Richard Burr, Kelly Loeffler urged
to resign for selling stocks
after coronavirus briefing
by
Noah Manskar
Original Article
Posted By: Ribicon,
3/20/2020 10:02:44 AM
Two more senators made hefty stock sales before the coronavirus pandemic tanked global markets, records revealed as two other lawmakers who dumped millions in shares faced mounting calls to resign. 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 senators Richard Burr and Kelly Loeffler, who reportedly traded shares after getting briefings on the coronavirus threat. Feinstein, a California Democrat, sold $500,001 to $1 million worth of stock
Reply 1 - Posted by:
Toledo 3/20/2020 10:09:30 AM (No. 351982)
Oh please. any sensible stock owner would do the same thing.I did and only had $300 in stocks. Notice how they castigate Reps but Feinstein and I bet Pelosi did same.
28 people like this.
Reply 2 - Posted by:
Lawsy0 3/20/2020 10:10:17 AM (No. 351984)
Didn't Martha Stewart have to spend time in jail for Insider Trading?
34 people like this.
Reply 3 - Posted by:
montwoodcliff 3/20/2020 10:10:53 AM (No. 351986)
Why should they resign? If they do, then they should go after everyone else. Do you think they were the only ones to sell, and besides, Congress is allowed to buy and sell on inside info. Anyway I don't care. I was advised to sell everything back on February 24th, but I didn't and I'm sorry now. They were smart to sell when they did. It doesn't accomplish anything to have those two resign. Who would you replace them with...Democrats?
14 people like this.
Reply 4 - Posted by:
pros7767 3/20/2020 10:10:54 AM (No. 351987)
Let's not just focus on these four. Look at every member of the House and Senate. If they traded on inside info or even appeared to, force resignations regardless of party.
It is a sure fire way to drain the Swamp. My bet is a majority of them did the same thing!
These people are despicable!
35 people like this.
Reply 5 - Posted by:
ARKfamily 3/20/2020 10:24:42 AM (No. 352004)
I am very baffled by #2's response. This wasn't just about a generic stock market transaction. This was attached to an already explosive situation called COV19. I am a stock owner too so don't be so quick to say any sensible stock owner would do the same thing. I have no idea where your morals are but I don't think just of myself.
The way these four people handled it so casually is disgusting. They were thinking only of themselves just like China was when they didn't notify necessary people.
25 people like this.
Reply 6 - Posted by:
fb2002 3/20/2020 10:26:56 AM (No. 352006)
Sort of unfair. Sen Loeffler investments are handled independently by an investment firm. She has no input or ability to make changes to her investment plans. Maybe the media needs to first call folks they report on and get the facts. This is not inside trading from what Sen Loeffler claims.
16 people like this.
Reply 7 - Posted by:
MindMadeUp 3/20/2020 10:27:08 AM (No. 352007)
As usual, any Republicans involved will be forced to resign and the Democrats will get a pass.
36 people like this.
Reply 8 - Posted by:
Sully 3/20/2020 10:39:10 AM (No. 352015)
Whoa whoa whoa. These sumbees should be prosecuted along with the dem perps. The article sayss DiFi and Pelosi. Who knows how many. Let Billy Jack Barr figure that out and Send Them To Jail.
We've been crying about a two tiered justice system since HRC threw it in our faces. Don't go wobbly now.
22 people like this.
Reply 9 - Posted by:
DVC 3/20/2020 10:42:43 AM (No. 352016)
Well, of course, they MUST resign....because they are Republicans. If they were Dems....no harm, no foul.
As much as this stinks to high heaven, we need their vote on judges, a more important long term item.
12 people like this.
Reply 10 - Posted by:
Hermoine 3/20/2020 10:43:26 AM (No. 352017)
Easy-does-it everyone. Not sure about Burr, but Loeffler and Feinstein have their money in blind trusts and transactions are made on their behalf frequently. Loeffler said she is notified three weeks after any kind of transactional buy/sell in her portfolio. Let's not rush to judgment. I'm still much more interested in how many senators had their hands in the cookie jar with Burisma...that will now take a backseat to all of this.
17 people like this.
Reply 11 - Posted by:
MMC 3/20/2020 10:43:49 AM (No. 352019)
Nope. No Republican nor Democrat is going to resign at this moment..
Personally, the curiosity in me asks- how do sitting members of Congress amass such large holdings as to have half a million to buy, sell, or trade?
How is this money made? Who has influenced the decision of each senator? If you are going to magnify the look at one, look at them all.
I will not jump on a bandwagon of resign.. not if it means senate goes to Democrat’s.. lousy as personal choices may be.. or appearance of said choices..
Democrats love poking the moral ethics issue if it benefits them.. #bidenukraine2020
9 people like this.
Reply 12 - Posted by:
hoosierblue 3/20/2020 10:43:52 AM (No. 352020)
Com'on #7. Just coincidence , I doubt it. No input or ability to make changes to her investment plans -- really, I have never seen a financial setup like that before.
8 people like this.
Reply 13 - Posted by:
davew 3/20/2020 10:52:25 AM (No. 352027)
From the article is sounds like their only crime was being connected to really informed financial advisers that took profits in late January and early February when the markets surged to all time highs. Jim Cramer and other advisers were telling the public to trim positions based on the technical overbought conditions.
