GETTY IMAGES
Richard Burr is chairman of the Senate Intelligence Committee while Kelly Loeffler sits on the Senate Health Committee
Four US senators are under scrutiny over claims they used insider knowledge about the impending coronavirus crisis to sell shares before prices plummeted.
Republicans Richard Burr and Kelly Loeffler face calls to quit after selling millions in stocks last month.
James Inhofe, a Republican, and Dianne Feinstein, a Democrat, also reportedly sold holdings at the time.
It is illegal for Congress members to trade based on non-public information gathered during their official duties.
Mr Burr, of North Carolina, reportedly dumped up to $1.7m (£1.45m) of stocks last month.
Mrs Loeffler, of Georgia, is reported to have sold holdings worth up to $3m in a series of transactions beginning the same day as a Senate briefing on the virus.
Mr Burr, chairman of the Senate Intelligence Committee, has also come under fire after US outlet NPR obtained a recording of him warning a group of wealthy constituents last month about the dire economic impact of the coronavirus, at a time when the Trump administration was publicly downplaying the threat. He also told the group to curtail their travel.
Mr Burr has accused NPR of “misrepresenting” his speech.
The latest revelations come after an investigation by ProPublica into his financial filings.
As chairman of the Senate Intelligence Committee, Mr Burr receives nearly daily briefings on threats to US national security.
On 7 February, shortly after the first case of coronavirus was reported, Mr Burr wrote on Fox News that the US government was “better prepared than ever” to tackle an outbreak.
But a week later, when President Donald Trump assured the public that the virus would not hit America hard, Mr Burr and his wife sold between $628,000 and $1.72m in stocks, including shares in two hotel groups. Two weeks after that, he gave the speech obtained by NPR.
Among those calling for his resignation and investigation are Fox News host Tucker Carlson, usually a supporter of Republicans.
The presenter said that unless an honest explanation for Mr Burr's stock sell-off was forthcoming, "he must resign from the Senate and face prosecution for insider trading".
Several of the stocks that Mr Burr sold, including in the hotel and travel industry, have since lost value.
On Friday, Mr Burr again responded, tweeting that his decision to sell stock was made "solely based on public news reports". He specifically cited the Asia coverage provided by the CNBC network.
"Understanding the assumption many could make in hindsight however," he said in a short statement, "I spoke with the chairman of the Senate Ethics Committee this morning and asked him to open a complete view of the matter with full transparency."
A recipe for political upheaval
Four US senators are under scrutiny over claims they used insider knowledge about the impending coronavirus crisis to sell shares before prices plummeted.
Republicans Richard Burr and Kelly Loeffler face calls to quit after selling millions in stocks last month.
James Inhofe, a Republican, and Dianne Feinstein, a Democrat, also reportedly sold holdings at the time.
It is illegal for Congress members to trade based on non-public information gathered during their official duties.
Mr Burr, of North Carolina, reportedly dumped up to $1.7m (£1.45m) of stocks last month.
Mrs Loeffler, of Georgia, is reported to have sold holdings worth up to $3m in a series of transactions beginning the same day as a Senate briefing on the virus.
Mr Burr, chairman of the Senate Intelligence Committee, has also come under fire after US outlet NPR obtained a recording of him warning a group of wealthy constituents last month about the dire economic impact of the coronavirus, at a time when the Trump administration was publicly downplaying the threat. He also told the group to curtail their travel.
Mr Burr has accused NPR of “misrepresenting” his speech.
The latest revelations come after an investigation by ProPublica into his financial filings.
As chairman of the Senate Intelligence Committee, Mr Burr receives nearly daily briefings on threats to US national security.
On 7 February, shortly after the first case of coronavirus was reported, Mr Burr wrote on Fox News that the US government was “better prepared than ever” to tackle an outbreak.
But a week later, when President Donald Trump assured the public that the virus would not hit America hard, Mr Burr and his wife sold between $628,000 and $1.72m in stocks, including shares in two hotel groups. Two weeks after that, he gave the speech obtained by NPR.
Among those calling for his resignation and investigation are Fox News host Tucker Carlson, usually a supporter of Republicans.
The presenter said that unless an honest explanation for Mr Burr's stock sell-off was forthcoming, "he must resign from the Senate and face prosecution for insider trading".
