The Briefing Room
General Category => Trump Legal Investigations => Topic started by: mystery-ak on March 19, 2020, 11:42:10 pm
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Senator Dumped Up to $1.6 Million of Stock After Reassuring Public About Coronavirus Preparedness
Intelligence Chair Richard Burr’s selloff came around the time he was receiving daily briefings on the health threat.
by Robert Faturechi and Derek Willis March 19, 5:01 p.m. EDT
Soon after he offered public assurances that the government was ready to battle the coronavirus, the powerful chairman of the Senate Intelligence Committee, Richard Burr, sold off a significant percentage of his stocks, unloading between $582,029 and $1.56 million of his holdings on Feb. 13 in 29 separate transactions.
As the head of the intelligence committee, Burr, a North Carolina Republican, has access to the government’s most highly classified information about threats to America’s security. His committee was receiving daily coronavirus briefings around this time, according to a Reuters story.
A week after Burr’s sales, the stock market began a sharp decline and has lost about 30% since.
On Thursday, Burr came under fire after NPR obtained a secret recording from Feb. 27, in which the lawmaker gave a VIP group at an exclusive social club a much more dire preview of the economic impact of the coronavirus than what he had told the public.
more
https://www.propublica.org/article/senator-dumped-up-to-1-6-million-of-stock-after-reassuring-public-about-coronavirus-preparedness (https://www.propublica.org/article/senator-dumped-up-to-1-6-million-of-stock-after-reassuring-public-about-coronavirus-preparedness)
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I heard it was about oil.
So how much of his stock did he sell? A small percentage or a large percentage?
What did Martha get put away for?
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The whole stock selling thing is bad enough but from the article:
“According to the NPR report, Burr told attendees of the luncheon held at the Capitol Hill Club: “There’s one thing that I can tell you about this: It is much more aggressive in its transmission than anything that we have seen in recent history ... It is probably more akin to the 1918 pandemic.â€
He’s on the Senate Intelligence Committee. Wasn’t there some sort of closed door “secret level Senate security briefing†in early February regarding COVID-19?
If this is the “one†thing that he thought, the thing he could tell the luncheon attendees that “It is much more aggressive in its transmission than anything that we have seen in recent history ... It is probably more akin to the 1918 pandemic.†(and that pandemic was damn bad) what else does he know?
And no, I’m not at all a conspiracy mined person as from all I’ve read and researched, it seems more likely to me to be less a manmade bioweapon than a nature born one and no, I do not believe it is a “deep state†plot.
But the reactions and drastic measures of governments pretty much all over the world tells me that us peons aren’t privy to some level of information on this.
Is it mutating into a deadlier form that will kill more than just the old and the “infirmed� Is the R0 a lot higher so that even if it only kills 1 to 2 % of those infected, the sheer number expected to be infected would be catastrophic. One of the other unknowns is if once infected, do you get immunity and is it lifetime or just for a while and for how long or can you be infected again and how soon, are they really expecting multiple waves?
I’m a bit of a history and medical science geek and one of the things I became very fascinated about while taking an advanced placement European history course in HS was the Black Death, and many years later about the “Spanish†flu.
I’ve read lots of books and papers and watched lots of documentaries over the years on both and the social, political and economic impacts.
While I’ve been aware that many virologists have warned for quite some time that another “Spanish†flu pandemic (or another viral disease) wasn’t a matter of if but when.
But I really didn’t think I’d be living it.
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Sen. Kelly Loeffler Dumped Millions in Stock After Coronavirus Briefing
https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing (https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing)
The Senate’s newest member sold off seven figures worth of stock holdings in the days and weeks after a private, all-senators meeting on the novel coronavirus that subsequently hammered U.S. equities.
Sen. Kelly Loeffler (R-GA) reported the first sale of stock jointly owned by her and her husband on Jan. 24, the very day that her committee, the Senate Health Committee, hosted a private, all-senators briefing from administration officials, including the CDC director and Anthony Fauci, the head of the National Institutes of Health of the United States, on the coronavirus.
When Loeffler assumed office she immediately became the wealthiest member of Congress. The Atlanta businesswoman, whose husband is the chairman and CEO of the New York Stock Exchange, is worth an estimated $500 million.
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888mouth
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It looks like these two are guilty of violating the spirit of "insider trading" rules, if not the letter.
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Sen. Kelly Loeffler Dumped Millions in Stock After Coronavirus Briefing
https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing (https://www.thedailybeast.com/sen-kelly-loeffler-dumped-millions-in-stock-after-coronavirus-briefing)
She hadn't made a single stock transaction in the three weeks prior to her getting the Corona Virus briefing.
