D’Amato Stock Deal Netted Him $37,000 in 1 Day
Sen. Alfonse M. D’Amato (R-N.Y.), one of the GOP’s most vocal critics of the Clintons’ Whitewater real estate ventures, acknowledged Thursday that he made a $37,000 profit in a one-day stock investment arranged through a friend.
The stock purchase, an initial public offering of 4,500 shares of a little-known California company, Computer Marketplace, was made for D’Amato by a Long Island brokerage firm.
D’Amato said he did nothing wrong or improper. He also said that after turning the big profit, he transferred his investments into a blind trust controlled by a conservative investment firm.
The 1993 stock deal was included in D’Amato’s personal financial statement made public this week.
In April, 1993, D’Amato told reporters Thursday, he took his entire retirement savings, worth $19,324, from an individual retirement account and gave it to David Beall, 20, the son-in-law of a friend, to invest as he wished.
D’Amato has been leading the call for hearings on President and Mrs. Clinton’s investments and real estate dealings when Clinton was the governor of Arkansas.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