Several of the stocks that Mr Burr sold, including in the hotel and travel industry, have since lost value.
On Friday, Mr Burr again responded, tweeting that his decision to sell stock was made "solely based on public news reports". He specifically cited the Asia coverage provided by the CNBC network.
"Understanding the assumption many could make in hindsight however," he said in a short statement, "I spoke with the chairman of the Senate Ethics Committee this morning and asked him to open a complete view of the matter with full transparency."
A recipe for political upheaval
In these early days of the coronavirus crisis, the American people have shown a significant capacity to endure hardships to slow the spread of the virus. They've stayed in their homes and watched as the economy crumbled around them. Many have confronted the loss of income and wealth with no guarantee these setbacks are only temporary.
What they may not abide, however, is the prospect that the rich and influential have used their positions of power to avoid the worst consequences of this financial collapse - particularly as their leaders were telling them to hold fast.
That's why the stories of senators selling stock portfolios in anticipation of a market drop are so toxic. It's a controversy that cuts across normally impervious partisan lines and has even conservatives and those "close to the president" sharply criticising the Republicans, like North Carolina Senator Burr, at the centre of the fury.
This story comes on the heels of grumbling over how some of the well-connected were getting virus tests while most Americans had to wait. It's a sign that this pandemic could lay bare the sharp divides in the US between the haves and the have-nots and make more than a few realise that - perhaps to their surprise - they are among the latter, not the former.
That's a recipe for political upheaval.
Separately, an investigation by the Daily Beast found Mrs Loeffler, who sits on the Senate Health Committee, and her husband sold millions of dollars in stocks, beginning on 24 January, the day her panel received a private briefing on the coronavirus from top US public health officials.
In the weeks after the sale, she sought to downplay the virus’ impact on the economy and public health in a series of tweets.
“Democrats have dangerously and intentionally misled the American people on #Coronavirus readiness,” she tweeted on 28 February.
“Here’s the truth: @realDonaldTrump & his administration are doing a great job working to keep Americans healthy & safe.”
At least $100,000 of stock in a teleworking software company, Citrix, was also reportedly bought in Mrs Loeffler's name. The shares have risen during the pandemic.
Mrs Loeffler has called the Daily Beast's investigation a “ridiculous and baseless attack”.
In a statement, she said decisions about her investments were made by “multiple third party advisors without [her or her husband’s] knowledge or consent”.
GETTYMs Feinstein and her husband reportedly sold stock worth up to $6m
Mrs Loeffler is married to the chairman of the New York Stock Exchange and is thought to be the wealthiest member of Congress, with an estimated fortune of $500m.
Mr Inhofe sold $400,000 of stock at the end of January, according to a Senate disclosure report, including shares in Apple, PayPal and a real estate company.
The senator for Oklahoma responded in a statement that his financial adviser made the decisions for him, and he was "not aware of or consulted about any transactions".
Mrs Loeffler is married to the chairman of the New York Stock Exchange and is thought to be the wealthiest member of Congress, with an estimated fortune of $500m.
Mr Inhofe sold $400,000 of stock at the end of January, according to a Senate disclosure report, including shares in Apple, PayPal and a real estate company.
The senator for Oklahoma responded in a statement that his financial adviser made the decisions for him, and he was "not aware of or consulted about any transactions".
GETTY James Inhofe of Oklahoma
The senator said he had told his adviser to move into mutual funds after he became chairman of the armed services committee in 2018, and he said these share sales were part of those transactions.
Top California Democrat Ms Feinstein and her husband meanwhile reportedly sold stock worth between $1.5m and $6m in a biotech company between the end of January and mid-February.
A spokesman for the senator, who is a member of the intelligence committee, told the New York Times her assets were in a blind trust and she had "no involvement in her husband's financial decisions".
The US government has come under criticism for its early response to the outbreak - testing and tracing for the virus has lagged far behind that of other countries, and the president initially downplayed the threat caused by the virus.
More than 14,000 cases of coronavirus have been reported in the US, along with 205 virus-related deaths, according to Johns Hopkins University.
Watchdog group files complaints against Burr, Loeffler over stock sales in run-up to coronavirus crisis
***https://www.commondreams.org/views/2020/01/06/meet-corporate-war-profiteers-making-killing-trumps-attacks-iran
The watchdog group Citizens for Responsibility and Ethics in Washington (CREW) filed a complaint with the Senate Ethics Committee Friday against Sens. Richard Burr, R-N.C., and Kelly Loeffler, R-Ga., suggesting they may have engaged in insider trading based on their knowledge about the coronavirus pandemic.
