Burr, other senators under fire for stock sell-offs amid coronavirus outbreak

  
Via:  john-russell  •  one week ago  •  37 comments

 Burr, other senators under fire for stock sell-offs amid coronavirus outbreak
The North Carolina Republican dumped up to $1.6 million of his holdings in mid-February.

S E E D E D   C O N T E N T


Sen. Richard Burr, R-N.C., is facing calls to resign after reports Thursday that the powerful Intelligence Committee chairman had privately warned well-connected donors of the dire impacts of the coronavirus pandemic last month while selling off up to $1.6 million of his own stocks.

ProPublica   reported that Burr — who co-wrote an   op-ed for Fox News   in early February saying "the United States today is better prepared than ever before to face emerging public health threats, like the coronavirus" — unloaded the stock around mid-February, about a week before the market started to plunge because of coronavirus concerns.


That included selling off up to $150,000 worth of shares of Wyndham Hotels and Resorts, which has lost two-thirds of its value,   ProPublica reported . He also dumped to $100,000 of shares of another hotel chain, Extended Stay America.

ProPublica discovered, and NBC News has confirmed, the stock sell-offs in Burr's publicly available financial disclosure reports. The exact figures are unclear because the reports offer ranges of transactions.

The Senate Intelligence Committee received a number of briefings and intelligence reports in January and February that included non-public information about the growing coronavirus pandemic, Senate aides have told NBC News. The intelligence remains classified — it's unclear what warnings were given and exactly when.

Rep. Alexandria Ocasio-Cortez   said on Twitter   that as chairman of the Intelligence Committee, Burr "got private briefings about Coronavirus weeks ago. Burr knew how bad it would be. He told the truth to his wealthy donors, while assuring the public that we were fine. THEN he sold off $1.6 million in stock before the fall. He needs to resign."

The stock market has declined about 30 percent since Burr dumped the shares.

A spokesperson for Burr said the sales were "personal transactions made several weeks before the U.S. and financial markets showed signs of volatility due to the growing coronavirus outbreak."

"As the situation continues to evolve daily, he has been deeply concerned by the steep and sudden toll this pandemic is taking on our economy," the spokesperson said.

Disclosure records also show that three other senators sold major holdings around the same time, including Sens. Dianne Feinstein, D-Calif., Kelly Loeffler, R-Ga., and James Inhofe, R-Okla., according to The New York Times.

In two tweets Thursday night, Loeffler, whose husband is the chairman of the New York Stock Exchange, defended the stock sales and said the investment decisions are made without knowledge of her and her husband.

She said in a follow-up tweet, "As confirmed in the periodic transaction report to Senate Ethics, I was informed of these purchases and sales on 02/16/2020 — three weeks after they were made."

Meanwhile, a Feinstein spokesman told NBC News Friday: "Senator Feinstein did not sell any stock. The transactions you're referencing were made by her spouse. All of Senator Feinstein's assets are in a blind trust, as they have been since she came to the Senate. She has no involvement in any of her husband's financial decisions."

Rep. Joaquin Castro, D-Texas, said Burr's selling off the stocks should be investigated.

"As a member of the House Intelligence Committee, I know that our committee receives sensitive information, including assessments and projections, before others in Congress and the general public (if ever). Senator Burr should suspend his chairmanship pending investigation,"   Castro tweeted .


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JohnRussell
1  seeder  JohnRussell    one week ago

I dont trust any of these people as far as I could throw them, and that includes Diane Feinstein.

I do think this type of behavior occurs more with Republicans, but there is no doubt there are cheating Democrats, the corporate types, as well. 

Hopefully this whole virus thing will cause us to rethink some aspects of capitalism and strive to make it more fair for everyone. 

 
 
 
squiggy
1.1  squiggy  replied to  JohnRussell @1    one week ago

Give him a few years of the Martha Stewart Lifestyle.

 
 
 
Vic Eldred
1.2  Vic Eldred  replied to  JohnRussell @1    one week ago

People who own stock and know the price is going to drop.....I often ask myself what would I do?

 
 
 
JohnRussell
1.2.1  seeder  JohnRussell  replied to  Vic Eldred @1.2    one week ago

Not complicated. He should have made public statements that the markets might be effected by the coronavirus  before he sold the stock. He's probably committed a crime. 

 
 
 
Vic Eldred
1.2.2  Vic Eldred  replied to  JohnRussell @1.2.1    one week ago

Yup, he should have. How about prohibiting members of congress from owning stock?

I heard the idea from an odd source.

 
 
 
Split Personality
1.2.3  Split Personality  replied to  Vic Eldred @1.2.2    one week ago
The Stop Trading on Congressional Knowledge ( STOCK ) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012 ) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012 .

After a 60 Minutes segment on congressional insider trading in 2011, Republican Senator Scott Brown and Democratic Senator Kirsten Gillibrand introduced bills to combat the practice. In February 2012, the STOCK Act passed in the Senate by a 96–3 vote; the only no votes were senators Jeff Bingaman , Richard Burr , and Tom Coburn . [2] Later the House of Representatives passed it by a 417–2 vote. [3] The bill was supported heavily by vulnerable incumbents and signed into law by President Obama. [4] According to the current United States Senate Select Committee on Ethics , "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee." [

https://en.wikipedia.org/wiki/STOCK_Act

One of the loudest opponents of this legislation was Richard Burr.