Both Loeffler and and Burr should be kicked out of the Senate immediately and dumped into the waiting arms of the FBI.
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She hadn't made a single stock transaction in the three weeks prior to her getting the Corona Virus briefing.
Both Loeffler and and Burr should be kicked out of the Senate immediately and dumped into the waiting arms of the FBI.
Ya, I have to agree. Knowledge not privy to the general public used to avoid the fate of those not in the know.
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This is as weird as heck, this is the same Senator Richard Burr from NC, maybe this was posted already, I heard something about a recording but didn't know what it was about:
Intelligence Chairman Raised Virus Alarms Weeks Ago, Secret Recording Shows
March 19, 20205:08 AM ET
The chairman of the Senate Intelligence Committee warned a small group of well-connected constituents three weeks ago to prepare for dire economic and societal effects of the coronavirus, according to a secret recording obtained by NPR.
The remarks from U.S. Sen. Richard Burr were more stark than any he had delivered in more public forums.
On Feb. 27, when the United States had 15 confirmed cases of COVID-19, President Trump was tamping down fears and suggesting that the virus could be seasonal.
Read more at: https://www.npr.org/2020/03/19/818192535/burr-recording-sparks-questions-about-private-comments-on-covid-19 (https://www.npr.org/2020/03/19/818192535/burr-recording-sparks-questions-about-private-comments-on-covid-19)
Wow, this is a part of the same story. :pondering:
Not good news... I'm sure this was already posted but maybe it's important to add in, it's the same Senator.
Maybe there's a simple explanation, maybe it's meaningless too. You don't want to scare the devil out of the public for no reason.
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This is as weird as heck, this is the same Senator Richard Burr from NC, maybe this was posted already, I heard something about a recording but didn't know what it was about:
Wow, this is a part of the same story. :pondering:
Not good news... I'm sure this was already posted but maybe it's important to add in, it's the same Senator.
It also helps with a timeline of when the federal government knew it was serious in China and going to spread. I have to believe the federal government has a pretty darn good idea where this virus came from. We'd likely be monitoring communications between Chinese officials as things started to get going there providing information of its true origins.
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Ya, I have to agree. Knowledge not privy to the general public used to avoid the fate of those not in the know.
Let's not forget too that Loeffler was the establishment pick to fill that seat...Conservatives wanted Doug Collins.
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Sen. Burr Dumped Up to $1.7M in Stock Before Pandemic
A watchdog reports Sen. Richard Burr, R-N.C., dumped $1.7 million in stock as he was receiving intelligence briefings on the oncoming onslaught of the coronavirus, all while reassuring the public about U.S. readiness.
Burr, the chairman of the Senate Intelligence Committee, received classified daily briefings on the outbreak that would become a World Health Organization pandemic. He also issued assurances the U.S. was right to fend off the coronavirus
But, ProPublica reported, Burr unloaded between $628,000 and $1.72 million of stock holding Feb. 13 in 33 transactions.
His timing of the transactions are noteworthy, because the sharp stock market declines began a week afterward and has lost about 30% of value.
A secret recording from a Feb. 27 VIP social club, obtained by NPR, caught Burr sounding alarms on the oncoming economy hit of the coronavirus pandemic – which was different than the reassurances he was given the public, according to the report.
https://www.newsmax.com/politics/stock-pandemic-classified-briefings/2020/03/19/id/959130/ (https://www.newsmax.com/politics/stock-pandemic-classified-briefings/2020/03/19/id/959130/)
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What a fortuitous coincidence. One I'm certain will be thoroughly investigated ...
eventually.
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Keep in mind that the Congress are exempt from insider trading laws. :shrug:
(Rules for thee, but not for me! --ask Martha)
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It looks like these two are guilty of violating the spirit of "insider trading" rules, if not the letter.
Members of congress are exempt for the insider trading rules. One of the perks they have written in for themselves, just like they were exempt from the ACA.
As for saying the COVID 19 virus is as bad as the 1918 Flu, the panic which ensues in the markets can be used to make one hell of a lot of money if a guy knows when to sell short. There is a spectrum of derivative investments which amplify the money involved, and a panic is almost a sure thing in the face of a novel virus, especially one projected by someone allegedly in the know to have a high mortality rate. It is that way in markets across the globe, and some people are getting filthy rich on everyone else's evaporating equity. Watch for the Saudis to buy up big chunks of American oil tool and service companies, too.
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Keep in mind that the Congress are exempt from insider trading laws. :shrug:
(Rules for thee, but not for me! --ask Martha)
Well, then my "What a fortuitous coincidence" comment still stands.