News reports surfaced Thursday and Friday about how Burr and Loeffler, along with Sens. Dianne Feinstein, D-Calif., and Jim Inhofe, R-Okla., sold large amounts of stock before the market crashed due to concerns about the coronavirus, igniting accusations from critics of possible insider trading. The complaint says Burr and Loeffler may have violated the 2012 STOCK Act, a law that bans insider trading by members of Congress.
The senators have denied wrongdoing, but the watchdog group is calling for a probe.
The senator said he had told his adviser to move into mutual funds after he became chairman of the armed services committee in 2018, and he said these share sales were part of those transactions.
Top California Democrat Ms Feinstein and her husband meanwhile reportedly sold stock worth between $1.5m and $6m in a biotech company between the end of January and mid-February.
A spokesman for the senator, who is a member of the intelligence committee, told the New York Times her assets were in a blind trust and she had "no involvement in her husband's financial decisions".
The US government has come under criticism for its early response to the outbreak - testing and tracing for the virus has lagged far behind that of other countries, and the president initially downplayed the threat caused by the virus.
More than 14,000 cases of coronavirus have been reported in the US, along with 205 virus-related deaths, according to Johns Hopkins University.
Watchdog group files complaints against Burr, Loeffler over stock sales in run-up to coronavirus crisis
***https://www.commondreams.org/views/2020/01/06/meet-corporate-war-profiteers-making-killing-trumps-attacks-iran
The watchdog group Citizens for Responsibility and Ethics in Washington (CREW) filed a complaint with the Senate Ethics Committee Friday against Sens. Richard Burr, R-N.C., and Kelly Loeffler, R-Ga., suggesting they may have engaged in insider trading based on their knowledge about the coronavirus pandemic.
News reports surfaced Thursday and Friday about how Burr and Loeffler, along with Sens. Dianne Feinstein, D-Calif., and Jim Inhofe, R-Okla., sold large amounts of stock before the market crashed due to concerns about the coronavirus, igniting accusations from critics of possible insider trading. The complaint says Burr and Loeffler may have violated the 2012 STOCK Act, a law that bans insider trading by members of Congress.
The senators have denied wrongdoing, but the watchdog group is calling for a probe.
© Provided by FOX News Senators selling stocks before the coronavirus pandemic rocked the markets have renewed attention on something called the STOCK Act. Here's what you need to know.
"If Senator Burr had inside information about how bad the coronavirus outbreak could be and used it to protect his personal fortune, while reassuring the public that the government was prepared for the disease, that would be a shocking violation of the public trust and may have been a violation of the law,” CREW Executive Director Noah Bookbinder said in a statement Friday.
On Loeffler, a release from CREW says that Loeffler "attended a briefing on the situation as a member of the Senate HELP Committee. That same day, she and her husband made the first of dozens of stock sales executed between then and February 14, worth up to $3.1 million. She also purchased several stocks during this period, including Citrix, which produces teleworking software and could have been impacted by the coronavirus outbreak."
All four senators have defended their actions, with Burr -- who says that he based his decisions on news reports and not information he learned through his job -- taking the most drastic step of calling for a Senate ethics investigation into himself in order to clear the air.
He sold between $628,000 and $1.72 million in stocks on Feb. 13, according to ProPublica. According to Roll Call, Burr's net worth was approximately $1.7 million in 2018.
WHAT IS THE STOCK ACT?
SEN BURR SEEKS ETHICS REVIEW OF HIS STOCK SALES IN RUN-UP TO CORONAVIRUS CRISIS, AFTER SCATHING REPORT
"I relied solely on public news reports to guide my decision regarding the sale of stocks on February 13,” Burr said in a Friday statement defending himself. “Specifically, I closely followed CNBC’s daily health and science reporting out of its Asia bureaus at the time."
A Feinstein spokesman said all of her assets are in a blind trust so she doesn't make those financial decisions. Inhofe also said he does not have anything to do with his financial decisions. Loeffler, who sold millions of dollars worth of stock -- but is so rich that the investment moves add up to a very small percentage of her net worth -- also said that she has no involvement with investment decisions that are made by her financial advisors.