 
 
 
Trout Giggles
2  Trout Giggles    one week ago

I wonder how much Wyndham stock is now?

 
 
 
The People's Fish
3  The People's Fish    one week ago

Many of our legislators profited from our misfortune, it's a bipartison issue and right now we know of 1 dem and 3 repubs but there are more. If you remember a few years ago Pelosi had a 60 minutes segment on her insider trading. This is how these dirtbags get rich.

No one is ever prosecuted but we need to scream loudly about this. I don't care what party they belong too, if they dumped stocks and made large purchases related to a briefing that was classified at the time we need to hypothetically hang them. It is a crime that carries a 20 year sentence, forget asking them to resign, we need to prosecute them and send them to federal prison for 20 years.

 
 
 
It Is ME
4  It Is ME    one week ago

I noticed Feinstein and her husband isn't "Front Page" on the "Outrage Chart" wording.  It was HER husbands Fault afterall (She knew Nothing....Nothing.....Nothing) ! jrSmiley_18_smiley_image.gif

That's a good thing. jrSmiley_13_smiley_image.gif

Nothing to see there. jrSmiley_90_smiley_image.gif

I guess Even blaming your spouse, has it's perks for "Liberal Types" (Always someone else's fault with them)!

 
 
 
Perrie Halpern R.A.
4.1  Perrie Halpern R.A.  replied to  It Is ME @4    one week ago

And yet the article is about a conservative. Come on let's get real. People in the know are all doing it and getting rich from our misery. They should be punished. 

 
 
 
MUVA
4.1.1  MUVA  replied to  Perrie Halpern R.A. @4.1    one week ago

All people should be investigated equally regardless of their party giving people a pass like most of the news media does because of the party affiliation is the norm.

 
 
 
It Is ME
4.1.2  It Is ME  replied to  Perrie Halpern R.A. @4.1    one week ago
They should be punished.

Too Friggin LATE !

Like the old saying goes..... "Once it's allowed....Never castigated....it's Damn, Damn, Damn hard to take it away" !

Just like "Handouts" and not "Hand Ups".

Once it's allowed, You ain't taking it away without a Mega Fight !

 
 
 
JohnRussell
4.1.3  seeder  JohnRussell  replied to  It Is ME @4.1.2    one week ago

That is one of the dumbest comments I've seen on here. 

 
 
 
It Is ME
4.1.4  It Is ME  replied to  JohnRussell @4.1.3    one week ago
That is one of the dumbest comments I've seen on here. 

Like "This" is a surprise to you ?

"under Rocks" don't make the best homes.

 
 
 
JohnRussell
4.1.5  seeder  JohnRussell  replied to  It Is ME @4.1.4    one week ago

Take a deep breath and recalibrate your responses. 

 
 
 
It Is ME
4.1.6  It Is ME  replied to  JohnRussell @4.1.5    one week ago
Take a deep breath and recalibrate your responses. 

"Shock Value" hurts ?

 
 
 
Perrie Halpern R.A.
4.1.7  Perrie Halpern R.A.  replied to  It Is ME @4.1.6    one week ago

You can give penalities to those that profited. You can charge them too with a crime insider trading, like what happened to Martha Stewert. 

 
 
 
It Is ME
4.1.8  It Is ME  replied to  Perrie Halpern R.A. @4.1.7    one week ago
You can charge them too with a crime insider trading

Gosh.... Years, and Years of researching thru History, on All the "Representatives" that have made "Millions" while in Congress, would be a very long endeavor. It would be the fair thing to do though.....right ?

 
 
 
Sunshine
4.1.9  Sunshine  replied to  Perrie Halpern R.A. @4.1.7    one week ago
You can give penalities to those that profited. You can charge them too with a crime insider trading, like what happened to Martha Stewert. 

She was never convicted for insider trading.

 
 
 
Perrie Halpern R.A.
4.1.10  Perrie Halpern R.A.  replied to  Sunshine @4.1.9    one week ago

OK to be exact, they tried to get her on insider trading, couldn't so they got her on four counts of obstruction of justice and lying to investigators. They obviously tied to get her and they found grounds on to put her away. The same should apply to these people. 

 
 
 
loki12
4.1.11  loki12  replied to  It Is ME @4.1.8    one week ago
Years, and Years of researching thru History, on All the "Representatives" that have made "Millions" while in Congress, would be a very long endeavor.

Sigh, You do know that insider trading was technically legal for out reps until 2012, right? so there isn't years and years to go back. 

 
 
 
Perrie Halpern R.A.
4.1.12  Perrie Halpern R.A.  replied to  It Is ME @4.1.8    one week ago

We are talking about NOW. If anyone was found doing insider trading during the crash, they should be punished.

