready for change,” Malloy told Breitbart News Saturday host, Breitbart News’ Washington Bureau Chief Matthew Boyle.

“Vermonters have common sense, and they see, you know, paying at the pump and paying at the grocery store, and they’re fed up with the performance… from their leadership in Congress, and they’re ready for change,” Malloy explained.

He also noted that the campaign is moving in a “very positive” direction after a recent poll from the Trafalgar Group showed that Malloy is only 6.5 percent down from Rep. Peter Welsh (D-VT), a career politician who’s been endorsed by socialist Sen. Bernie Sanders (I-VT).

Categories: politics

27 replies »

  1. Consider this conflict of interest with Senate candidate Peter Welch, who is currently on the House Committees for Energy and Commerce, Oversight and Reform, Intelligence, Democratic Steering and Policy. Welch is a Berkley, CA educated lawyer from Massachusetts, who was, yes, a ‘community organizer’ in Chicago, before migrating to Vermont. To the best of my knowledge, Mr. Welch has little, if any, private sector experience.

    Also consider one of the most powerful, unelected, administrators in Vermont, Margaret Cheney. She was appointed to the Vermont Public Utility Commission in 2013 by Governor Peter Shumlin, is one of only three people who determine Vermont’s energy policies, and who grew up and was educated in Malaysia, the Netherlands, Nicaragua, India, and Peru.

    Does Ms. Cheney have ‘extensive’ experience in the energy sector? She was an editor for Menlo-Atherton Recorder from 1974 to 1977. She then worked for The Washingtonian magazine from 1978 to 1989. Her professional experience includes working as a Spanish teacher for Sharon Academy and a Television Host for CATV White River Junction. She has also been a freelance writer.

    By the way, Ms. Cheney happens to be Peter Welch’s wife. If anyone thinks these ‘Administrative State’ folks have the best interests of free-market oriented Vermonters
    in mind or are at all qualified to manage Vermont’s economy, I suggest they take a tablespoon of intelligence-enhancing snake oil.

    • Bravo! your short, concise summary of these lifelong elitists is spot on. Your comment above belongs in the letters section of every newspaper/media outlet in Vermont to nudge these “asleep at the wheel” voting citizens to take notice!

      • Shumlin…that’s an unpleasant name from the past. Whatever happened to the EB5 scandal that Scumlin orchestrated…Leahy was right there too!

  2. Imagine if the democrats & progressives had not effectively prevented Nolan from becoming the nominee. Like that or not – the Republicans would have almost assuredly been able to say: “Folks, we’ve got a winner here”……..

    So many didn’t agree with Nolan’s stance on abortion, and neither did I. But then again, I’m self-aware enough to understand that there isn’t a candidate or elected official in existence with whom I agree with on everything. And better to be successful to a lesser degree than not at all.

    And despite the fact that I knew we had a genuine chance in winning with Nolan, I will OF COURSE be supporting any candidate who opposes the current crazed tract we are on.

    However, I also realize that between the college kids voting, the massive influx of shady financing which democrats are awarded by out-of-state funding “sources”, and potential voter fraud in Vermont: we will almost certainly not see, once the election is over presuming Welch wins, a SINGLE unborn baby saved here in VT —- as opposed to the dozens of thousands that might have been saved under Nolan had she been the candidate – even with her supporting first trimester abortion.

    So, See all you kids, God willing, in another place in another time.

    • and that is exactly it in a nutshell, thank you Kathleen Gaffney …common sense should tell us, a large piece of the pie is so much better than none at all……

      • Another way of looking at it would be to say the pie only has a little dog poop in it not a lot. No thanks, I’d rather stand against sliding ethics and take what I get (even if I don’t like it) than to have been part of the effort to get someone in who is not willing to stand on right principles. We get what we deserve, if the majority of Vermonters can’t/won’t vote for moral candidates then we all the pay the price.

  3. typical of politicians today. they love more laws and regulations but assume those do not apply to them. covid and investment rules are perfect examples

  4. Thank you for this article Guy. We certainly won’t see this news any where else in Vt. media. I hope that it will be very helpful for Mr. Malloy. Comments from others are interesting as well.

  5. Welch. Supports Banning of our Guns,Supports killing of baby’s, Supports the Ludicrous Spending of our money, Supports the Ludicrous Green new Deal,
    Supports the band of lead ammo and
    To top it off! Welch Supports that degusting Human Being in the white house! Cornpop Joe! 🤡 🤡
    If that doesn’t tell you enough nothing will!!
    Welch is a Cronies and allways will be one period!!
    Enough is Enough of this Liberal Clown 🤡 Show !!
    Wake up Vermonters wake up!!


    • Today the official story of 9/11 is so thoroughly discredited that it is time to look at those who perpetuated the false flag narrative.
      Welch always touted his “anti-war stance, but never acted to actually stop wars.
      When confronted, Weasel Welch did not act to discover the evidence about 9/11, but chose to cover it up. I cannot tolerate Congressmen who deceive their constituents.
      Watch he him in action in these 2 short videos.

      Anti-war/Welch/911316 views12 years ago

      Antiwar /Welch / 9/11


      Anti-war/ Welch 9/11 followup: Bradford 09


      The truth will set us free.
      Remove Welch.
      Vote for Gerald Malloy for Senator.

