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Honored Social Butterfly

They knew and didn't tell us

https://www.reviewjournal.com/news/politics-and-government/4-senators-sold-stock-before-steep-market... 

 

4 senators sold stock before steep market losses from virus

 

 

WASHINGTON — Senate Intelligence Committee Chairman Richard Burr, R-N.C., sold as much as $1.7 million in stocks just before the market dropped in February amid fears about the coronavirus epidemic.

 

 

Senate records show that Burr and his wife sold between roughly $600,000 and $1.7 million in more than 30 separate transactions in late January and mid-February, just before the market began to fall and as government health officials began to issue stark warnings about the effects of the virus. Several of the stocks were in companies that own hotels.

 

 

The stock sales were first reported by ProPublica and The Center for Responsive Politics. Most of them came on Feb. 13, just before Burr made a speech in North Carolina in which he predicted severe consequences from the virus, including closed schools and cutbacks in company travel, according to audio obtained by National Public Radio and released Thursday.

 

 

Burr told the small North Carolina audience that the virus was “much more aggressive in its transmission than anything that we have seen in recent history” and “probably more akin to the 1918 pandemic.”

 

( small North Carolina audience = his donors )

 

 

Burr’s remarks were much more dire than remarks he had made publicly, and came as President Donald Trump was still downplaying the severity of the virus.

 

 

There is no indication that Burr had any inside information as he sold the stocks and issued the private warnings. The intelligence panel did not have any briefings on the pandemic the week when most of the stocks were sold, according to a person familiar with the matter. The person declined to be identified to discuss confidential committee activity.

 

 

Burr said on Twitter Thursday that Americans were already being warned about the effects of the virus when he made the speech to the North Carolina State Society.

 

 

“The message I shared with my constituents is the one public health officials urged all of us to heed as coronavirus spread increased,” Burr wrote. “Be prepared.”

 

 

Burr sent out the tweets before reports of his stock sales. A spokesperson for the senator said in a statement that Burr “has been deeply concerned by the steep and sudden toll.

 

 

Burr sent out the tweets before reports of his stock sales. A spokesperson for the senator said in a statement that Burr “has been deeply concerned by the steep and sudden toll this pandemic is taking on our economy” and supports congressional efforts to help the economy. The spokesperson declined to be identified in order to share the senator’s thinking.

 

 

The North Carolina senator was not the only lawmaker to sell of stocks just before the steep decline due to the global pandemic. Georgia Sen. Kelly Loeffler, a new senator who is up for re-election this year, sold off hundreds of thousands of dollars worth of stock in late January, as senators began to get briefings on the virus, also according to Senate records.

 

 

In the weeks that followed, Loeffler urged her constituents to have faith in the Trump administration’s efforts to prepare the nation.

 

 

“realDonaldTrump & his administration are doing a great job working to keep Americans healthy & safe,” Loeffler tweeted Feb. 27.

 

 

The website Raw Story reported Sens. Ron Johnson, R-Wis., and Jim Inhofe, R-Okla., also sold large stock holdings after private briefings on the coronavirus scandal.

 

 

The Daily Beast first reported that Loeffler dropped the stock in late January. The senator is married to Jeffrey Sprecher, the chairman and CEO of Intercontinental Exchange, which owns the New York Stock Exchange.

 

 

 

 

Esteemed Social Butterfly

"Feinstein, the Intelligence Committee’s ranking member, jettisoned between $1.5 million and $6 million previously invested in biotech company Allogene Therapeutics between the day of the meeting and February 18. "

 

https://americanactionnews.com/government/five-senators-accused-of-insider-trading/

 

She says that she didn't do it...her husband did it.   Smiley Frustrated

 

 

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@jfpinlvn wrote:

"Feinstein, the Intelligence Committee’s ranking member, jettisoned between $1.5 million and $6 million previously invested in biotech company Allogene Therapeutics between the day of the meeting and February 18. "

 

https://americanactionnews.com/government/five-senators-accused-of-insider-trading/

 

She says that she didn't do it...her husband did it.   Smiley Frustrated

 

 


Very bad support article. First it comes from a really far right source which is worse than FOX News when it come to truth. 2. Second it expands it to all Senators rather than the ones who made the sale to dump stocks that would fall due to the virus. Lets start with the Sen from CA. The article tells us that she sold stock in a biotech Co. The price of a biotech Co. should go up with the virus as it would be used more. So what you are telling us she made a bad decision and would have made money if she had kept the stock. Now why don't you do a research project on the Co. and tell us why its stock would not have gone up. Senators buying and selling stock on their own not based on inside information  is ok. The other 2 talked about seem to fall into that group. Could the support article be a cover up for the wrongdoings of the 2. Looks like it. Thanks for adding to the proof they did something wrong.

