INSIDER TRADING BY ANY OTHER NAME
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.