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Even if legal, politicians profiting
off inside information amid
coronavirus crisis is outrageous

Original Article

Posted By: Pluperfect, 3/21/2020 4:29:24 AM

As the novel coronavirus works it way through the United States, many Americans have seen their savings dwindle as the stock market continues its unprecedented free fall. But for a handful US senators, the crisis was cause for a windfall. That’s because Richard Burr and Kelly Loeffler, both of whom were briefed for weeks as the coronavirus approached America, decided it was a good idea to use their inside information to dump over a million dollar in stocks. Sens. Diane Feinstein and Jim Inhofe also sold significant amounts of stock.

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Reply 1 - Posted by: DCGIRL 3/21/2020 5:42:14 AM (No. 352805)
If they did trade stock off this manufactured crisis when average people will suffer financially, then they not only need to resign but they need to go to jail.
59 people like this.

Reply 2 - Posted by: F15 Gork 3/21/2020 6:52:37 AM (No. 352827)
It’s why a politician will spend 5 or 10 million to get a job that pays under 200 grand a year.
61 people like this.

Reply 3 - Posted by: mifla 3/21/2020 7:23:04 AM (No. 352842)
Punish one, then punish all. Lots of congress critters have gotten rich this way over the years.
39 people like this.

Reply 4 - Posted by: gwholmessr 3/21/2020 7:26:50 AM (No. 352845)
I really want to see Burr go.
35 people like this.

Reply 5 - Posted by: Red Jeep 3/21/2020 7:27:15 AM (No. 352846)
Term Limits badly needed.
42 people like this.

Reply 6 - Posted by: Midnight Rambler 3/21/2020 7:28:09 AM (No. 352847)
This is the type of thing that will lose the Senate. There might be a handful of people in Washington that are worth a darn( not thinking darn).
15 people like this.

Reply 7 - Posted by: Roy Davis 3/21/2020 7:33:26 AM (No. 352852)
Congresspeople, both houses, should not be allowed to play the stock market, PERIOD. Too much opportunity to do inside trading. MAYBE taking that out of the equation might even stop some from making their career outa congress.
39 people like this.

Reply 8 - Posted by: walcb 3/21/2020 7:35:09 AM (No. 352856)
I feel like I knew there was going to be a big drop when this started just using available information but have ridden it all the way down (again) what does that make me--other than stupid.
12 people like this.

Reply 9 - Posted by: ARKfamily 3/21/2020 8:03:09 AM (No. 352882)
It is how they handled the whole situation that annoys me. Irresponsible and reckless come to mind.
10 people like this.

Reply 10 - Posted by: gone2pot 3/21/2020 8:07:17 AM (No. 352885)
Look, I know this is going to be counter to the reported stories and to Chatsworth Osborne Junior's stories about resigning, etc BUT VERY public information regarding markets AND in particular stocks that could be adversely affected by the Chicom virus have been available, especially on ZeroHedge since December. Thousands of share holders sold their stocks in late January and early February because they read those articles. It didn't take a genius to know it was time to sell because markets were going to dump. If YOU left your 401k in stocks in January and early February and didn't change to money/cash, that is on YOU, NOT the China virus. The ridiculous amount of reporting and fear-panic created all over the world BEFORE we ever had our first case should have been a clue. I cannot stand ANY senator because they're all worthless power hungry bloviating jerks, ALL OF THEM, but to say they sold before the markets tanked because of insider information? No. It's ridiculous with the oceans of spilled electrons on literally EVERY financial website since December regarding the Chicom flu. Kick them out for being the everyday weasels that they are but for doing what thousands did based on exceedingly abundant public information? That's having the same idiotic reaction to this Chicom virus the nation is shooting itself in the foot over right now.
16 people like this.

Reply 11 - Posted by: Dodge Boy 3/21/2020 8:08:45 AM (No. 352888)
Right after Chuckie Shoomer is expelled from the Senate for threatening harm to the SCOTUS Justices, THEN I'll think about punishment for the others. McConnell, what's the holdup on kicking Shoomer out of there and stripping him of his benefits?
34 people like this.

Reply 12 - Posted by: anniebc 3/21/2020 8:45:29 AM (No. 352921)
It's only legal because they say so, and it's only legal for them. If it were you and I, would it be legal?
16 people like this.

Reply 13 - Posted by: ROLFNader 3/21/2020 8:54:21 AM (No. 352928)
Agree with all posters but would also remember that DiFI had a 'driver' who was a Chinese Spy (and also attended meetings and other functions on her behalf) according to Politico and other leftist rags in SF,at the time.
15 people like this.

Reply 14 - Posted by: Quigley 3/21/2020 9:19:33 AM (No. 352951)
The article addresses Burr pretty thoroughly. What about the other three?
9 people like this.

Reply 15 - Posted by: MDConservative 3/21/2020 9:25:43 AM (No. 352964)
There was once a standard of wrongdoing that included the "appearance" of impropriety. The public has become so inured to corruption that there is no standard anymore. Whatever...it's just expected these days.
14 people like this.

Reply 16 - Posted by: RuckusTom 3/21/2020 9:54:58 AM (No. 353018)
Goodbye republican senate majority in 2020. Goodbye conservative judges. Great job Burr, Inhofe and Loeffler.
9 people like this.

Reply 17 - Posted by: Strike3 3/21/2020 9:59:36 AM (No. 353020)
Legal or no, dumping stocks serves to drive the market down and hurts the rest of us. It's a short term wound but it exacerbates the panic. Political affiliation includes dirty and unethical people on both sides. They are all on my list for future reference.
6 people like this.