"This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement," she said in a tweet early Friday morning. "As confirmed in the periodic transaction report to Senate Ethics, I was informed of these purchases and sales on February 16, 2020 — three weeks after they were made."
While CREW refrains from making outright accusations that the senators made their trades with corrupt intention, it does say the developments are concerning and urgently calls for investigations.
"The job of a U.S. senator is to serve the American people,” Bookbinder said. “It appears that in a time of crisis, these senators chose instead to serve themselves, violating the public trust and abdicating their duty. They must be immediately investigated."
The Dow Jones Industrial Average fell below 20,000 for the first time since 2017 this week after expectations earlier this year were that it could hit 30,000 any day. Additionally, the New York Stock Exchange has seen four stoppages of trading due to sharp sell-offs in the last two weeks. As of Friday afternoon, the Dow is down more than 700 points on the day.
Fox News' Dom Calicchio and Adam Shaw contributed to this report.
Sens. Richard Burr, Kelly Loeffler Face Calls to Resign Over Stock Sales
"If Senator Burr had inside information about how bad the coronavirus outbreak could be and used it to protect his personal fortune, while reassuring the public that the government was prepared for the disease, that would be a shocking violation of the public trust and may have been a violation of the law,” CREW Executive Director Noah Bookbinder said in a statement Friday.
On Loeffler, a release from CREW says that Loeffler "attended a briefing on the situation as a member of the Senate HELP Committee. That same day, she and her husband made the first of dozens of stock sales executed between then and February 14, worth up to $3.1 million. She also purchased several stocks during this period, including Citrix, which produces teleworking software and could have been impacted by the coronavirus outbreak."
All four senators have defended their actions, with Burr -- who says that he based his decisions on news reports and not information he learned through his job -- taking the most drastic step of calling for a Senate ethics investigation into himself in order to clear the air.
He sold between $628,000 and $1.72 million in stocks on Feb. 13, according to ProPublica. According to Roll Call, Burr's net worth was approximately $1.7 million in 2018.
WHAT IS THE STOCK ACT?
SEN BURR SEEKS ETHICS REVIEW OF HIS STOCK SALES IN RUN-UP TO CORONAVIRUS CRISIS, AFTER SCATHING REPORT
"I relied solely on public news reports to guide my decision regarding the sale of stocks on February 13,” Burr said in a Friday statement defending himself. “Specifically, I closely followed CNBC’s daily health and science reporting out of its Asia bureaus at the time."
A Feinstein spokesman said all of her assets are in a blind trust so she doesn't make those financial decisions. Inhofe also said he does not have anything to do with his financial decisions. Loeffler, who sold millions of dollars worth of stock -- but is so rich that the investment moves add up to a very small percentage of her net worth -- also said that she has no involvement with investment decisions that are made by her financial advisors.
"This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement," she said in a tweet early Friday morning. "As confirmed in the periodic transaction report to Senate Ethics, I was informed of these purchases and sales on February 16, 2020 — three weeks after they were made."
While CREW refrains from making outright accusations that the senators made their trades with corrupt intention, it does say the developments are concerning and urgently calls for investigations.
"The job of a U.S. senator is to serve the American people,” Bookbinder said. “It appears that in a time of crisis, these senators chose instead to serve themselves, violating the public trust and abdicating their duty. They must be immediately investigated."
The Dow Jones Industrial Average fell below 20,000 for the first time since 2017 this week after expectations earlier this year were that it could hit 30,000 any day. Additionally, the New York Stock Exchange has seen four stoppages of trading due to sharp sell-offs in the last two weeks. As of Friday afternoon, the Dow is down more than 700 points on the day.
Fox News' Dom Calicchio and Adam Shaw contributed to this report.
Sens. Richard Burr, Kelly Loeffler Face Calls to Resign Over Stock Sales
Senators Richard Burr and Kelly Loeffler have faced calls to resign after it was revealed that the Republican lawmakers sold off stock holdings before the COVID-19 epidemic crashed markets.
Both of the senators reportedly attended briefings on the novel coronavirus outbreak and publicly sought to calm nerves as they dumped chunks of their portfolios ahead of market turmoil in March.
