From the DailyBeast: Sen. Kelly Loeffler Dumped Millions in Stock After Coronavirus Briefing. (Sens. Burr and Inhofe also. Loeffler is married to Jeffrey Sprecher, the chairman of the New York Stock Exchange, and the chairman and CEO of Intercontinental Exchange, which is NYSE's parent company.)
From The Week: Senate Intelligence Chair unloaded stocks after reassuring public about coronavirus preparedness.
Daily Beast article hereThe Week Article Here
Comments
I suspect that Loeffler will get the boot.
Come on people, you know that 90% of all politicians are corrupt before they are elected and 90% that aren't become so in their first term. That leaves 1% that are worth a shit.'
I hope and pray they ALL come down with the virus and let God sort them out.
Oh, and before someone goes off on me I AM AN ELECTED REPUBLICAN albeit a Township Trustee.
And so it goes,
peace and Flatten the Curve,
rono
Stories of Hope
The same can not to my knowledge be said for Sen. Burr - who also stated publicly that there was no need to worry (while he was busy selling.)
Edit: AND I did search for something/anything similar prior to my original post.
Full disclosure: When she was our mayor, the first year that I installed all of the public safety radio equipment in her City limo she sent me a bottle of decent wine. The second year, she sent the limo back for modification, because the radio equipment as positioned put runs in her nylons. No wine, that time.
First, the fact that someone even had to bring such a bill to Congress. Suggests what's illegal for the common man may not be illegal for Congressmen. Maybe there are some laws that only apply to members of Congress and therefore some laws don't apply automatically to them unless they are also explicitly ratified.
Second, maybe the bill was brought to Congress only to be defeated so that now we accept that it's not illegal for them to trade based on insider information, but merely "unethical" which means diddly.
The people to blame are the people who elect these people to office. Accept it.
As an aside, if the Congressmen had simply bought some PUTs and then sold them, would anyone have discovered them? Maybe the 4 congressmen are stupid and shameless or both, and there are the rest are only shameless, but we don't know about them because we cannot "see" if they sold any stock, because they profited differently from the stock market decline.
In the end, I'm an equal opportunity cynic when it comes to politicians. I really don't think DEMs in their own way are much more pure than REPs; or vice versa.
“I was informed of these purchases and sales on February 16, 2020 — three weeks after they were made.”
She says that she is not involved in the trades made. That's effectively the same you as putting your holdings into a traditional discretionary account. "Not involved in the trades" says only that she is not the one making the trading decisions.
The intelligence community provides the President raw data while not getting involved in policy decisions. Likewise, her statement allows for the possibility that she passed "secret" (non-public) information to her portfolio managers who were the only ones involved in making the "policy" (trade) decisions.
This is also a concern about Feinstein's disclaimer. She too says that she was not involved in the trade decisions.
"Ms. Feinstein’s office said her assets were in a blind trust and she was not involved in her husband’s financial decisions."
IMHO one should assume that all statements are carefully crafted by lawyers and one should pay as much attention to what is not said as to what is stated.
Amen !!
https://www.npr.org/sections/itsallpolitics/2013/04/16/177496734/how-congress-quietly-overhauled-its-insider-trading-law