Posted on 03/20/2020 5:05:12 AM PDT by USA Conservative
Anti-Trump GOP Senator Richard Burr is in deep trouble on Thursday after it was discovered the powerful chairman of the Senate Intelligence Committee dumped as much as $1.72 million in hotel stocks before the coronavirus panic hit the US while reassuring the public about coronavirus preparedness.
On Thursday, ProPublica reported on Burr’s decision on February 13 to sell somewhere between $628,000 and $1.72 million of his holdings in 33 different transactions; at the time, he was receiving daily COVID-19 briefings as the chairman of the Senate Intelligence Committee. The deals included a sale of $150,000 worth of shares of Wyndham Hotels and Resorts, which has since lost two-thirds of its stock price. He also sold up to $100,000 in shares of Extended Stay America — the value of those shares have since halved.
https://twitter.com/ossoff/status/1240761133218304005?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1240761133218304005&ref_url=https%3A%2F%2Fconservativeus.com%2Ffour-senators-dumped-millions-in-stock-after-closed-door-coronavirus-briefings-they-face-up-to-20-years-in-prison%2F
There was another case where a GOP senator was caught selling stocks.
Sen. Kelly Loeffler (R-GA), whose husband is the chairman and CEO of the New York Stock Exchange, began selling off more than a million dollars in stocks on the same day as the closed-door Senate meeting on Friday, Jan. 24, reports The Daily Beast.
“Appreciate today’s briefing from the President’s top health officials on the novel coronavirus outbreak. These men and women are working around the clock to keep our country safe and healthy.” Loeffler tweeted on January 24, 2020 — Loeffler reported her first stock sale (jointly with her husband) this very same day.
https://twitter.com/SenatorLoeffler/status/1220910430115241984?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1220910430115241984&ref_url=https%3A%2F%2Fconservativeus.com%2Ffour-senators-dumped-millions-in-stock-after-closed-door-coronavirus-briefings-they-face-up-to-20-years-in-prison%2F
Ron Johnson, the senior senator from Wisconsin, reportedly sold over $5 million in stock on March 2 and the number could be as high as $25 million.
The fourth senator being accused is Oklahoma’s Jim Inhofe, who reportedly sold up to $450,000 in stock in late February.
The senators were reportedly part of private briefings on the coronavirus pandemic and decided to sell their shares before the market crashed. They are being accused of insider trading and people are calling for them all to resign.
It doesn’ matter which party you support yous should answer for this crime.
They have to face justice for insider trading!
The Stop Trading on Congressional Knowledge (STOCK) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.
The bill was introduced by Joe Lieberman, independent United States Senator for Connecticut, on January 26, 2012, and passed in the Senate by a 96–3 vote. Later the House of Representatives passed it by a 417–2 vote. The bill was supported heavily by vulnerable incumbents and signed into law by President Obama. According to the current United States Senate Select Committee on Ethics, “A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee.”
The maximum prison sentence for an insider trading violation is now 20 years. The maximum criminal fine for individuals is now $5,000,000, and the maximum fine for non-natural persons (such as an entity whose securities are publicly traded) is now $25,000,000.
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Did you even read the post or just the headlne? The answer was right in the post:
“The Stop Trading on Congressional Knowledge (STOCK) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.”
They should all go to jail, regardless of party. Members of Congress are required to file documents when they make financial transactions like this. We will soon know of the Democrats who did this as well.
When my 401k bottoms out these sleazes will be there to reinvest and double their money.
Feinstein not mentioned in the article but it’s reported this morning that she dumped stock as well.
Fox News reported that Feinstein was one of the senators.
More click bait?
Thank you. I have questions on the transactions but I thought blind trusts, held by many, were allowed. I am betting that mutual funds were being sold, and the stock names well see are widely held within those. I dont imagine for a minute that these people were sitting at home on their Scott trade accounts and liquidating.
Loeffler just lost her slot in the jungle primary to Doug Collins. Can Collins go on to win in the general? Or will a Democrat gain GA’s Senate seat? Fingers crossed.
That senators could not sell stock as the virus became a threat is preposterous. I seriously doubt this law applies.
A LOT of you are jumping to throw GOP senators out and flip the Senate.
They SOLD something they owned. They didn’t receive a penny of “compensation”.
They didn’t need inside information to make this decision.
This is silliness. They receive “private briefings” all the time, and they are allowed to sell stock.
If you want to make it illegal for senators to have investments, do that.
think they are exempt from insider trading laws...in fact pretty sure they are...
I think you are right.
I’ve heard that before. Explains why there are so many congress millionaires
She’s always involved in quick rich schemes. If there is an illegal insider profit making plan involving Congress you can bet she’s at the head of the line!
I would not get too excited here. I read years ago that Congress exempted members from inside trading laws.
How do you think all these public servants become millionaires?
The information they acted on wasn’t exactly a secret. I acted on it weeks before they apparently did. The market was getting toppy, and it was pretty clear that a highly contagious disease shutting down huge cities in China was not going to remain sequestered there. How could it, unless international travel was completely and immediately banned?
It’s not illegal for Congress. They, shockingly, exempted themselves.
While I am not happy about this, I demand that these Senators face the same justice that the democrats face.
This is the space the democrats thrive in. Jail/Resignation for thee but not for me.
And here is how this will go. A month or two later (after the resignations of the GOP Senators which hands Chuck Schumer the Senate. After impeachment is re-opened) we will discover that key democrat Senators did the same thing.
We will be outraged and call for their resignations!! Injustice we will scream. Demo rats or demon crats we will curse. Our guys resigned, now they should, we will decry!!! Sucker Carlson will take a break from virus fear mongering and lead the charge.
And the democrats will smile that cute little smile. They will show remorse and promise to pass laws preventing Congress persons from insider tradinf trading. Then, they will extend the middle finger, continue in office Robert Mendez style, and proceed with re-impeachment.
But we will tell ourselves how pure we are, how much better we are.
#Losing
Wasn’t that highly touted law gutted in the dead of night shortly after it was passed?
Yes they did!
When the people in the know run for the exits, everyone follows.
This is a good chance to sort the grifters from the good guys.
Government will not fix itself so if we can't jail them at least we can vote them out and ostracize them from society.
https://www.foxnews.com/us/congress-exempt-from-several-federal-laws
>Yaw< Yeah, when ever.
Wasn’t there some special law that exempted Congress from insider trading?
They will not be charged. They are the swamp.
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