Posted on 03/20/2020 7:40:40 AM PDT by Wisconsinlady
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 Sens. Richard Burr and Kelly Loeffler, who reportedly sold shares after getting briefings on the coronavirus threat.
(Excerpt) Read more at nypost.com ...
Took the words right out of my mouth.
AOC:
https://twitter.com/AOC?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor
It is stomach-churning that the first thoughts these Senators had to a dire & classified #COVID briefing was how to profit off this crisis.
They didn’t mobilize to help families, or prep response. They dumped stock.
Sen. Loeffler needs to resign, too.
more from AOC:
As Intel chairman,
@SenatorBurr
got private briefings about Coronavirus weeks ago.
Burr knew how bad it would be. He told the truth to his wealthy donors, while assuring the public that we were fine.
THEN he sold off $1.6 million in stock before the fall.
He needs to resign.
Absolutely. That is why it should be out of their hands while they "serve."
Trump has managed to maintain "hands off" on a monumental enterprise; others should do so, too.
The Senators didn’t sell the stocks, their financial advisers did. A lot of people sold stocks in late January and early February because they were overbought and technically vulnerable.
The markets went down in late February and March because millions of people did exactly what these Senators did. Should they all resign from their jobs as well? Did they get the same inside information? More mob stupidity. Punishing people who were smart or lucky may feel good but it doesn’t change your own circumstances.
“Insider trading”, in the legal sense, means trading based on knowledge from INSIDE the company whose stock you are trading. There is no law I am aware of that makes it illegal to dump stock based on secret knowledge that certain EXTERNAL events are likely to hurt a particular company, or the market generally.
The market was also at its all time tippy-tip-top peak in late January, and many thought it was overpriced, WITHOUT considering the effect of Wuhan Corona Virus.
I haven’t seen enough to push my outrage button yet.
Making a big deal of this is understandable, but is feeding on people’s jealousies. Anyone listening two-three weeks ago may have gotten out of the markets.
I got my dad’s investments out just before everything went super poopy, still had gone down.
Contrast between Feinstein and Loeffler.
Loeffler says all of her stock, and all of her husband’s stock, are in a blind trust and they had no knowledge of any buying or selling by the managers of the trust until a couple of weeks after the fact.
Feinstein says her stock was in a blind trust, her husband’s is not, but she says she has no say in what her husband does. Between Loeffler and Feinstein, the Feinstein situation is a lot more open to abuse, but you won’t hear that from the press.
Feinstein a safe Democrat governor, Burr a Democrat governor. Wake up and smell the coffee. This is targeted outrage.
Too bad Inhofe is running again. His commercials are ridiculous. I’ll vote for his opponent in the primary.
If he’s removed from office I’m sure another republican will be placed in the job. Maybe the Governor will appoint himself.
And lose the Senate over it. That would be brilliant. /sarc
https://twitter.com/SenatorLoeffler/status/1240856941435502592
Senator Kelly Loeffler
@SenatorLoeffler
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.
12:25 AM · Mar 20, 2020
Since Feinstein did it, the Republicans are probably off the hook.
I got out just like them, I’m only down now because I chose to buy back in on the dips. When it recovers I’ll make less but that was my decision. They did nothing wrong.
Will you hang them if they now buy airline and cruise ship stocks?
These stories are for people who do NOT understand the stock market. NO ONE can predict it.
never let an opportunity to skim and cheat go unused...
$$$$$$
> Expected, but where do they get so much money to invest to
> begin with? That is the real issue!
THAT’s the REAL issue INDEED!
I guess you can take out up to 50%/$50,000 max loan, but that amount I've read is basically then double-taxed.
One can redistribute their investments, but if then ends up simply moving chairs on the Titanic, then what?
mrs from ga..husband connected to stock marker.. think he might have an idea on prediction?
Martha Stewart (cough)
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