Posted on 03/21/2020 1:02:35 PM PDT by John Semmens
Revelations that several senators privy to inside information on the coronavirus managed to sell some of their stocks before the market crash has inspired accusations that they broke the law. The specific law in question is the Stop Trading on Congressional Knowledge (STOCK) Act. This law was passed by Congress and signed by President Obama in 2012. Violations could result in prison terms of up to 20 years and fines up to $5,000,000.
Sen. Diane Feinstein (D-Calif), who serves as ranking member of the Senate Judiciary Committee, was one of the senators accused of violating this law. The others were Richard Burr (R-NC), Kelly Loeffler (R-GA), James Inhofe (R-OK) and Ron Johnson (R-Wisc).
Feinstein admitted that "I can't speak to the guilt or innocence of the others, but I can state that the law does not apply to me. First, it is my husband who makes all the investment decisions in our household, even when it comes to trading my stocks. So, no one can prove beyond a reasonable doubt that I broke the law. Second, President Obama would never have signed the bill into law if he thought it would ever be used against a public figure of my stature and long tenure."
Loeffler, whose husband is the chairman and CEO of the New York Stock Exchange, honed in on the statute's "for profit" clause and explained that "my husband makes all of our family's investment decisions and as he told me, the sale was not 'for profit,' but to avoid a loss." Burr, Inhofe, and Johnson each asserted "same here" after learning of "exculpatory explanations" offered by Feinstein and Loeffler.
if you missed any of this week's other semi-news/semi-satire posts you can find them at...
http://www.gopbriefingroom.com/index.php?topic=395547.0
Constitutionally, Insider-Trading Law doesn’t apply to anyone. More federal overreach, unconstitutional acts, and tyranny.
Sure. Not for Congre$$
There's a world of difference between selling to avoid loss and selling to make a profit...
Cramer noted the virus before their super secret meeting.
It doesn’t. They “modified” it the year after they passed it.
Not when insider-information is involved.
Martha Stewart went to prison for far less.
Insider trading laws don’t apply to Congresspeople. Congress passed those laws and, of course, exempted Congressmen.
The deep state has set up an almost perfect kleptocracy where they can steal with impunity. The laws that apply to us do not apply to them, by statute. One reason they hate Trump so much is that they are afraid he will screw it up for them.
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