Burr watched CNBC and saw several commentators talk about the potential impact of the coronavirus and he took informed action. What "inside" information did any of these people have that would have told them that the government would have to shut down travel and hospitality industries in response to the pandemic? Serious investors never "go to cash" in a panic since its impossible to know how far the market will go down and when you will have to buy back your position when the slide is over.
The potential impact of the pandemic was public knowledge, not insider info about individual companies. Some people are smart and some are lucky but don't fall for the sour grapes mentality that those people should be punished.
6 people like this.
Reply 14 - Posted by:
JackBurton 3/20/2020 10:56:55 AM (No. 352033)
I sold a bunch of stocks and raised some cash back at about the same time. Of course, I had no briefing.
I then placed limit orders to buy stocks at bargain prices.
Of course, those bargain prices look rather expensive now (but... there'll be good news.) With that said, depending upon the size of their portfolios, the sales could have been part of regular, and minor, repositioning.
4 people like this.
Reply 15 - Posted by:
justavoter 3/20/2020 10:58:35 AM (No. 352037)
For all you people that believe the fantasy of blind trust, I have a couple of bridges to sell at a really good deal. They are priced at one trailer truck load of toilet paper each. The trust may blind, but they are not deaf and the blind trust do exactly what they are told to do.
5 people like this.
Reply 16 - Posted by:
tsquare 3/20/2020 10:58:40 AM (No. 352038)
Resigning? How about insider trading and the graybar hotel
1 person likes this.
Reply 17 - Posted by:
MDConservative 3/20/2020 11:05:15 AM (No. 352050)
This is the UNIPARTY. Profiteers. And, yes, there are Dems who should face severe punishment for the same. This is our government.
2 people like this.
Reply 18 - Posted by:
poliposter 3/20/2020 11:05:49 AM (No. 352054)
Insider trading is illegal for most of us regular folks, #2. Did you sell after the market started crashing or did you have information before it started crashing? For years, I could have profited from information my husband had and my husband, like Feinstein, could claim that it was his wife who made the trades. But I would go to jail for that. Congress is exempt. They broke no laws, but they should all step down.
3 people like this.
Reply 19 - Posted by:
Grounded 3/20/2020 11:27:11 AM (No. 352074)
These shlubs are only paid $174,000.00 per year.Of course they are going to cheat.
0 people like this.
Reply 20 - Posted by:
rockeysroomie 3/20/2020 11:30:45 AM (No. 352081)
Just like Hillary's attitude, laws are for little people.
3 people like this.
Reply 21 - Posted by:
rabblerouser 3/20/2020 12:06:33 PM (No. 352135)
"Blue Horseshoe loves........." All it takes is a phone call.
0 people like this.
Reply 22 - Posted by:
LadyHen 3/20/2020 12:21:37 PM (No. 352158)
Anyone who intentionally did this, that is they called their financial advisor and sold after being briefed and then went to their buddies and told them to sell as well but then went on to reassure the public with a message to calm, if for no other than optics should be kicked out. Any pig who thinks this kind of behavior is ethical should not be anywhere near power.
3 people like this.
Reply 23 - Posted by:
ussjimmycarter 3/20/2020 12:53:35 PM (No. 352187)
I moved all our money into the Bond market 3 months ago! Zero in stocks! If you didn’t see something coming, you weren’t watching!
3 people like this.
Reply 24 - Posted by:
oldmagnolia 3/20/2020 12:56:20 PM (No. 352190)
How about Diane Feinstein?
3 people like this.
Reply 25 - Posted by:
chumley 3/20/2020 1:40:39 PM (No. 352250)
Meanwhile the rest of us were told to hold on and some of us were stupid enough to take the advice, even from here. Now I've lost the last ten years worth of retirement investments. I know. Never listen to some tough guy on the internet who talks like he knows what he's talking about. He doesn't.
These crooked politicians who make a killing off of this should resign and run their cars in their garages.
0 people like this.
Reply 26 - Posted by:
NYbob 3/20/2020 3:21:11 PM (No. 352366)
Who knew the market was overvalued? It was WAY overdue for a decent correction. Like about nine years worth.
0 people like this.
Reply 27 - Posted by:
DVC 3/20/2020 6:26:19 PM (No. 352553)
With a good financial plan, this should be a 6 month to 12 month event, like 2008 and earlier. We have a portion of our funds into some guaranteed return annunties, so they will make their 10% guarantees this year.
I never even thought about getting out. As a matter of fact, I have some significant cash, and will probably be dollar cost averaging that into the market now that things have gone on sale. I should be able to make 30% or better in the coming year or year and a half with that.
My friends and relatives who got cold feet and "got out" were severely hurt in those previous upsets, we never took more than 12 months to be back even, usually about 6 months. Have a good plan, stick to it.
0 people like this.
Reply 28 - Posted by:
judy 3/20/2020 6:47:17 PM (No. 352564)
Did they threaten the Supreme Court??
0 people like this.
Reply 29 - Posted by:
judy 3/20/2020 6:54:04 PM (No. 352571)
Burr along with Warner have been after Trump for years. Well so much for closed door classified briefings.
0 people like this.
Reply 30 - Posted by:
Omen55 3/20/2020 7:01:09 PM (No. 352576)
No #3.
It was for lying to the FBI about doing it.
1 person likes this.
Reply 31 - Posted by:
navybrat 3/21/2020 5:01:02 PM (No. 353573)
Only if Feinstein resigns.
0 people like this.
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