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Getbig Main Boards => Gossip & Opinions => Topic started by: SAMSON123 on March 20, 2020, 12:55:03 PM
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Gee... As if they knew this supposed pandemic was coming. But I am sure it is/was a COINCIDENCE
Business
4 Senators Dumped Millions In Stock Weeks Before Coronavirus Pandemic Hit US
Benzinga Neer Varshney
,Benzinga•March 20, 2020
Republican senators Richard Burr, Kelly Loeffler and James Inhofe, along with democrat Dianne Feinstein, dumped stocks worth millions ahead of the financial markets plunge in the United States in February, multiple reports suggested Thursday.
Burr Sold Up to $1.73M Worth Shares In Worst-Hit Businesses
North Carolina senator Burr, who is the chairman of the Senate Intelligence Committee, sold shares priced at anywhere between $628,000 to $1.73 million in 33 separate transactions on February 13, ProPublica reported Thursday.
As the intelligence chief, Burr is entitled to privileged information about matters related to America's security and was receiving daily updates about the spread of the deadly novel coronavirus (COVID-19) globally, as Reuters noted earlier.
Burr and others in President Donald Trump administration had repeatedly assured the citizens of the country's readiness for coronavirus in February and said the risk of the pandemic taking hold in the United States remained low.
In an op-ed co-authored with Senator Lamar Alexander on February 7, Burr gave an optimistic account of preventative measures being taken for COVID-19. Less than a week later, he would dump a significant portion of his financial holdings. According to ProPublica, some of the stocks Burr dumped included Wyndham Hotels & Resorts Inc. (NYSE: WH) and Extended Stay America Inc. (NASDAQ: STAY).
The hospitality sector is among the worst affected businesses from the pandemic. Wyndham stock has lost two-third of its value, while Extended Stay has dropped to about half.
The National Public Radio on Thursday reported that Barr gave a more dismal outlook of the coronavirus, especially its economic impact, to a "small group of well-connected constituents" on February 27, even as President Trump was assuring the public on its non-lethality.
Loeffler And Husband Dumped Millions
Georgia senator Loeffler and her husband Jeffrey Sprecher, who is the Chairman and CEO of the New York Stock Exchange owner Intercontinental Exchange (NYSE: ICE) together made about 29 transactions between late January and February. Out of these, all but two were sales involving millions of dollars, the Daily Beast reported Thursday.
The same day that Loeffler was attending a private all-senator briefing from Trump administration officials, including Centers for Disease Control and Prevention director and other health officials on January 24, she and her husband sold off the first of the shares, the Daily Beast noted. The first of these sales was their shares, worth anywhere between $50,000 to $100,000 in a company called Resideo Technologies Inc. (NYSE: REZI), which has dropped more than 50% lower since late January.
Concerned about #coronavirus? Remember this:
The consumer is strong, the economy is strong, & jobs are growing, which puts us in the best economic position to tackle #COVID19 & keep Americans safe.
Update following meeting with @realdonaldtrump, @VP, & @StevenMnuchin1: pic.twitter.com/H9t2D6x19k
— Senator Kelly Loeffler (@SenatorLoeffler) March 10, 2020
The couple also sold stake worth between $250,000 to $500,000 in Citrix Systems, Inc. (NASDAQ: CTXS) in further sales. Loeffler took over as Georgia senator on January 6, filling a position vacated by retiring senator Johnny Isakson. The Daily Beast noted that she didn't report a single sale of shares she owned until January 24, when she attended the first coronavirus-related briefing.
Loeffler took to Twitter early Friday to defend herself.
"This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio," the Georgia senator said. "Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement."
The former Bakkt CEO added that she wasn't informed of the sales until February 16.
Inhofe And Feinstein
"Inhofe sold at least $180,000 in stocks on Jan. 27, days after the Senate’s coronavirus briefing, according to Senate records," according to The Hill. "Inhofe also sold at least $50,000 in stock in an asset management company on Feb. 20, days before the stock market crashed."
"Feinstein, one the longest-tenured Senate Democrats, sold at least $500,000 in shares of Allogene Therapeutics, a California biotechnology company, on Jan. 31 and at least $1 million in Allogene stock on Feb. 18, according to Senate records." according to The Hill.
Photo Credit: Courtesy of Senator Kelly Loeffler's Twitter.
https://finance.yahoo.com/news/senators-richard-burr-kelly-loeffler-051352027.html
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theyre republican so it doesnt count except for feinstein
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How many Democrats?
J
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How many Democrats?
J
1 and 3 agents of god
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You mean lawyers that could make $500-1000 an hour don't take a $174,000 a year job out of the goodness of their hearts?
SHOCKING
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Capitalist society, good for them. Don't be a hater, SIMPLETON.
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Capitalist society, good for them. Don't be a hater, SIMPLETON.
Insider trading? Selling Wyndham stock before a nationwide travel shutdown?
That seems on the up and up.
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i am a right winger, but they are cock roaches for sure
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Insider trading? Selling Wyndham stock before a nationwide travel shutdown?
That seems on the up and up.
They are Senators not a financial institution. Good for them.
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All should be in cuffs. Nothing will happen to any of them. There are two justice standards. They are Teflon.
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insider trading
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Maybe they just read some posts from Army of One?
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They should be forced to use that money to help people who will be losing their jobs or they go to jail.
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They broke no laws...I would have done the same thing.
Why take a loss of millions of dollars just to feel noble?
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If they broke the law, they should be punished. If not, there is nothing we can do. Except change the law(s). I am not smart enough to do that!
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lol if this were 3 libtards and 1 conservatard you guys would be chimping out for a tar and feathering
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lol if this were 3 libtards and 1 conservatard you guys would be chimping out for a tar and feathering
Break the law, start breaking rocks.
