Catherine Garcia,The Week•April 1, 2020
A financial disclosure filed Tuesday shows that from mid-February to mid-March, Sen. Kelly Loeffler (R-Ga.) and her husband, New York Stock Exchange Chairman Jeff Sprecher, invested in DuPont, a company that makes personal protective equipment used by first responders fighting the COVID-19 coronavirus, The Atlanta Journal-Constitution reports.
Loeffler, worth an estimated $500 million, came under fire last month when it was discovered that she dumped millions in stock after receiving private briefings on the coronavirus pandemic and before she publicly downplayed the threat from the virus; 15 of the stocks had, on average, lost more than a third of their value by late March. Loeffler has denied using insider knowledge to influence her decisions to buy and sell stock, and her campaign says an investment firm manages her stocks and she does not have any control over day-to-day decisions.
The disclosure filed Tuesday shows that the largest transactions made between mid-February and mid-March involved $18.7 million in sales of Intercontinental Exchange stock. ICE owns the New York Stock Exchange, and Loeffler is a former company executive. Loeffler's campaign said the sales were prearranged as part of Loeffler's and Sprecher's compensation package. Read more about Loeffler's stock sales at The Atlanta Journal-Constitution.
Update, April 2: In a statement to The Week, a Loeffler spokeswoman said, "Sen. Loeffler filed another Periodic Transaction Report (PTR) and the facts are still the same. These transactions are consistent with historical portfolio activity and include a balanced mix of buys and sells. Her stock portfolio is managed independently by third-party advisors and she is notified, as indicated on the report, after transactions occur. Sen. Loeffler continues to operate with integrity and transparency — following both the spirit and the letter of the law. While some will continue to make baseless accusations devoid of facts, Sen. Loeffler will continue working to keep Americans safe and provide much-needed relief to Georgia families and businesses impacted by COVID-19."
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