ProPublica reported on Thursday night that North Carolina Sen. Burr, the Senate Intelligence Committee chairman, sold between $628,000 and $1.7 million worth of stock on February 13.
The stock dump came days after he co-authored a Fox News op-ed claiming the United States was "better prepared than ever before to face emerging public health threats, like the coronavirus."
Following the news of Sen. Burr's stock sell off, the Daily Beast reported that Sen. Loeffler of Georgia recorded a sale of stock on January 24 — the day of an all-senators briefing with administration health officials that covered the COVID-19 outbreak.
In a Thursday night Twitter post reacting to the news of the stock dumps, former Democratic primary candidate Andrew Yang said: "If you find out about a nation-threatening pandemic and your first move is to adjust your stock portfolio you should probably not be in a job that serves the public interest."
"Burr knew how bad it would be. He told the truth to his wealthy donors, while assuring the public that we were fine," Rep. Alexandria Ocasio-Cortez (D-NY) tweeted on Thursday. "THEN he sold off $1.6 million in stock before the fall. He needs to resign."
The freshman congresswoman also called on Sen. Loeffler to resign over her stock dump in a later tweet.
"Senators Burr and Loeffler should be investigated by authorities and the Senate Ethics Committee," the Obama-era Housing Secretary Julián Castro said. "If the evidence suggests they engaged in insider trading, they should be charged and stand trial."
Preet Bharara, former U.S. Attorney for the Southern District of New York, simply tweeted: "Members of Congress should not own individual stocks, period."
The Republican lawmakers were also hit with criticism from the right, with the Students for Trump Chair Charlie Kirk calling on them to resign and saying: "I don't care if you're Republican or Democrat. If you trade with inside info to enrich yourself during a crisis you are a disgrace."
Fox News host Tucker Carlson also called for Burr to leave office if he had no "honest explanation" for his decision to dump millions in stocks before the COVID-19 pandemic struck markets.
"He had inside information about what could happen to our country, which is now happening. But he didn't warn the public," Carlson said on his show Thursday night.
He later added: "Instead, what did he do? He dumped his shares in hotel stocks so he wouldn't lose money, and then he stayed silent. Now, maybe there's an honest explanation for what he did. If there is, he should share it with the rest of us immediately. Otherwise, he must resign from the Senate and face prosecution for insider trading."
Reacting to a clip of Carlson condemning the senators, the author Matt Stoller said: "Tucker Carlson is calling for an important Republican Senator to be put in jail for #PandemicProfiteering. He's right. And it's not a partisan issue. This behavior is rancid."
At the time of writing, Burr is ninth in the U.S. Twitter trending charts amid criticism of his reported stock sell-off.
Newsweek has contacted the offices of both senators for comment, and will update this article with any response.
In a statement posted on social media overnight, Sen. Loeffler said: "This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement."
Sen. Loeffler also claimed that she was informed of the sales "three weeks after they were made."
"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," his spokesperson told ProPublica.
"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."
Both of the senators reportedly attended briefings on the novel coronavirus outbreak and publicly sought to calm nerves as they dumped chunks of their portfolios ahead of market turmoil in March.
ProPublica reported on Thursday night that North Carolina Sen. Burr, the Senate Intelligence Committee chairman, sold between $628,000 and $1.7 million worth of stock on February 13.
The stock dump came days after he co-authored a Fox News op-ed claiming the United States was "better prepared than ever before to face emerging public health threats, like the coronavirus."
Following the news of Sen. Burr's stock sell off, the Daily Beast reported that Sen. Loeffler of Georgia recorded a sale of stock on January 24 — the day of an all-senators briefing with administration health officials that covered the COVID-19 outbreak.
In a Thursday night Twitter post reacting to the news of the stock dumps, former Democratic primary candidate Andrew Yang said: "If you find out about a nation-threatening pandemic and your first move is to adjust your stock portfolio you should probably not be in a job that serves the public interest."
"Burr knew how bad it would be. He told the truth to his wealthy donors, while assuring the public that we were fine," Rep. Alexandria Ocasio-Cortez (D-NY) tweeted on Thursday. "THEN he sold off $1.6 million in stock before the fall. He needs to resign."
The freshman congresswoman also called on Sen. Loeffler to resign over her stock dump in a later tweet.
