A new report indicates that Intel Senate committee chairman Richard Burr (R-NC) wasn’t the only congressman to ditch much of their equity portfolio before the corona virus swooped into the market.
The Daily Beast reports that Sen. Kelly Loeffler (R-GA) – who is married Jeffrey Sprecher, chairman of the New York Stock Exchange and CEO of business services provider Intercontinental Exchange – attended a secret briefing on the corona virus in late January. That same day, she sold somewhere between $ 50,001 and $ 100,000 in Resideo Technologies shares.
The Resideo share was reported as “joint ownership” between Loeffler and her husband, and the share price has fallen since the transaction was completed. The Beast goes on to report that Loeffler and Sprecher subsequently made more than two dozen other stock sales, plus she bought between $ 100,000 and $ 250,000 worth of Citrix shares, “which has been a small bump in its stock price since the purchase of Loeffler has seen a consequence of market turmoil caused by the coronavirus. ”
The Loeffler report comes soon after NPR has released audio from her colleague, Senator Burr, who gave an alarming verdict on the corona virus to a private gathering of wealthy, well-connected participants. On top of that, ProPublica reported that while Burr publicly shed the threat level of the disease, he also dumped $ 1.7 million worth of stock before the market plunged.
The Burr and Loeffler reports both raise questions about whether they can be charged for insider trading. Burr has hit back at NPR for the way his words were characterized, but while Loeffler hadn’t yet released a public response, the Beast has highlighted two notable tweets from her in recent weeks insisting the economy is strong and blaming Democrats of “dangerous and deliberate” deceiving the country.
Democrats have dangerously and deliberately misled the American people #Coronavirus readiness.
– Kelly Loeffler (@KLoeffler) February 28, 2020
Worried about #coronavirus? Remember this:
Consumers are strong, the economy is strong and jobs are growing, which puts us in the best economic position to tackle # COVID19 & Protect Americans.
– Senator Kelly Loeffler (@SenatorLoeffler) March 10, 2020
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