Honored Social Butterfly

Good catch, John....

 

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"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
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If anyone is in violation of ethic rules... then let justice be served.

Libs are nuttier than squirrel poop
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@Fishslayer777 wrote:
If anyone is in violation of ethic rules... then let justice be served.

If justice was served tRump wouldn't be in office.


Man learns from history that man learns nothing from history.
Honored Social Butterfly

Burr seems to have avoided any of the conditions for "insider trading", but he's a Republican and there is no way he could risk the ire of ToadPOTUS by making a public pronouncement that we were headed for another 1917 flu season.

 

Burr was being "prudent" and all the blame for the US dithering for 63 days before even announcing a serious situation rests entirely on our ToadPOTUS, as does the abysmal failure of the Federal Government to take the lead in protecting the American people right up to today.

Honored Social Butterfly


@Olderscout66 wrote:

Burr seems to have avoided any of the conditions for "insider trading", but he's a Republican and there is no way he could risk the ire of ToadPOTUS by making a public pronouncement that we were headed for another 1917 flu season.

 

Burr was being "prudent" and all the blame for the US dithering for 63 days before even announcing a serious situation rests entirely on our ToadPOTUS, as does the abysmal failure of the Federal Government to take the lead in protecting the American people right up to today.


I just hope that everyone remembers this fall in the voting booths.


Man learns from history that man learns nothing from history.
Honored Social Butterfly

Do not forget the total picture. With Burr he told his high end campaign donors who we can assume followed his lead. Now to the Senator from GA we have a different story. Her husband is a mover and shaker on Wall Street as his Co. is owner of NY Stock exchange. How did her husband use the information as surely he new it from her. Did he pass it on to all the people in his Co. and was it used all over the US by them with their clients? There was a report of high trading in some of those sectors around the time they got the info. There were closed door hearings or briefings of Senators by Intel people on the subject. Closed door means less restrictions on who they can tell.  The far right in action destroying the USA, but enriching themselves. They follow the leader.

Honored Social Butterfly

gruffstuff:

Burr told the small North Carolina audience that the virus was “much more aggressive in its transmission than anything that we have seen in recent history” and “probably more akin to the 1918 pandemic.”

 

( small North Carolina audience = his donors )

 

 

Burr’s remarks were much more dire than remarks he had made publicly, and came as President Donald Trump was still downplaying the severity of the virus.

 

 

Looks like Republicans have their very own Burrisma scandal.

Honored Social Butterfly

"They" knew in time for us to prepare and none of them would stand up to trump and take action (except to sell their stocks).  "They" should be held accountable, if in no other way, they should be held accountable this November at the voting booths.

 

Never before has the saying "Drain the Swamp" meant so much, The tRump swamp truly needs to be drained and America's voters have the responsibility of doing it this November.


Man learns from history that man learns nothing from history.
Honored Social Butterfly

Centristsin2010:Never before has the saying "Drain the Swamp" meant so much, The tRump swamp truly needs to be drained and America's voters have the responsibility of doing it this November.

 

 

How very true. The Swamp isn't at all what the Cult thinks it is.

Bronze Conversationalist


@ChasKy53 wrote:

"They" knew in time for us to prepare and none of them would stand up to trump and take action (except to sell their stocks).  "They" should be held accountable, if in no other way, they should be held accountable this November at the voting booths.

 

Never before has the saying "Drain the Swamp" meant so much, The tRump swamp truly needs to be drained and America's voters have the responsibility of doing it this November.


Yet, Trump and now the V.P. still look right into the TV cameras and tell one lie after another. Vote,we can't stand four more years of these guys. Trump likes nicknames, I have some for him and the VP-the liar in chief and Bootlicker 

Honored Social Butterfly

Right you are, gruff!  Isn't this what Republican Chris Collins of New York was convicted, resigned and sentenced to two-plus years in prison?


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Honored Social Butterfly

https://www.npr.org/2020/03/19/818192535/burr-recording-sparks-questions-about-private-comments-on-c... 

 

Intelligence Chairman Raised Virus Alarms Weeks Ago, Secret Recording Shows

 

 

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.

 

 

"It's going to disappear. One day, it's like a miracle. It will disappear," the president said then, before adding, "it could get worse before it gets better. It could maybe go away. We'll see what happens."

 

 

On that same day, Burr attended a luncheon held at a social club called the Capitol Hill Club. And he delivered a much more alarming message.

 

"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," he said, according to a secret recording of the remarks obtained by NPR. "It is probably more akin to the 1918 pandemic."