"Senators Burr and Loeffler should be investigated by authorities and the Senate Ethics Committee," the Obama-era Housing Secretary Julián Castro said. "If the evidence suggests they engaged in insider trading, they should be charged and stand trial."
Preet Bharara, former U.S. Attorney for the Southern District of New York, simply tweeted: "Members of Congress should not own individual stocks, period."
The Republican lawmakers were also hit with criticism from the right, with the Students for Trump Chair Charlie Kirk calling on them to resign and saying: "I don't care if you're Republican or Democrat. If you trade with inside info to enrich yourself during a crisis you are a disgrace."
Fox News host Tucker Carlson also called for Burr to leave office if he had no "honest explanation" for his decision to dump millions in stocks before the COVID-19 pandemic struck markets.
"He had inside information about what could happen to our country, which is now happening. But he didn't warn the public," Carlson said on his show Thursday night.
He later added: "Instead, what did he do? He dumped his shares in hotel stocks so he wouldn't lose money, and then he stayed silent. Now, maybe there's an honest explanation for what he did. If there is, he should share it with the rest of us immediately. Otherwise, he must resign from the Senate and face prosecution for insider trading."
Reacting to a clip of Carlson condemning the senators, the author Matt Stoller said: "Tucker Carlson is calling for an important Republican Senator to be put in jail for #PandemicProfiteering. He's right. And it's not a partisan issue. This behavior is rancid."
At the time of writing, Burr is ninth in the U.S. Twitter trending charts amid criticism of his reported stock sell-off.
Newsweek has contacted the offices of both senators for comment, and will update this article with any response.
In a statement posted on social media overnight, Sen. Loeffler said: "This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement."
Sen. Loeffler also claimed that she was informed of the sales "three weeks after they were made."
"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," his spokesperson told ProPublica.
"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."
INSIDER TRADING BY ANY OTHER NAME
Four Senators Sold Millions In Stocks Ahead Of Coronavirus Market Crash
By Llowell Williams 03/20/20
Damning new reports show that at least four senators, including a Democrat, reportedly offloaded millions worth of shares just ahead of the severe crash that hit Wall Street last month over fears of the novel coronavirus pandemic. Now figures on both sides of the political spectrum are calling for them to resign, if these allegations prove true.
North Carolina Republican Sen. Richard Burr, who serves as a chairman on the Senate Intelligence Committee, reportedly gave a closed door briefing to a group of individuals on Feb. 27. During that meeting, which was secretly recorded, Burr can be heard explaining that the coronavirus situation would end up being far more dire than he’d told the public.
In early February, Burr had helped co-author an editorial for Fox News in which he explained that the United States was “better prepared than ever before” to tackle a crisis like the coronavirus pandemic.
Senate records show that on Feb. 13, Burr sold as much as $1.72 million of his personal stocks – just days before the markets cratered on Feb. 20. Most of the stocks were in hotel and resort companies.
In 2012, Burr voted against a bill which would forbid lawmakers from participating in insider trading.
Sen. Kelly Loeffler, R-Ga., is facing similar allegations. The freshman senator is accused of selling as much as $100,000 in stocks owned jointly by her and her husband on the same day that she attended a private briefing held by health officials on the coronavirus crisis on Jan. 24.
Loeffler continued to sell her stocks over the next month, but did make some purchases: She bought as much as $250,000 in Citrix Systems (NASDAQ: CTXS), a company that specializes in providing technology used in telecommuting work. Citrix stocks have since risen about 5% as of Thursday's close, as American businesses began asking their employees to work from home.
Sen. Richard Burr resists calls to resign over coronavirus insider trading -- scandal could affect control of Senate
By DAVE GOLDINER
NEW YORK DAILY NEWS |
MAR 20, 2020
Sen. Richard Burr, R-N.C., second from right, greets Centers for Disease Control and Prevention Principal Deputy Director Anne Schuchat, left, as she and National Institute for Allergy and Infectious Diseases Director Dr. Anthony Fauci, right, appear before a Senate Health, Education, Labor and Pensions Committee hearing on the coronavirus on Capitol Hill, Tuesday, March 3, 2020, in Washington.(Andrew Harnik/AP)
Sen. Richard Burr pushed back against growing calls to quit Friday over his massive sale of stock after he learned of the severity of the coronavirus crisis -- and the scandal could impact the fight for control of the Senate.
