Monday, July 13, 2020
Home News Government / Politics These senators dumped stocks before coronavirus crash

These senators dumped stocks before coronavirus crash

-

At a glance

  • 4 Senators with non-pubic knowledge of the coronavirus pandemic dumped stock positions immediately before the market tanked
    • Richard Burr (R – North Carolina)
    • Dianne Feinstein (D – California)
    • Kelly Loeffler (R – Georgia)
    • James Inhofe (R – Oklahoma)
  • All 4 Senators sold stock within days of non-public briefings with administration officials
  • Senator Loeffler’s husband is the Chairmen of the New York Stock Exchange
  • Questions arise about the STOCK Act, which prevents members of congress from making decisions to buy or sell stock based on classified / non public information

According to The Hill, the following Senators, with classified nonpublic knowledge of the coronavirus pandemic unfolding, sold their stocks prior to the market crashing:

  • Richard Burr (R – North Carolina)
  • Dianne Feinstein (D – California)
  • Kelly Loeffler (R – Georgia)
  • James Inhofe (R – Oklahoma)

Public financial disclosures show that these 4 senators sold their positions after senate briefings with Trump administration officials, some of which were classified.

The STOCK Act could have been potentially violated if these senators used non public information to make their decisions to sell their positions. The STOCK Act prohibits members of congress from buying or selling stock based on non public information.

According to Senate records, on January 27, Senator Inhofe sold about $180,000.00 worth of stock and on the 20th of February sold approximately $50,000.00 of stock in an asset management firm, just days before the market began tanking.

Senator Bur sold between $628,000.00 – $1,720,000.00 after being party to classified briefings on the topic of the coronavirus outbreak while fulfilling his duties on the Senate Intelligence Committee.

“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.

Senator Burr was also recently heard telling donors that this pandemic was going to be more akin to the 1918 global pandemic than it was anything else we had seen before.

Dianne Feinstein sold approximately $500,000.00 worth of one company’s stock on January 31 and at least $1,000,000.00 worth of another companies stock on February 18.

Tom Mentzer, a spokesperson for Dianne Feinstein said she had nothing to do with the decisions to sell these positions.

“All of Senator Feinstein’s assets are in a blind trust,” Mentzer, said in a statement. “She has no involvement in her husband’s financial decisions.”

According to Senate records, Senator Kelly Loeffler, who’s husband is the chairman of the New York Stock Exchange, sold $355,000.00 worth of stocks between January 24 and January 31.

This stock sale was immediately Loeffler attended coronavirus meetings with the Senate Health and Foreign Relations committees.

Furthermore, Senator Loeffler sold about $890,000.00 worth of shares from February 5 through February 14.

“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 Loeffler via Twitter
Adrian Thomas
Adrian is a serial writer and entrepreneur. He is responsible for overall editorial direction and vision of Financial News where he is the Editor-in-chief. When he is not busy wearing the writer/editor/entrepreneur hat, he can be found spending time with his 8 amazing kids. Adrian is involved in multiple ventures including several cryptocurrency related projects which are in various stages of development.

Crypto Prices

Twittersphere