Posted on Mar 20, 2020
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This kind of stuff makes me furious when I see it happen.
U.S. Senators Sold Stock After Coronavirus Briefings in January
Posted from bloomberg.com
Stock Market
Stock Trading
United States Senate
Posted >1 y ago
Responses: 6
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Thank you LTC Kevin B. for posting this observation from Bloomberg.com
It is noteworthy to me that North Carolina Richard Burr has "called for an ethics investigation into his own sale of stock, and that of three other U.S. Senators [Kelly Loeffler[Ga]; Dianne Feinstein [CA]; and James Inhofe [OK], after they received sensitive briefings in late January [January 24] about the emerging threat of the coronavirus [19]."
1. Reviewing what was sold is informative IMHO.
a. Richard Burr sold 33 stocks on Feb. 13, according to his financial disclosure form, with a total value between $628,000 and $1.7 million. His stock sales were first reported by ProPublica. Three of the assets he sold were in hotel companies, which have seen their value plummet as the coronavirus threat has drastically curtailed travel. [This seems relevant to me.]
b. Kelly Loeffler, who is married to New York Stock Exchange chairman Jeffrey Sprecher, ... The couple began selling 27 stocks on Jan. 24, according to her financial disclosure form, including investments in Auto Zone and Ross Stores, worth millions of dollars. .... "In a tweet, she said criticisms were baseless. "In a tweet, she said: “I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband’s knowledge or involvement.”
c. Diane Feinstein made transactions on Jan. 31 and Feb. 18, selling between $1.5 million and $6 million worth of shares in Allogene Therapeutics, a biotech company. [That seems to be directly related since it is Biotech]
d. Inhofe sold $400,000 worth of stock on Jan. 27, including PayPal and the real estate company Brookfield Asset Management. [PayPal seems tangential although the real estate company may be relevant if it focuses on rentals.]
To be honest, I would be more interested in learning about the House Intel committee members sales of stocks since they no doubt received the same type of briefings.
Thank you, my friend CPO Nate S. for mentioning me.
What do you think? LTC John Shaw CPT Jack Durish COL Mikel J. Burroughs Col Carl Whicker LTC Greg Henning LTC Jeff Shearer LTC Stephen C. SMSgt Lawrence McCarter SCPO Morris Ramsey SGT (Join to see) SSG William Jones SSG Robert Mark Odom SPC Woody Bullard
It is noteworthy to me that North Carolina Richard Burr has "called for an ethics investigation into his own sale of stock, and that of three other U.S. Senators [Kelly Loeffler[Ga]; Dianne Feinstein [CA]; and James Inhofe [OK], after they received sensitive briefings in late January [January 24] about the emerging threat of the coronavirus [19]."
1. Reviewing what was sold is informative IMHO.
a. Richard Burr sold 33 stocks on Feb. 13, according to his financial disclosure form, with a total value between $628,000 and $1.7 million. His stock sales were first reported by ProPublica. Three of the assets he sold were in hotel companies, which have seen their value plummet as the coronavirus threat has drastically curtailed travel. [This seems relevant to me.]
b. Kelly Loeffler, who is married to New York Stock Exchange chairman Jeffrey Sprecher, ... The couple began selling 27 stocks on Jan. 24, according to her financial disclosure form, including investments in Auto Zone and Ross Stores, worth millions of dollars. .... "In a tweet, she said criticisms were baseless. "In a tweet, she said: “I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband’s knowledge or involvement.”
c. Diane Feinstein made transactions on Jan. 31 and Feb. 18, selling between $1.5 million and $6 million worth of shares in Allogene Therapeutics, a biotech company. [That seems to be directly related since it is Biotech]
d. Inhofe sold $400,000 worth of stock on Jan. 27, including PayPal and the real estate company Brookfield Asset Management. [PayPal seems tangential although the real estate company may be relevant if it focuses on rentals.]
To be honest, I would be more interested in learning about the House Intel committee members sales of stocks since they no doubt received the same type of briefings.
Thank you, my friend CPO Nate S. for mentioning me.
What do you think? LTC John Shaw CPT Jack Durish COL Mikel J. Burroughs Col Carl Whicker LTC Greg Henning LTC Jeff Shearer LTC Stephen C. SMSgt Lawrence McCarter SCPO Morris Ramsey SGT (Join to see) SSG William Jones SSG Robert Mark Odom SPC Woody Bullard
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LTC Kevin B.
I'd like to know more about Dianne Feinstein selling the Allogene Therapeutics stock. Yes, it's related, but I'm not sure that it's necessarily material. After all, it's a company focused on cancer therapies. If she had bought biotech stock immediately after the briefing, that would set off more alarm bells. You'd think that biotech firms might actually hold steady under a medically related market shock (or even increase), so selling doesn't set off any alarm bells without knowing further details. Selling hotel stocks? I get that connection. Selling PayPal, real estate, Auto Zone, and Ross Stores? The connections get looser with those.
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LTC John Shaw
I would like to see the Justice Department bring prosecution against any member of Congress who uses insider trading under the STOCK Act. Proving it may be really difficult as the Constitution provides broad protection. It looks like Kelly Loeffler has a 'blind trust'; meaning, they turned over responsibility to a third party to avoid conflicts of interest. However, if there was contact between her or her husband to the advisor that day, on Jan 24th, they should have to explain it. Burr, Inhofe and Feinstein should have to explain their actions. It is these type of actions that erode trust in government.
https://www.nbcnews.com/politics/congress/it-illegal-lawmakers-trade-stocks-insider-info-they-learn-job-n1165156
https://www.nbcnews.com/politics/congress/it-illegal-lawmakers-trade-stocks-insider-info-they-learn-job-n1165156
Is it illegal for lawmakers to trade stocks on insider info they learn on the job?
Analysis: Probably not, and it's a case that would be difficult for prosecutors to make.
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I think we should check their outgoing calls and see how many cronies were notified.
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LTC Kevin B.
SCPO Morris Ramsey - You never know, there just might be some truth in that. They might have been the first movers.
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CWO3 (Join to see)
Those in the loop are likely using encrypted comms. It takes legal action to get the records unless it has been recorded. Without the fill/code it gets hard to monitor, as that's their purpose. I've heard that No Such Agency has every call run through the pipe for starters. Sniffers and algorithms do the first check and who knows after that. I don't know to what degree of encryption they can monitor.
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