The North Carolina Republican was slammed by conservative commentator Tucker Carlson and a chorus of pundits and ordinary Americans for profiteering off the pandemic and a source close to President Trump said he wants him to quit.
Burr, who dumped up to $1.7 million in stocks, Friday asked the Senate Ethics Committee Friday to investigate whether his actions were improper or illegal.
He did not say he was considering stepping down.
President Trump called Burr and three other senators who sold stock after the coronavirus crisis spread are “honorable people” and ignored a question about whether he should resign.
He struck a partisan tone by only naming Democratic Sen. Dianne Feinstein and sparring with a reporter who asked about Burr and Sen. Kelly Loeffler (R-Georgia)
“They said they did nothing wrong,” he said. “I’ll have to look into it.”
If Burr quits, Democratic Gov. Roy Cooper would appoint a replacement who would serve until the November general election, but it would have to be a Republican.
That’s because North Carolina’s heavily gerrymandered GOP-controlled state legislature passed a 2017 law mandating that in case of a vacancy the governor must appoint one of three candidates put forward by the party of the outgoing senator.
North Carolina’s other senator Thom Tillis is already facing a contentious battle for reelection against Democrat Cal Cunningham.
If Burr’s seat were also up for grabs, it could dramatically improve the odds of Democrats seizing control of the Senate in November.
Sen. David Perdue (R-Ga.) also sold significant amounts of stock since hearing about the coronavirus crisis, but his transactions were not big enough to trigger mandatory disclosure, the Atlanta Journal-Constitution reported.
Perdue, who insists he did nothing wrong, is facing what could be a tricky reelection fight against former Congressional candidate Jon Ossoff, who accused Perdue of unethical behavior.
“Instead of warning us, he downplayed the threat, sold casino stock, & bought up to $260,000 in pharma stock,” Ossoff wrote.
My opponent Sen. Perdue was briefed on the severe threat of COVID-19.
Instead of warning us, he downplayed the threat, sold casino stock, & bought up to $260,000 in pharma stock.
If this isn’t a crime, it should be. Donate to kick him out of the Senate: https://t.co/GwoLTQ1CQr— Jon Ossoff (@ossoff) March 20, 2020
Burr was one of just three senators to vote against a 2012 law banning lawmakers from
Four Senators Sold Millions In Stocks Ahead Of Coronavirus Market Crash
By Llowell Williams 03/20/20
KEY POINTS
Sen. Burr sold up to $1.7 million in shares ahead of the market crash
Sens. Loeffler, Inhofe and Feinstein also sold millions in stocks
These lawmakers had attended private briefings about the coronavirus crisis
Democrats, conservatives both calling for investigations, resignations
Damning new reports show that at least four senators, including a Democrat, reportedly offloaded millions worth of shares just ahead of the severe crash that hit Wall Street last month over fears of the novel coronavirus pandemic. Now figures on both sides of the political spectrum are calling for them to resign, if these allegations prove true.
North Carolina Republican Sen. Richard Burr, who serves as a chairman on the Senate Intelligence Committee, reportedly gave a closed door briefing to a group of individuals on Feb. 27. During that meeting, which was secretly recorded, Burr can be heard explaining that the coronavirus situation would end up being far more dire than he’d told the public.
In early February, Burr had helped co-author an editorial for Fox News in which he explained that the United States was “better prepared than ever before” to tackle a crisis like the coronavirus pandemic.
Senate records show that on Feb. 13, Burr sold as much as $1.72 million of his personal stocks – just days before the markets cratered on Feb. 20. Most of the stocks were in hotel and resort companies.
In 2012, Burr voted against a bill which would forbid lawmakers from participating in insider trading.
Sen. Kelly Loeffler, R-Ga., is facing similar allegations. The freshman senator is accused of selling as much as $100,000 in stocks owned jointly by her and her husband on the same day that she attended a private briefing held by health officials on the coronavirus crisis on Jan. 24.
Loeffler continued to sell her stocks over the next month, but did make some purchases: She bought as much as $250,000 in Citrix Systems (NASDAQ: CTXS), a company that specializes in providing technology used in telecommuting work. Citrix stocks have since risen about 5% as of Thursday's close, as American businesses began asking their employees to work from home.
Sen. James Inhofe, R-Okla., also appears to have sold at least $180,000 in stocks days after the coronavirus briefing.
