Pires accuses Carper of insider trading

Alex Pires, Dewey Beach mogul and Independent U.S. Senate candidate, is aiming to shed some light on the incumbent U.S. Senator’s position as a stock trader.

Pires announced he is writing a research book about U.S. Sen. Tom Carper, D-Delaware.  “This is the story of the real Tom Carper; it is the truth, and the information will help to inform the people of Delaware exactly who Tom Carper is,” Pires said in a press release. Carper aides deny the charges.

The first section of the book, released Sept. 27, details Carper’s personal finances.  Pires said Carper traded stocks in industries where he was actively pursuing legislation.  “Tom Carper has amassed a fortune of up to $7.5 million while serving as an elected official,” Pires said.

In the book, Pires said Carper and his wife own more than 100 different types of stocks both in and out of their individual retirement accounts and trade them frequently.  “Carper is vulnerable to attack for owning stocks where he has insider knowledge, such as banks, DuPont, alternative energy companies, where he legislates,” he said.

Carper purchased between $1,001 and $15,000 in Blackstone Group stock in 2010, when he was actively helping the firm purchase companies and other assets, including the Delaware City refinery, Pires wrote.

Carper worked on the 2009 National Health Care Act as a member of the Senate Finance committee, he wrote.  During the healthcare debate, Carper owned or traded stocks in Cardinal Health, Nationwide Health Properties, Johnson & Johnson, Pfizer, Carefusion and HeathCare Realty Trust, Pires said.

Pires said Carper and his wife, Martha Carper, traded bank stocks while Carper was a member of the banking committee, including stocks in Citibank, Bank of America, JP Morgan, Morgan Stanley and Wilmington Trust.  He also said the couple traded power company stocks while Carper was legislating the Clean Air Act in 2010, including Duke Energy, Pembina Pipeline, ExxonMobil and Chevron.

In addition to his stock portfolio, Pires also includes information on Carper’s properties and his multiple pensions.  Pires cited Carper’s annual U.S. Senate Financial Disclosure reports and the book “Throw the Bums Out,” by Peter Schweizer as sources of information.

John Collins, campaign manager for Carper said in an email Pires’ allegations are false.  "I guess we shouldn't be surprised after months of blatantly false accusations, but it really is incredible how willing Alex is to ignore the facts in order to rationalize his latest attacks,” Collins wrote.

Collins said Carper has repeatedly voted for more regulations in the banking industry, which industry representatives have opposed.

In March, Carper voted to approve the STOCK Act, which bans members of Congress from practicing insider trading.  In a March 22 press release, Carper said, “Members of Congress and their staffs should not benefit financially from information that is unavailable to the general public.”

Collins wrote, “Similarly, Alex tries to assert that Sen. Carper is beholden to big oil companies, yet Sen. Carper is widely recognized as a leading environmental voice in Congress for his support for climate change legislation and renewable energy sources, his efforts to reduce harmful air pollution, and his votes to repeal tax subsidies for big oil companies.”

Still, when asked if Carper traded bank stocks while he was on the banking committee, energy stocks while he was legislating the Clean Air Act and health-related stocks while working on the National Health Care Act, Collins did not respond.

Collins said Pires has been less than transparent in his own financial disclosures. “He was months late in submitting his financial disclosure forms, and when he finally got around to submitting them they were incomplete,” Collins wrote. “For example, Alex failed to provide details on his stock holdings, investments, IRAs or pensions, all of which should be a part of the financial disclosure he's required to file with the Secretary of the Senate."

In a phone interview, Pires said his financial disclosure form was filed through Wilmington accounting firm Wheeler, Wolfenden & Dwares.  "They filed that; it was filed timely," he said.

Pires said neither he nor his wife has a pension or an IRA, and they do not own stocks.  "We have shares in Community Bank Delaware, which is listed on page four," he said.

Pires, Carper, Republican Kevin Wade and Green Party candidate Andrew Groff will battle it out for a seat in the U.S. Senate, Tuesday, Nov. 6.  The deadline to register to vote in the general election is Saturday, Oct. 13.