It’s not just North Carolina US Senator Richard Burr that is accused of insider trading, but several of his colleagues to the tune of millions of dollars in profits prior to the announcement of the coronavirus in the united States. Among those named are Senators Dianne Feinstein, Jim Inhofe, and Kelly Loeffler.
It’s no wonder these people are millionaires while they are in Congress.
- 60% Of Congress Have Grown Their Net Worths At A Rate Faster Than The American Public
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If you remember, it was Dianne Feinstein that had a Chinese driver, spy and much more in her office for two decades, and she still hasn’t been held accountable for that.
However, the New York Post reports:
Trending: The Real Kamala Harris
Sens. Dianne Feinstein and Jim Inhofe sold as much as $6.4 million worth of stock in the weeks before panic about the coronavirus sparked a worldwide selloff, according to disclosure filings first reported by the New York Times.
The additional revelations came amid widespread outrage toward GOP Sens. Richard Burr and Kelly Loeffler, who reportedly sold shares after getting briefings on the coronavirus threat.
Feinstein, a California Democrat, sold $500,001 to $1 million worth of stock in a company called Allogene Therapeutics on Jan. 31, less than a month before panic about the virus caused markets to plunge, Senate records show. Her husband sold $1,000,001 to $5 million worth of Allogene shares on Feb. 18, according to financial disclosures.
And Inhofe, an Oklahoma Republican, dumped as much as $400,000 worth of stock on Jan. 27, records show. He sold shares in five different companies including Apple, PayPal and Brookfield Asset Management, according to a disclosure report.
Feinstein spokesman Tom Mentzer said her husband made the transactions, not the senator herself.
Right, does it really matter? They are married and is anyone going to buy the fact that this corrupt old woman didn’t know about it?
Forbes reports on Kelly Loeffler:
Georgia Senator Kelly Loeffler was also at the meeting with Burr. Loeffler sold stocks valued at around $1.275 million to $3.1 million in an apparent effort to avoid potential losses. She also purchased stocks in two companies that were deemed to benefit from the coronavirus, including one in a company that offers teleconferencing software, which would help people who are working remotely from home.
Shockingly, Loeffler is a former executive at Intercontinental Exchange and married to Jeffrey Sprecher, the chairman of the New York Stock Exchange. Clearly, they should have been aware of how inappropriate this looks. It also opens them both up to regulatory—and possible criminal—investigations.
Loeffler’s office issued a statement early on Friday. “Sen. Loeffler does not make investment decisions for her portfolio,” the statement said. “Investment decisions are made by multiple third-party advisers without her or her husband’s knowledge or involvement.”
This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement.
— Senator Kelly Loeffler (@SenatorLoeffler) March 20, 2020
Right, this all must be a huge coincidence. Anyone believing this?
Finally, as we reported earlier on Friday, Senator Richard Burr sold between $628,000 and $1.72 million in 33 separate transactions, not between $582,029 and $1.56 million of his holdings in 29 separate transactions.
The chairman of the Senate Intelligence Committee did this soon after he offered public assurances that the government was ready to battle the coronavirus.
“Senator Burr filed a financial disclosure form for personal transactions made several weeks before the U.S. and financial markets showed signs of volatility due to the growing coronavirus outbreak,” a Burr spokesperson said. “As the situation continues to evolve daily, he has been deeply concerned by the steep and sudden toll this pandemic is taking on our economy.”
Forbes went on to add:
Our elected officials in Congress are supposed to look out for our best interests. In a shocking revelation, it’s been reported that a number of senators sold their stock holdings after being briefed about the coronavirus and the massive impact it will have upon the economy, jobs and the stock market. While telling the American public that there wasn’t much to worry about, they bailed out of their stock holdings to avoid large losses.
In a bizzare quirk, we’ve permitted our politicians to do things that we can’t. Prior to 2012, Congress members were not prohibited from insider trading. Senator Richard Burr from North Carolina was a fierce opponent of a bill that ultimately banned this practice. In an interview at the time, Burr said about the potential new law, “It’s ludicrous.” He voted against the Stop Trading on Congressional Knowledge (STOCK) Act and said, “I mean, it’s insane.”
The STOCK Act passed into law in 2012. It states that members of Congress, other government employees, congressional staffers, members of the executive branch and judiciary are not permitted to engage in insider trading gleaned from information ascertained through their jobs.
Burr’s vehement opposition to the STOCK Act is now coming back to haunt him. Burr, the chairman of the Senate Intelligence Committee, sold 33 stocks held by both him and his spouse. The value of the sales is estimated at between $628,033 and $1.72 million. Some of the stocks were in sectors hit hard by the outbreak.
Imagine that! The American people these people serve were hit hard, but they made out like fat cats.
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