Richard Hine @richardhine
If Hunter Biden really wanted to get rich trading on his political connections, he’d become a GOP Senator.
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Four senators sold stocks before coronavirus threat crashed market
Four senators sold stocks shortly after a January Senate briefing on the novel coronavirus outbreak, unloading shares that plummeted in value a month later as the stock market crashed in the face of a global pandemic.
According to financial disclosures, Sens. Kelly Loeffler (R-Ga.), James Inhofe (R-Okla.), Dianne Feinstein (D-Calif.) and Richard Burr (R-N.C.) each sold hundreds of thousands of dollars in stocks within days of the Senate holding a classified briefing on Jan. 24 with administration officials on the threat of the coronavirus outbreak.
The sales raise questions about whether the senators violated the STOCK Act, a law that bans members of Congress from making financial trades based on nonpublic information.
more
https://thehill.com/homenews/senate/488593-four-senators-sold-stocks-before-coronavirus-threat-crashed-market
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Richard Burr, Kelly Loeffler urged to resign for selling stocks after coronavirus briefing
https://nypost.com/2020/03/20/richard-burr-kelly-loeffler-urged-to-resign-for-selling-stocks-after-coronavirus-briefing/
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Four senators sold stocks before coronavirus threat crashed market
Four senators sold stocks shortly after a January Senate briefing on the novel coronavirus outbreak, unloading shares that plummeted in value a month later as the stock market crashed in the face of a global pandemic.
According to financial disclosures, Sens. Kelly Loeffler (R-Ga.), James Inhofe (R-Okla.), Dianne Feinstein (D-Calif.) and Richard Burr (R-N.C.) each sold hundreds of thousands of dollars in stocks within days of the Senate holding a classified briefing on Jan. 24 with administration officials on the threat of the coronavirus outbreak.
The sales raise questions about whether the senators violated the STOCK Act, a law that bans members of Congress from making financial trades based on nonpublic information.
more
https://thehill.com/homenews/senate/488593-four-senators-sold-stocks-before-coronavirus-threat-crashed-market
Don't know the details of these trades but keep in mind the rats find scandals like these useful to pick up seats, and the rat media are only too happy to assist. All they need are a few this cycle.
Just be skeptical.
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1, 2, 3, 4 Senators Dump Stock After Wuhan Virus Briefing Leaving Reporters Breathless; Here’s What They’re Missing
excerpt:
Here’s what reporters are missing:
(Let me preface this by saying that Sen. Burr is one of my least favorite Republicans, and Sen. Feinstein, one of my least favorite Democrats. I am neutral on Sens. Loeffler and Inhofe.)
1. The stock market was extremely overbought at the time and professionals, in addition to most Americans who follow the financial markets, were waiting for at least a ten percent correction. It had come a long way in a short period of time and everyone knows markets never go straight up. This market was screaming for a shakeout from at least mid-January on. If you were to indict every investor who sold stock during this period, the number would be into the millions.
2. Burr didn’t sell his stock until three weeks after the briefing. Why would he wait 21 days? That’s an eternity in the stock market.
3. Burr addresses the accusations in a lengthy text message thread which can be viewed here. The gist of it is that the lunch which NPR portrays as “secret†was anything but.
Burr writes:
This lunch was hosted on Feb. 27 by the North Carolina State Society. It was publicly advertised and widely attended. NPR knew, but did not report, that attendees also included many non-members, bipartisan congressional staff, and representatives from the governor’s office.
Every state has a state society. They aren’t “secretive†or “high-dollar donor†organizations. They’re great civic institutions that bring people in D.C. together for events, receptions, and lunches. And they’re open to anyone who wants to get involved. Like most members of Congress, I address our state society every year.
more
https://www.redstate.com/elizabeth-vaughn/2020/03/20/1-2-3-4-senators-dump-stock-after-wuhan-virus-briefing-its-not-as-simple-as-that/ (https://www.redstate.com/elizabeth-vaughn/2020/03/20/1-2-3-4-senators-dump-stock-after-wuhan-virus-briefing-its-not-as-simple-as-that/)
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Tucker Carlson: Sen. Burr Needs To Resign, Be Charged If He Can’t Explain $1.7 Million Stock Dump
https://dailycaller.com/2020/03/20/fox-news-tucker-carlson-senator-richard-burr-resign-1-7-million-stocks-hotels-coronavirus/
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Tucker Carlson: Sen. Burr Needs To Resign, Be Charged If He Can’t Explain $1.7 Million Stock Dump
https://dailycaller.com/2020/03/20/fox-news-tucker-carlson-senator-richard-burr-resign-1-7-million-stocks-hotels-coronavirus/
There will be more news on this, and rats will be involved equally.