Sen. Dianne Feinstein, D-Calif., is also facing allegations of dropping a great deal of stocks ahead of the market crash, selling at least $1.5 million in January and February.
UNRELATED TO THE GOP INSIDER TRADING THOUGH SHE TOO SITS ON THE INTELLIGENCE COMMITTEE, HER STOCKS ARE IN A BLIND TRUST. THAT TRUST BUYS AND SELLS INDEPENDENT OF THE SENATOR
Since these senators sold their stocks, the markets have contracted nearly 30%.
Several lawmakers are now calling for Burr to be investigated and to possibly resign. Reps. Joaquin Castro, D-Texas, and Alexandria Ocasio-Cortez, D-NY, have said Burr’s stock selloff needs to be examined. Ocasio-Cortez tweeted that the senator “told the truth to his wealthy donors, while assuring the public that we were fine. Then he sold off $1.6 million in stock.”
Fox ew host Tucker Carlson has also come out as a conservative voice calling for Burr to be probed. During his show Thursday night, Carlson blasted Burr. “There is no greater moral crime than betraying your country in a time of crisis, and that appears to be what happened,” he said.
Sen. Richard Burr resists calls to resign over coronavirus insider trading -- scandal could affect control of Senate
By DAVE GOLDINER
NEW YORK DAILY NEWS |
MAR 20, 2020
Sen. Richard Burr, R-N.C., second from right, greets Centers for Disease Control and Prevention Principal Deputy Director Anne Schuchat, left, as she and National Institute for Allergy and Infectious Diseases Director Dr. Anthony Fauci, right, appear before a Senate Health, Education, Labor and Pensions Committee hearing on the coronavirus on Capitol Hill, Tuesday, March 3, 2020, in Washington.(Andrew Harnik/AP)
Sen. Richard Burr pushed back against growing calls to quit Friday over his massive sale of stock after he learned of the severity of the coronavirus crisis -- and the scandal could impact the fight for control of the Senate.
The North Carolina Republican was slammed by conservative commentator Tucker Carlson and a chorus of pundits and ordinary Americans for profiteering off the pandemic and a source close to President Trump said he wants him to quit.
Burr, who dumped up to $1.7 million in stocks, Friday asked the Senate Ethics Committee Friday to investigate whether his actions were improper or illegal.
He did not say he was considering stepping down.
President Trump called Burr and three other senators who sold stock after the coronavirus crisis spread are “honorable people” and ignored a question about whether he should resign.
He struck a partisan tone by only naming Democratic Sen. Dianne Feinstein and sparring with a reporter who asked about Burr and Sen. Kelly Loeffler (R-Georgia)
“They said they did nothing wrong,” he said. “I’ll have to look into it.”
If Burr quits, Democratic Gov. Roy Cooper would appoint a replacement who would serve until the November general election, but it would have to be a Republican.
That’s because North Carolina’s heavily gerrymandered GOP-controlled state legislature passed a 2017 law mandating that in case of a vacancy the governor must appoint one of three candidates put forward by the party of the outgoing senator.
North Carolina’s other senator Thom Tillis is already facing a contentious battle for reelection against Democrat Cal Cunningham.
If Burr’s seat were also up for grabs, it could dramatically improve the odds of Democrats seizing control of the Senate in November.
Sen. David Perdue (R-Ga.) also sold significant amounts of stock since hearing about the coronavirus crisis, but his transactions were not big enough to trigger mandatory disclosure, the Atlanta Journal-Constitution reported.
Perdue, who insists he did nothing wrong, is facing what could be a tricky reelection fight against former Congressional candidate Jon Ossoff, who accused Perdue of unethical behavior.
“Instead of warning us, he downplayed the threat, sold casino stock, & bought up to $260,000 in pharma stock,” Ossoff wrote.
My opponent Sen. Perdue was briefed on the severe threat of COVID-19.
Instead of warning us, he downplayed the threat, sold casino stock, & bought up to $260,000 in pharma stock.
If this isn’t a crime, it should be. Donate to kick him out of the Senate: https://t.co/GwoLTQ1CQr— Jon Ossoff (@ossoff) March 20, 2020
Burr was one of just three senators to vote against a 2012 law banning lawmakers from
trading on information they receive through their official capacities.
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