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A Wall Street Journal investigation found that federal officials working on the government response to Covid-19 made suspiciously well-timed financial trades when the pandemic began, almost like they had access to information the general public did not! Federal officials owned millions of dollars of stock in industries most affected by the pandemic and the government’s response to it. Two-hundred-and-forty officials across health agencies and the Pentagon (a key agency in the vaccine rollout) reported owning a total of between $9-28 million in stocks of drug, manufacturing, and biotechnology companies that won federal contracts related to Covid in 2020 and 2021. March 2020 was the most active month of trading by officials across the federal government, with more than 11,600 trades, more than any other month in the analysis. Federal employees are supposed to be barred from working on matters in which they have a considerable financial stake, but agency ethics officials rarely have a complete picture of what employees are working on or privy to, especially amid the frantic mobilization of a national emergency.
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