 
 
 
It Is ME
4.1.13  It Is ME  replied to  Perrie Halpern R.A. @4.1.12    one week ago
We are talking about NOW. If anyone was found doing insider trading during the crash, they should be punished

Again ….. TOO LATE !

https://www.newsmax.com/InsideCover/pelosi-stock-insider-60minutes/2011/11/13/id/417848/

' 60 Minutes' Uncovers Pelosi's Insider Stock Trades

I n a piece relying on data collected from the conservative Hoover Institution, "60 Minutes" revealed that elected officials like Pelosi are exempt from insider trading laws – regulations that carry hefty prison sentences and fines for any other citizen who trades stocks with private information on companies that can affect their stock price.

She NEVER said "It Didn't Happen" !

If it was okay back when, and only "News" worthy without repercussions, it's okay now !

 
 
 
It Is ME
4.1.14  It Is ME  replied to  loki12 @4.1.11    one week ago
so there isn't years and years to go back. 

2020 back to 2012, does contain "a Year", and "some more Years"..... doesn't it ? jrSmiley_99_smiley_image.jpgjrSmiley_18_smiley_image.gif

 
 
 
loki12
4.1.15  loki12  replied to  It Is ME @4.1.14    one week ago

Most people wouldn't double down on a stupid statement.   Kudos

 
 
 
It Is ME
4.1.16  It Is ME  replied to  loki12 @4.1.15    one week ago
Most people wouldn't double down on a stupid statement. 

Your back ? jrSmiley_88_smiley_image.gif

 
 
 
loki12
4.1.17  loki12  replied to  It Is ME @4.1.16    one week ago

Commitment to ignorance should be acknowledged, That is also nonpartisan, So Kudos to you again! 

 
 
 
It Is ME
4.1.18  It Is ME  replied to  loki12 @4.1.17    one week ago
Commitment to ignorance should be acknowledged

You're back ………. Again ?

 
 
 
loki12
4.2  loki12  replied to  It Is ME @4    one week ago
I guess Even blaming your spouse, has it's perks for "Liberal Types" (Always someone else's fault with them)!

Duncan Hunter wasn't a liberal and he not only tried to throw his wife under the bus, he offered to drive it, These are entitled douchebags who only care about themselves, Until convicted, then they find God and family. Doesn't matter what initial is after their name.

 
 
 
Perrie Halpern R.A.
4.2.1  Perrie Halpern R.A.  replied to  loki12 @4.2    one week ago

I totally agree Loki. 

 
 
 
loki12
4.2.2  loki12  replied to  Perrie Halpern R.A. @4.2.1    one week ago

Thanks, If we can't find compromise that this is bad, no matter who, just illustrates how broken we are. The only positive thing I can say about Burr is he's not a hypocrite like some of the others, A thief, but not a hypocrite.

 
 
 
MrFrost
5  MrFrost    one week ago

From CNBC:

Members of Congress are prohibited by law from using non-public information they obtain through their official positions in order to personally profit off the stock market.

https://www.cnbc.com/2020/03/20/senators-face-questions-over-stock-sales-before-the-coronavirus-slide.html

Also, there are now 4 (R)'s implicated in this criminal activity. 

1. Richard Burr (NC) 2. Jim Inhofe (OK) 3. Ron Johnson (WI) 4. Kelly Loeffler (GA)

 
 
 
Sean Treacy
5.1  Sean Treacy  replied to  MrFrost @5    one week ago

Amazing how you missed the Democrats.

Stay partisan.

 
 
 
bugsy
5.2  bugsy  replied to  MrFrost @5    one week ago

Wonder why you missed Feinstein?

Naw, not really.

 
 
 
Nerm_L
6  Nerm_L    one week ago

Well, the signs of a dash for cash emerged early.  Businesses (and countries) were selling assets because they needed ready cash.  Hedge funds jumped on board to build cash reserves for buying bargains later.

The really sad thing is it wouldn't surprise me if only a few hundred billion of liquidity was realized from a $9 trillion down market.  Getting a dime for a dollars worth of stock wouldn't surprise me at all.  

Chump change players with only $1 million in stocks aren't the biggest problem with stock markets.  Fleas are an irritant but not much more.  Buying a chair on the trading floor costs $1 million, that's chump change.  This time those chump change players didn't have anywhere to go.  Gold has lost value and bond yields tanked after the fact.  

BTW, Richard Burr selling off $150,000 of Wyndam stocks didn't affect Wyndam at all.  The only time Wyndam got any money was when the stock was issued and there was a sizable surcharge for the investment bank that handled the sale. so Wyndam got less than trading value.

Stock markets only exploit the principles of capitalism.  Stocks markets aren't capitalism.  The value of the economy is determined by tangible assets (or capital) used to generate profit in the marketplace.  There isn't any tangible value in stock markets.

 
 
 
Ender
7  Ender    one week ago

Every time I read about this the list of offenders grows. They need to have the book thrown at them.

Burr just straight up lied about several things, Loeffler just has a bullshit excuse as does Feinstein.

They are all just shrugging their shoulders and don't care as they know noting will happen to them.

Where is Barr in things like this?

It is one time I actually have to agree with Tucker Carlson (gasp!)

 
 
 
Perrie Halpern R.A.
7.1  Perrie Halpern R.A.  replied to  Ender @7    one week ago

And anyone else found to have done the same thing no matter what party.

 
 
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