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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Thats Odd........Diane Frankenstein also is involved and her name isn’t mentioned.
well, there is a loophole for them. STOCK Act was passed in 2012 but the very next year Congress wrote a bypass where they can work the stock market with their info, they just have to file a form within 45 days of their stock activity, the hitch is that their record is on hard copy only and stored in the MASSIVE documents storage facility in DC and you can only get access to the docs by going directly to the facility in DC and request the specific form. You cant go fishing online for the dirt, its only in DC. In the civilian world, people like CEOs and the like have to file these documents which are available online to anyone.
The only way to save the Republic is term limits. No more than 2 terms for any elected official, if that’s the rule for the President, it should be the rule for ANY elected official. The founders never meant for career professional politicans.
This is one of those questionable “conservative” sights. Treat all with skepticism until you feel them out.
I recall reading somewhere a couple of years ago that it is not illegal for Congress-critters to use their insider info to invest.
okay then, Tar and Feather them!
If we are at war these are WAR CRIMES and should be additionally prosecuted as such to the fullest extent.
If these bastards wanted protection against being constrained by inside information they should have put their assets into a blind trust and taken their chances just like the rest of us.
Both the House and Senate ethics rules provide ample room to punish insider trading—and, arguably, did so even before the passage of the STOCK Act.
“Both the House and Senate ethics rules provide ample room to punish insider trading—and, arguably, did so even before the passage of the STOCK Act.”
And i’m sure there are plenty of rules to punish people who store Top Secret (if not more highly classified) information on a server in their basement. Doesn’t mean there will be any punishment. But we can dream.
I know it’s only a pipe dream, but Martha Stewart went to prison for this, and these pieces of shit need to do the same!
Actually reading the article would be violating Freeper tradition...
Did you read the article?
They are not supposed to be—whether they ever are fined or jailed like Martha Stewart is another story and very improbable...
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