  6. For those of us paying attention the fact that Welch and his Wife have been involved with insider trading multiple times is not news.
    ( but he keeps promising he won’t do it again )
    He is a mindless puppet that votes with Pelosi 100% of the time. Add in the fact he is all in on killing babies to the moment of birth.
    A few years ago Welch was asked to go to the Vermont Veterans Cemetery for a Memorial Day Observance.
    He couldn’t make it, he went to a rally for planned parenthood instead.
    That should tell you all you need to know about Welch.

  7. The collection of comments above says it all, very well. The Democrat Party for sometime has been very pushy in being sure things are both ways, for Congressional individuals. With the momentum going for Gerald Malloy, it could turn the tide for him. Forty days is a lifetime in political campaigning leading up to election. Remind your friends, neighbors and any one else that Gerald’s positions are where the heartbeat of Vermonters is. He is sincere, truthful, (something not in practice with many) and has an experience factor that will be very helpful in the Senate. Vote for a refreshing change….. retire Welch, Elect Gerald Malloy.

  8. Welch is an ambulance-chasing lawyer by trade and has never amounted to a hill of beans in the US House. By what measure does he deserve a promotion into the Senate? Because it’s his turn? If you like how screwed up the country is now, vote Welch. If you want to fix things, vote Malloy. It is really that simple.

  9. From the first sentence Kathleen J. Gaffney’s comments are factually incorrect.
    She implies that Gerald Malloy defeated Ms. Nolan because of democrat and progressive voters.
    Just nonsense. If democrats and progressives voted with a Republican Ballot they voted for Ms. Nolan. Why wouldn’t they ? She represented their agenda in multiple ways.
    Despite Ms. Gaffney stating ” even with her supporting first trimester abortion ”
    Ms. Nolan does in fact support abortion thru the 2nd Trimester. ( during the VPR Senate debate Ms. Nolan explained the difference between herself and Welch, was that Welch supported abortion to the moment of birth. Ms. Nolan only supported it thru the 2nd Trimester. )
    What Ms. Nolan could have said was, instead of supporting abortion of all the unborn, she would fight for less than 1% of all the babies aborted. Because over 99% are aborted in the first two Trimesters.
    Vermont averages 1200 + abortions annually. 1% is 12.

    Not the only reason Real VT Republicans voted for Gerald Malloy. Ms. Nolan also said she would fight to codify Roe V Wade in all 50 States.
    She supported Ketanji Brown Jackson for the Supreme Court despite Ms. Jackson not being able to define the word Woman, and Jackson’s record of being soft on Child Porn Crimes.
    Perhaps Ms. Nolan sealed her fate with Real VT Republican voters when she decided to skip at least six Senatorial debates.
    The VTGOP was also prepared to say ” Folks, we’ve got a winner here. ”
    Because the leadership of the VTGOP told Gerald Malloy that Ms. Nolan was their candidate. He would receive no financial support or endorsement from the VTGOP.
    Despite that, many Vermonters stood with Gerald all the way thru. And in the end it payed off. Real VT Republicans don’t want another Rino.

    But the VTGOP didn’t learn a thing. They still support Scott, Benning, Beck, Walker, Scheuermann, Leffler and Martin. All transrepublicans that have voted for and support Article 22. Benning voted for it twice as a State Senator and bragged in Rockingham he will vote for it in November. Just like Scott.
    Ms. Gaffney is either not paying attention, or she doesn’t care about the VTGOP Platform. Something two thirds of the VTGOP members agree with her on.
    There are many of us working with Gerald Malloy and other Pro Life, Constitutional Republicans that will represent us when they win in November. And we are doing it without any help from the VTGOP. In fact I would say we are doing because we don’t have any help from the VTGOP.

    As far as not being able to see a ” SINGLE unborn baby saved here in Vermont ”
    Scott signed H 57 in 2019, which already provides for the abortion of a Baby moments before birth.
    More proof he isn’t a Republican.

    God willing, the 70% of Republicans that didn’t vote in the Primary will vote in the General on November 8th. Because they have someone to vote for.

  10. The VT GOP in no way is representative of many of us Real Republicans. Many of us out here will not be supporting “The Rinos” . Gerald Malloy has my vote !

  11. Insider trading runs rampant in d.c….unquestionably! I thought Nolan was the most likely to beat Welch candidate and so did many democrats that chose Malloy on their strategic Republican primary ballots. I pray it backfires. Here and in so many other states. Deploy Malloy! Time for Vermont to get back to Godly leaders that serve their constituents instead of receiving service like masshole Welch.

  12. for all those voting or offering advise to voters; it is Gerald Malloy………be sure to spell it correctly to be counted………

  13. Welch is self serving…sopping up the gravy boys, sopping up the gravy. Throw the bums out.VOTE GOP. A new broom sweeps clean.

  14. Relax! Who cares if he makes money illegally as long as its not from my bank. Welch is one of the most hard working congressmen in Congress no doubt. My question is who is he working for? His policies are dangerous. It can be argued that climate change policy, monetary policy, government handouts, mandatory vaccines and mail-in balloting and stupid proxy wars, will cause more death and destruction of the world’s population than doing NOTHING AT ALL. I will vote for Malloy if he promises to do nothing.