Reply 18 - Posted by: rsgonner 3/21/2020 10:03:42 AM (No. 353026)
Congress amended the STOCK act to make it impossible to investigate them for this while giving the impression they had stopped it. Snakes, all who voted for this and the president that signed it: https://www.npr.org/sections/itsallpolitics/2013/04/16/177496734/how-congress-quietly-overhauled-its-insider-trading-law
6 people like this.

Reply 19 - Posted by: stablemoney 3/21/2020 10:27:05 AM (No. 353049)
This is what I think the Senators were told in those January meetings: "Without changes in behavior, 81% of the U.S. population would get the coronavirus, resulting in 2.2 million deaths (Imperial College of London)"(.66% of the population). The Senators are not stupid, and had to have asked what were the changes in behavior, what was meant by social distancing, what would be the impact of those behavioral changes. After hearing the answers, some of them sold their stock, or shared the information with those responsible for managing their portfolios. The American people should be provided with the same information that the Senators got in this briefing. Judicial Watch will get it, later rather than sooner. In the end, we will know. For now, this at least begins to explain the urgency with which the government has moved into action, and the historical measures that are being undertaken. It will dawn over everyone soon that this will go on for months, not weeks, and that a cure has to be found, or it can recur. Impact: up to 2 million unemployment applications are expected next week. Bank of American is projecting 3.5 million jobs lost. Trump is asking the states not to release unemployment data. GDP is projected to fall 12% in the second quarter. Separately, the energy industry is beginning expense reductions: Halliburton furloughing 3500 workers. Apache is laying off 85 in Midland. When a period of decency passes related to the virus, more personnel reductions are expected. This will have outsize impact on the energy producing states: Texas and Louisiana.
4 people like this.

Reply 20 - Posted by: snakeoil 3/21/2020 11:01:41 AM (No. 353091)
Kelly Loeffler had surrogates running some really nasty attack ads on her GOP opponent Doug Collins. Some of them were just absurd such as showing Collins sitting next to Nancy Pelois as she tore up PT's SOU address. She seems like a nice woman. But her explanation that her financial portfolio was managed by others who didn't tell her what they were doing. Bad optics. Time for her to go back to Wall Street.
7 people like this.

Reply 21 - Posted by: LC Chihuahua 3/21/2020 11:12:46 AM (No. 353112)
And yet they will all likely be re-elected. Had enough? There is nothing special about these people. Why do we keep sending them back to Washington?
3 people like this.

Reply 22 - Posted by: bigfatslob 3/21/2020 11:49:23 AM (No. 353162)
Skunks! Martha Stewart went to jail for inside trading why not these government crooks?
9 people like this.

Reply 23 - Posted by: NotaBene 3/21/2020 11:50:52 AM (No. 353165)
People of Georgia, please get rid of Ms Loeffler in the primary and elect Doug Collins. Trump needs him.
9 people like this.

Reply 24 - Posted by: Chuzzles 3/21/2020 12:55:04 PM (No. 353254)
Don't care if they are exempt by their own rules. The SEC needs to go after them hammer and tong for contributing to the panic with the Market. And they should not be allowed to cry 'blind trust' either. They all know to the penny what they have, or else why would they sell in the first place?
1 person likes this.

Reply 25 - Posted by: dman 3/21/2020 1:59:08 PM (No. 353365)
Courts enforce the legalities - WTP enforce the rest. Let's just make sure that NOvember 3rd elections happen and are conducted in a fair, constitutional way. We all need to do our part - country above party.
2 people like this.

Reply 26 - Posted by: chiller 3/21/2020 2:23:27 PM (No. 353410)
IF guilty as charged, indeed, hang 'em high. There are questions however, except for Burr who has no "blind trust" claims. Two other issues I'd like answered. 1) If there was reasonable, actionable public chatter at the time of the stock dumping, I'd commend my portfolio manager, rather than condemn them. 2) who gains if 4 Rs are damaged, vs. 1 D ? Answer: Democrat party, Schumer, Senate, Adam Schitt who is appointed after DiFi resigns.
3 people like this.

Reply 27 - Posted by: Timber Queen 3/21/2020 2:44:15 PM (No. 353436)
I'm with #10 on this one, my favorite curmudgeon.
1 person likes this.

Reply 28 - Posted by: Casper27 3/21/2020 2:45:49 PM (No. 353438)
Have you seen the warm letter from Dr Fauci to Hillary. I knew he was a fake and a liar.
2 people like this.

Reply 29 - Posted by: Casper27 3/21/2020 2:46:52 PM (No. 353439)
Fauci should be investigated.
3 people like this.

Reply 30 - Posted by: wilmo 3/21/2020 4:15:49 PM (No. 353542)
Just more proof that term limits would prevent greedy politicians from becoming richer as they increase their stay in government.
1 person likes this.

Reply 31 - Posted by: Talega 3/21/2020 4:22:58 PM (No. 353549)
Agree #10. But they were clumsy and careless. Call your broker and move everything into bonds. Don’t go to cash, dumba$$.
0 people like this.

Reply 32 - Posted by: Hermit_Crab 3/21/2020 5:22:41 PM (No. 353586)
It is only legal because THEY make the laws.. If we mere peasants do anything like that, we go to prison.
0 people like this.

Reply 33 - Posted by: NYbob 3/21/2020 6:02:49 PM (No. 353615)
It is funny. The Deep State rats can't find a sort of normal human as a candidate, but they can gin up a selective crisis using their media flacks that have a lot of people, like some posters, ready to hand over the Senate to rats. Amazing. This kind of stupidity makes President Trumps first term even more remarkable. #10 said it all in a paragraph. Stop being led by the nose from a propagandist media or wake up in 8 months to the end of your world. Allowing rats and their media to set agendas will make an overheated stockmarket correction seem like a summer dream.
0 people like this.

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