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I was not predicting a Democratic Senator from Georgia but, if the Republicans stick with Loeffler, this may mean just that. Feinstein should retire finally.
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Somewhere Martha Stewart is thinking, “you insider trading motherfukkers”
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Congresspeople, regardless of party affiliation, should not actively be able to buy/sell stocks.
It's bullshit.
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You all are deluding yourselves. NOBODY is doing any time. Thick as thieves both parties on this issue.
The one you will see ousted is Cory Booker for saying a member of congress shouldn't own stock. >:(
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Gee... As if they knew this supposed pandemic was coming. But I am sure it is/was a COINCIDENCE
Business
4 Senators Dumped Millions In Stock Weeks Before Coronavirus Pandemic Hit US
Benzinga Neer Varshney
,Benzinga•March 20, 2020
Republican senators Richard Burr, Kelly Loeffler and James Inhofe, along with democrat Dianne Feinstein, dumped stocks worth millions ahead of the financial markets plunge in the United States in February, multiple reports suggested Thursday.
Burr Sold Up to $1.73M Worth Shares In Worst-Hit Businesses
North Carolina senator Burr, who is the chairman of the Senate Intelligence Committee, sold shares priced at anywhere between $628,000 to $1.73 million in 33 separate transactions on February 13, ProPublica reported Thursday.
As the intelligence chief, Burr is entitled to privileged information about matters related to America's security and was receiving daily updates about the spread of the deadly novel coronavirus (COVID-19) globally, as Reuters noted earlier.
Burr and others in President Donald Trump administration had repeatedly assured the citizens of the country's readiness for coronavirus in February and said the risk of the pandemic taking hold in the United States remained low.
In an op-ed co-authored with Senator Lamar Alexander on February 7, Burr gave an optimistic account of preventative measures being taken for COVID-19. Less than a week later, he would dump a significant portion of his financial holdings. According to ProPublica, some of the stocks Burr dumped included Wyndham Hotels & Resorts Inc. (NYSE: WH) and Extended Stay America Inc. (NASDAQ: STAY).
The hospitality sector is among the worst affected businesses from the pandemic. Wyndham stock has lost two-third of its value, while Extended Stay has dropped to about half.
The National Public Radio on Thursday reported that Barr gave a more dismal outlook of the coronavirus, especially its economic impact, to a "small group of well-connected constituents" on February 27, even as President Trump was assuring the public on its non-lethality.
Loeffler And Husband Dumped Millions
Georgia senator Loeffler and her husband Jeffrey Sprecher, who is the Chairman and CEO of the New York Stock Exchange owner Intercontinental Exchange (NYSE: ICE) together made about 29 transactions between late January and February. Out of these, all but two were sales involving millions of dollars, the Daily Beast reported Thursday.
The same day that Loeffler was attending a private all-senator briefing from Trump administration officials, including Centers for Disease Control and Prevention director and other health officials on January 24, she and her husband sold off the first of the shares, the Daily Beast noted. The first of these sales was their shares, worth anywhere between $50,000 to $100,000 in a company called Resideo Technologies Inc. (NYSE: REZI), which has dropped more than 50% lower since late January.
Concerned about #coronavirus? Remember this:
The consumer is strong, the economy is strong, & jobs are growing, which puts us in the best economic position to tackle #COVID19 & keep Americans safe.
Update following meeting with @realdonaldtrump, @VP, & @StevenMnuchin1: pic.twitter.com/H9t2D6x19k
— Senator Kelly Loeffler (@SenatorLoeffler) March 10, 2020
The couple also sold stake worth between $250,000 to $500,000 in Citrix Systems, Inc. (NASDAQ: CTXS) in further sales. Loeffler took over as Georgia senator on January 6, filling a position vacated by retiring senator Johnny Isakson. The Daily Beast noted that she didn't report a single sale of shares she owned until January 24, when she attended the first coronavirus-related briefing.
Loeffler took to Twitter early Friday to defend herself.
"This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio," the Georgia senator said. "Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement."
The former Bakkt CEO added that she wasn't informed of the sales until February 16.
Inhofe And Feinstein
"Inhofe sold at least $180,000 in stocks on Jan. 27, days after the Senate’s coronavirus briefing, according to Senate records," according to The Hill. "Inhofe also sold at least $50,000 in stock in an asset management company on Feb. 20, days before the stock market crashed."
"Feinstein, one the longest-tenured Senate Democrats, sold at least $500,000 in shares of Allogene Therapeutics, a California biotechnology company, on Jan. 31 and at least $1 million in Allogene stock on Feb. 18, according to Senate records." according to The Hill.
Photo Credit: Courtesy of Senator Kelly Loeffler's Twitter.
https://finance.yahoo.com/news/senators-richard-burr-kelly-loeffler-051352027.html
Hmm, seems I remember folks going to a federal country club lock up facility for doing this very thing. Martha Stewart for example got roasted by the feds.
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They broke no laws...I would have done the same thing.
Why take a loss of millions of dollars just to feel noble?
I’m with you on this. Kind of sets off the spidey sense but nothing really wrong that I can see.
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I’m with you on this. Kind of sets off the spidey sense but nothing really wrong that I can see.
Regardless of whether we would do the same thing, insider trading is illegal in the corporate world (e.g., Martha Stewart, an executive selling his own company’s stock ahead of announcing to the world at an earnings drop, big lawsuit, etc.). But does anyone here know for sure if it is strictly illegal for government representatives or employees to do this ahead of the public being made aware. Regardless of the answer, these particular individuals may well lose their seats. Just picture the opponents’ TV ads.