How did people think that a bunch of people who go into Congress with little net worth suddenly become multi-millionaires after a few short years?
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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“I believe Congress is exempt from insider trading laws.”
I think it used to be that way, but that was changed in 2012, under “The Stock Act”.
“I believe Congress is exempt from insider trading laws.”
I think it used to be that way, but that was changed in 2012, under “The Stock Act”.
Sucker Carlson:
“I warned everyone about this in December and warned of the worst possible consequences.”
“Resign, Senators, you traded on your briefings”
So Sucker, you warned everyone and gave us all this information on your public show, which you have crowed about. But it was a secret?
Thanks Sucker, now get back to that fear mongering!!!
Not supporting any of this crap but Pelosi has been getting away with insider info on IPOs multiple times.
Wake me up at their parole hearing.
When did Bezos dump his stock?
Bill Gates?
Buffet?
They knew much sooner.
No democrat sold stock?
The stock activity of any in Congress should be daily public information
if those 4 go, it will be a rushed Impeachement, then Trump gets removed by the senate before the governors can name the senate replacements. Shumer becomes senate majority leader. Vice President Pence takes over but the Republicans have no one in the wings to run for president. A real mess. I’ll bet Democrat Senators and all sorts of congressmen have done this too
I hope so. I'm fine with throwing these GOP Senators out as long as it's not only the GOP. Unless you could prove to me these were the only individuals that did this but we know that's not the case. These politicians always leave office very rich.
I thought so too. There was a new law outlawing insider trading for Congress in 2013. It is now illegal for Congress as well as the public.
I just think this is going to fizzle.
The knowledge of the Chinese Virus was already in the news. The market didn’t really move until March 2nd. It didn’t take insider news for people to start selling stock 1/24 the selling had already begun. Selling then didn’t precipitate the real run either.
19-Mar-20 19,830.01
16-Mar-20 20,917.53
9-Mar-20 24,992.36
2-Mar-20 25,590.51
24-Feb-20 28,402.93
17-Feb-20 29,282.78
10-Feb-20 28,995.66
3-Feb-20 28,319.65
27-Jan-20 28,542.49
20-Jan-20 29,269.05
13-Jan-20 28,869.01
How did people think that a bunch of people who go into Congress with little net worth suddenly become multi-millionaires after a few short years?
Sorry, to us dreamers. If they’re Dummycrats not a single damn thing will happen to them; if they’re Republicans, they will face the full impact of the law.
Gee, how do I know?
All congress members are exempt from insider trading laws.
Also, I bet a lot of Dems did this as well
Here's another insider tip - NONE, ABSOLUTELY NONE of them will be arrested, indicted or face charges. - Change My Mind.
I heard bagpipes has durham on it. But they want to wait to bring all together with their super double secret deep state takedown. Have to see who dies from the whoflu first though. Your Government has your sixes.
You are incorrect on this.
What they knew about was President Trump’s planned state of emergency declaration and how it would be implemented.
They traded on that knowledge - strategically in some cases. Sold stocks that would get hurt, kept stocks that would not get hurt and bought stocks that would prosper.
Martha Stewart spent two years in prison tor a bogus insider trading violation manufactured by the DOJ
If any of these senators face anything more serious than a slap on the wrist, I’ll eat my hat.
All pigs are equal but some are more equal than others. George Orwell
Trading on insider information is a felony.
************
The political masters in Washington are not subject to any of the laws they passs for the rest of us. In fact, they are exempt from any form of accountability.
Senator, Virus-Profiteer, Liar Richard Burr can be reached
at his Washington DC office, for your convenience, here is
his phone number:
(202) 224-3154
Give a call and leave a Message!
All of this has the appearance of evil/wrong-doing. This should not be tolerated. Those entering into public office should not emerge having been enriched in any way other than by the salaries they are paid. Going forward, there should be a law (sheesh - who will be responsible for passing that!)...a law in which no public servant OR FAMILY MEMBERS should be allowed to engage in any stock market activity of any kind or no in public servant OR FAMILY MEMBERS should be allowed to re-position themselves in the market once the individual becomes a public servant (can’t move, buy, sell investments). Let’s see how many want to serve the public then!
Either way, the appearance of evil is avoided. I am so sick of seeing how many of these folks emerge from their positions so much better off than when they began.
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