Posted on 03/29/2020 8:50:02 PM PDT by Kevin in California
Federal law enforcement officials are reportedly investigating a series of stock market transactions that were made by U.S. lawmakers prior to the stock market tanking as a result of the coronavirus rapidly spreading throughout the U.S.
“The inquiry, which is still in its early stages and being done in coordination with the Securities and Exchange Commission, has so far included outreach from the FBI to at least one lawmaker, Sen. Richard Burr, seeking information about the trades, according to one of the sources,” CNN reported. “Public scrutiny of the lawmakers’ market activity has centered on whether members of Congress sought to profit from the information they obtained in non-public briefings about the virus epidemic.”
CNN added that there is “no indication that any of the sales, including Burr’s, broke any laws or ran afoul of Senate rules.”
Other senators who have come under scrutiny include Sens. Kelly Loeffler (R-GA), Dianne Feinstein (D-CA), and Jim Inhofe (R-OK).
“Congress passed the Stock Act in 2012, which made it illegal for lawmakers to use inside information for financial benefit,” CNN added. “Under insider trading laws, prosecutors would need to prove the lawmakers traded based on material non-public information they received in violation of a duty to keep it confidential.”
Let’s expedite this. Burr guilty, Feinstein not guilty.
The end.
WTF ever
They can’t charge and convict conspirators but, they can water time on this?
I don’t care
I think this was intended for things like spending that could help or damage a company - for example if somebody knows that a certain defense contractor will be awarded a big contract. It has to do with information that directly impacts a specific company IMO. A briefing about COVID-19 doesn't fit that.
Why do I think this will damage the GOP more than the DEMs?
Looming pandemic was obvious by end of January.
Anyone smart with money moved everything out of stocks and into cash fast: if right, avoid the crash; if wrong, no harm done and just buy back in at par.
It would be really fun if they traced all the stock sales and the sellers were not permitted to buy stock until the market returns to normal.
something must be done.....
They will say they didn't sell "for profit," but to avoid a loss.
However, watch them take that "avoided loss" and reinvest it for profit once the market bottoms out.
-PJ
The Democrats will walk. The Republicans will be hammered.
“It has to do with information that directly impacts a specific company IMO. A briefing about COVID-19 doesn’t fit that”
It sure as hell does. They dumped airline stocks, they dump stocks in dozens of companies from China. They buy stocks in coronavirus medical companies. It’s classic insider trading.
If you are in a position to affect the markets, as Congressmen are, they should sell all of their stock before coming into office.
You shouldn’t be in government to get rich.
As long as they get Long Tall Sally (Loeffler) I’ll be happy.
Hang one or two as an example to the others...
The Democrats will walk. The Republicans will be hammered.
After Flynn and Stone I’m fine with that. It’s hilarious to see the Deep State going after Burr now.
And these are the same a-holes who scream that Trump is illegally profiting from his hotels and resorts.
“.....A briefing about COVID-19 doesn’t fit that.”
.....
We need the transcript in order to say that.
Why do I think this will damage the GOP more than the DEMs?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Experience.
The DOJ only prosecutes Republicans.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.