 

 

The luncheon had been organized by the Tar Heel Circle, a nonpartisan group whose membership consists of businesses and organizations in North Carolina, the state Burr represents. Membership to join the Tar Heel Circle costs between $500 and $10,000 and promises that members "enjoy interaction with top leaders and staff from Congress, the administration, and the private sector," according to the group's website.

 

 

In attendance, according to a copy of the RSVP list obtained by NPR, were dozens of invited guests representing companies and organizations from North Carolina. And according to federal records, those companies or their political committees donated more than $100,000 to Burr's election campaign in 2015 and 2016. (Burr announced previously he was not planning to run for reelection in 2022.)

 

 

The message Burr delivered to the group was dire.

 

 

Thirteen days before the State Department began to warn against travel to Europe, and 15 days before the Trump administration banned European travelers, Burr warned those in the room to reconsider.

 

"Every company should be cognizant of the fact that you may have to alter your travel. You may have to look at your employees and judge whether the trip they're making to Europe is essential or whether it can be done on video conference. Why risk it?" Burr said.

 

 

Sixteen days before North Carolina closed its schools over the threat of the coronavirus, Burr warned it could happen.

 

 

"There will be, I'm sure, times that communities, probably some in North Carolina, have a transmission rate where they say, 'Let's close schools for two weeks. Everybody stay home,' " he said.

 

 

And Burr invoked the possibility that the military might be mobilized to combat the coronavirus. Only now, three weeks later, is the public learning of that prospect.

 

 

"We're going to send a military hospital there; it's going to be in tents and going to be set up on the ground somewhere," Burr said at the luncheon. "It's going to be a decision the president and DOD make. And we're going to have medical professionals supplemented by local staff to treat the people that need treatment."

 

 

Burr has a unique perspective on the government's response to a pandemic, and not just because of his role as Intelligence Committee chairman. He helped to write the Pandemic and All-Hazards Preparedness Act (PAHPA), which forms the framework for the federal response.

 

 

But in his public comments about the threat of COVID-19, Burr never offered the kind of precise warning that he delivered to the small group of his constituents.

 

 

On Feb. 7, Burr co-authored an op-ed that laid out the tools that the U.S. government had at its disposal to fight the coronavirus.

 

 

"Luckily, we have a framework in place that has put us in a better position than any other country to respond to a public health threat, like the coronavirus," Burr said in a statement on March 5.

He pressed a CDC official in early March as to why the nation's pandemic surveillance capabilities had fallen short despite the millions in funding he had helped secure for that purpose through PAHPA.

 

 

But despite his longtime interest in biohazard threats, his expertise on the subject, and his role as chairman of the Senate Intelligence Committee, Burr did not warn the public of the government actions he thought might become necessary, as he did at the luncheon on Feb. 27.

 

 

Burr's office did not directly respond to a list of questions sent by NPR.

 

 

His spokesperson Caitlin Carroll provided a statement that stressed Burr's decades-long interest in public health preparedness.

 

 

"Since early February, whether in constituent meetings or open hearings, he has worked to educate the public about the tools and resources our government has to confront the spread of coronavirus," Carroll wrote. "At the same time, he has urged public officials to fully utilize every tool at their disposal in this effort. Every American should take this threat seriously and should follow the latest guidelines from the CDC and state officials."

 

 

One public health expert told NPR that early warnings about a coming health crisis and its effects could have made a difference just a few weeks ago.

 

 

"In the interest of public health, we actually need to involve the public. It's right there in the name. And being transparent, being as clear as possible is very important," said Jason Silverstein, who lectures at the Department of Global Health and Social Medicine at Harvard Medical School.

On Thurday, Sen. Burr took to Twitter and called NPR's reporting on the matter a "tabloid-style hit piece." He also raises cases in which other individuals — not him — warned the public about a possible coming Coronavirus health crisis.

 

 

Meanwhile, ProPublica released a report Thursday evening showing that Burr had unloaded a substantial amount of stocks in mid-February, before the recent market volatility.

 

 

Burr sold personal stocks worth between $628,000 and $1.72 million in 33 separate transactions on a single day, February 13th, according to public disclosures.

 

 

It was, according to ProPublica, the most stock he's sold in a single day in 14 months.

Asked by NPR for a comment on the senator's stock sales, Burr spokesperson Carroll replied, "lol."

 

 

Carroll later reached out to say that the 'lol' remark was meant to express displeasure with NPR's earlier characterizations and not intended as an on-the-record response.

 

 

She also provided a formal statement.

 

 

"Senator Burr filed a financial disclosure form for personal transactions made several weeks before the U.S. and financial markets showed signs of volatility due to the growing coronavirus outbreak," Carroll said.

 

 

"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."

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