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There will be more news on this, and rats will be involved equally.
I hope so...we can't afford to have 3 Repub Senators resign...even if there are Dems involved, they never quit.
Btw...DiFi is involved...
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I hope so...we can't afford to have 3 Repub Senators resign...even if there are Dems involved, they never quit.
Btw...DiFi is involved...
The problem is the first ones implicated are the only ones people will remember.
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Members of congress are exempt for the insider trading rules. One of the perks they have written in for themselves, just like they were exempt from the ACA.
As for saying the COVID 19 virus is as bad as the 1918 Flu, the panic which ensues in the markets can be used to make one hell of a lot of money if a guy knows when to sell short. There is a spectrum of derivative investments which amplify the money involved, and a panic is almost a sure thing in the face of a novel virus, especially one projected by someone allegedly in the know to have a high mortality rate. It is that way in markets across the globe, and some people are getting filthy rich on everyone else's evaporating equity. Watch for the Saudis to buy up big chunks of American oil tool and service companies, too.
@Smokin Joe
And you had better believe these same firms have private intelligence agencies that rival the CIA when it comes to politics and effects on the stock market,and that they had this info weeks before it was made public.
Not only that,but they had already made plans to re-invest the money they pulled out earlier once the market tanks,so they will be in a position to make some serious profit when it recovers.
Anyone else remember that famous photo of John D.Rockefeller lighting a cigar with a 100 dollar bill as he stood outside the NY Stock Exchange during the Depression,and saying,"Times are so tight now that a man with a mere million dollars might as well be rich." ?
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Not really going to pass full opinion yet.
(1) May be bad timing. Many of us make trades pretty frequently.
(2) Might be as sleaze bag trying to captialize on inside info.
(3) Bad optics in any case though.
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It always magical how politicians exit "public service" much wealthier than they enter "public service"...
This is just another example of how it all works. Normally a little further out of sight.
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Joe wrote (in sarcasm, I suppose):
"Keep in mind that the Congress are exempt from insider trading laws"
But... this wasn't "insider" trading (which refers to a person of a certain company selling/buying that same company's stock, isn't that correct?).
Now it appears a few more did it, too, including Feinstein of California, a democrat-communist.
Let me ask anyone reading this a question:
Suppose you had a substantial amount of money in the markets,
and
Suppose you were told that something would soon happen that would severely impact the value of your holdings
then
What would YOU do?
Would you just "sit there and take it"?
Or... would you (too) sell while it was still worth something...?
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I hope so...we can't afford to have 3 Repub Senators resign...even if there are Dems involved, they never quit.
Btw...DiFi is involved...
Inhofe needs to let someone else run for his seat this fall. He's 85 and running for reelection.
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Joe wrote (in sarcasm, I suppose):
"Keep in mind that the Congress are exempt from insider trading laws"
But... this wasn't "insider" trading (which refers to a person of a certain company selling/buying that same company's stock, isn't that correct?).
Now it appears a few more did it, too, including Feinstein of California, a democrat-communist.
Let me ask anyone reading this a question:
Suppose you had a substantial amount of money in the markets,
and
Suppose you were told that something would soon happen that would severely impact the value of your holdings
then
What would YOU do?
Would you just "sit there and take it"?
Or... would you (too) sell while it was still worth something...?
Well, like Martha Stewart, I would position my capital to get the best returns.
Martha wasn't a MOC, though, and she did time.
No, I wasn't being sarcastic, BTW. Our Congress has written itself out of a few laws us little people have to abide by.
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Joe wrote (in sarcasm, I suppose):
"Keep in mind that the Congress are exempt from insider trading laws"
But... this wasn't "insider" trading (which refers to a person of a certain company selling/buying that same company's stock, isn't that correct?).
Now it appears a few more did it, too, including Feinstein of California, a democrat-communist.
Let me ask anyone reading this a question:
Suppose you had a substantial amount of money in the markets,
and
Suppose you were told that something would soon happen that would severely impact the value of your holdings
then
What would YOU do?
Would you just "sit there and take it"?
Or... would you (too) sell while it was still worth something...?
@Fishrrman
Not ONE chance in hell I would allow myself and my family to take that hit.
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@Fishrrman
Not ONE chance in hell I would allow myself and my family to take that hit.
I'm with you, but it's still not right.
It explains perfectly how they all retire/become millionaires on their middle-class salaries (in DC)
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I'm with you, but it's still not right.
@DCPatriot
Self-defense is never wrong.
It may make you,I,or anyone else uncomfortable,but that doesn't make it wrong.