Senators Come Under Scrutiny for Reportedly Selling Millions in Stock Before Markets Spiraled

Four senators have reportedly been accused of selling off stocks before the effects of the coronavirus crisis hit the markets.

Among those include Sens. Dianne Feinstein (D-Calif.), Kelly Loeffler (D-Ga.), Richard Burr (R-N.C.), and Jim Inhofe (Okla.). Feinstein, Burr and Inhofe are being accused of selling the stocks after a coronavirus briefing in late January.

According to reports, between Jan. 31 and Feb. 18, both Feinstein and her husband sold between $1.5 million and $6 million in stock in Allogene Therapeutics, a biotech company.

Feinstein’s spokesman Tom Mentzer claimed Feinstein did not have any involvement in the sale directly.

“All of Senator Feinstein’s assets are in a blind trust,” Mentzer said, adding, “She has no involvement in her husband’s financial decisions.”

Burr, chairman of the Senate Intelligence Committee, reportedly sold between $628,000 and $1.72 million in 33 separate transactions on Feb. 13, according to ProPublica.

Fox News’ Tucker Carlson called on Burr to explain or resign during his broadcast on “Tucker Carlson Tonight.”

“Maybe there’s an honest explanation for what he did, if there is, he should share it with the rest of us immediately,” Carlson said, continuing, “Otherwise, he must resign from the Senate and face prosecution for insider trading.”

Watch his comments below:

Carlson called Burr’s alleged actions “a moral crime” as it comes at a time of crisis in the United States.

Burr was not afraid to respond to these allegations. He reacted to a report published by NPR that released a recording of Burr sharing warnings of the economic impact the virus was going to have on the economy with private donors.

In a Twitter thread, Burr listed the reasons why the NPR report was a “tabloid-style hit piece.”

“NPR knowingly and irresponsibly misrepresented a speech I gave last month about the coronavirus threat,” Burr said.

Kelly Loeffler also responded to allegations that she sold stock with her husband, Jeffrey Sprecher, who is chairman of the New York Stock Exchange.

According to reports, the couple sold between $1.2 million and $3.1 million between Jan. 24 and Feb. 14.

In a tweet, she explained that decisions are made by advisors, and not her or her husband.

“This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio,” Loeffler wrote, adding, “Investment decisions are made by multiple third-party advisors without my or my husband’s knowledge or involvement.”

The New York Times notes that Inhofe sold up to $400,000 of stock on Jan. 27.

Responses

  1. Again, Tery asleep. That’s been the claims of all the accused congress critters. Feinstein absolved? Hardly! Like her Chinese spy limo driver? She claimed ignorance over that just like her claims that she has no control over her husband’s financial decisions. BS!! Like they never speak…

  2. Were any of the others accused assets in a blind trust? If proven true this wold absolve Feinstein, how about the others?

    1. ALL of them. Also suspend them from any committees.
      There really aren’t two parties for those in DC. There’s only the Swamp.

      I highly recommend Peter Schwiezer’s “Secret Empires: How the American Political Class Hides Corruption and Enriches Family and Friends.”

  3. Is it any wonder my father and grandmother always keep 50% of their liquid assets stashed around the house?

    1. While I keep a substantial portion of “liquid” assets around the house, I also have a very diverse portfolio, including “trade goods” like grain alcohol (make your own hand sanitizer or cocktails), cigarettes, non-prescription drugs, bleach, and TP.

        1. “Bodega” would be more appropriate, don’t you think? Especially in NYC. Similar thing, without the souvenirs. live bait, and fishing gear. Know your market. *g*

  4. As long as Joe Biden is still the Democrat’s presidential candidate, who used his influence to put his drug addicted, completely unqualified son into lucrative positions worth $millions, let’s not feign outrage over what these senators have done.

    I sold a crap load of stock during the same time frame. Only a blind man couldn’t see the storm that was coming.

    That said, all congress critters should have to report large stock moves to the SEC as corporate CEO’s must do regarding their sales or purchases of their company’s or related stock.

    1. These four got caught with their hands in the cookie jar, as have others in the past. Biden’s “influence peddling” via his stripper-addicted, crackhead son is still under investigation.

      I held on to my stocks. Not counting AMZN, AT&T, or the utilities, they are only a portion of my portfolio. Remember 2008? With the right policies things recovered and will do so again.

      1. ST: Biden’s “influence peddling” via his stripper-addicted, crackhead son is still under investigation.”

        Is it? Really? The Ukrainians certainly are investigating but nobody in our media is. They will have to have their nose rubbed in it before they’ll say anything. The MSM has already proclaimed, “nothing to see here, get on with impeaching Trump.” As with Hillary, Biden should be on trial, not running for president.

        Comey, Brenner, Clapper, McCabe and minions, still haven’t had to answer for the laws they violated. The check’s in the mail….

        As far as things recovering “with the right policies” I wasn’t willing to take that chance after enduring the “Obama recovery.”

        It sure is nice having the cash to jump back into the market when things are on sale. Or to have piece of mind to declare my retirement without waiting for the market to recover. The decreased interest rates the Fed has announced will help my lump sum as well.

        Stay well, ST.

        1. Let’s see how Barr, Durham et al do on their investigations before surrendering hope.

          I’ve actually purchased stocks at reduced prices, more blue-chip, commodities like Cu, and utilities, but have limited it so as not to unbalance my portfolio. Did you know that Cu literally destroys viruses and bacteria through ionic activity? It’s superior to Ag in that respect because it doesn’t need moisture.

          Just like electrricity the world will always need copper. Check it out and invest while you can.

          1. Good call, ST. I was aware of the disinfectant properties of Cu but never thought of it in the context of microbial control during epidemic situations. Electrical conductivity and heat transfer second only to silver. With increased attention to electric vehicles/hybrids demand will only go up!

          2. WHC, I started researching it decades ago, when a colleague started touting “colloidal silver”, which piqued my curiosity. There have even been articles on its antiseptic properties more recently, including medical journals seeking counters to MRSA.

            I’d already been interested in it as an investment, since no one’s figured out Tesla’s “beamed” electricity yet. Even the “green” technologies, including planned battery farms will need Cu in the infrastructure.

        1. Teet, He could start by waking your ass up!! Or are you just chronically ignorant?

          1. Tery, but Teet works! Something tells me spell check knows what you’re after more than I.

        2. Tery, were you parents bad-spellers or did they think more letters cost more? Is Tery short for mystery?

          Two questions:
          1. Who else can or should enact policies? Perhaps we should be complete anarchists with each and every person enacting whatever “policies” they choose.

          2. There’s nothing so useless as someone who complains, but offers no solutions. What do YOU propose and how exactly would you enact them? Would you correct your birth certificate?

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