4 Senators Caught Insider Trading (but are not being punished)

Four senators dumped millions of dollars worth of stock while Capitol Hill was being briefed on the threat of coronavirus but before the markets tanked as infections soared, disclosure records have revealed.

Republicans Richard Burr, Kelly Loeffler and James Inhofe and Democrat Dianne Feinstein collectively offloaded up to $11million in stock between late January and early February"

Are Senators Except From the Laws They Pass

If anyone else in this country besides federal legislators were caught dumping millions is stocks right before a catastrophe occurred that they were being briefed on would be arrested and sent to prison for many years or at the least have to pay many times their gained amounts back in penalties and fines. This is just another example of the USA having a "Ruling Class." If this isn't an example of govt employees having privileges or exemptions that "regular" citizens do not receive than I don't know what is.

Burr, chair of the Senate Intelligence Committee that was directly briefed on coronavirus, sold up to $1.7million in stock including in hotels, according to reporting from ProPublica.

"Feinstein, a member of the same committee, sold up to $6million in stock including in a biotech firm."

"Loeffler dumped up to $3.1million in investments starting on the day the Senate Health Committee, which she sits on, was briefed by the CDC"

"James Inhofe sold up to $400,000 in stock including real estate"

According to 17 CFR § 240.10b5-1

- it is ILLEGAL to makes trades "based upon NONPUBLIC information"

Wouldn't a closed door Government Briefing of senators not be considered NONPUBLIC information?
These senators dumped all of their stocks well before the Market fell off a cliff resulting in only profits and no loses like anyone else that was privy to federal government briefings

Public Law No: 112-105 Stop Trading on Congressional Knowledge Act
Voted into law in 2012 states that it is illegal to gain profits based on information gained through their position as Senators or Representatives that is not available to the public and are subject to the same Insider Trading laws as everyone else.


I just find these people more and more despicable. These people come into office usually as modest income individuals but leave Washington as multimillionaires in a job that pays around 100k. Im not sneezing at the 100k income because that's double the average house hold income in the USA, but the fact that their wealth increases by millions or 10s of millions or some cases 100s of millions just by being elected into a public office is disgusting when the average American is being racked over the coals by their restricting legislations and limiting of personal rights and freedoms.

They write the laws but are not subject to them? That is not how America works ladies and gentlemen. Everyone is subject to the laws if you agree with them or not you will be arrested and prosecuted if you break the laws (unless you're a federal senator apparently.)

a reply to: Txbuffalo

Why did FoxNews/CNN/MSNBC focus so hard (almost exclusively) on Richard Burr today? Tucker Carlson wants him indicted...not "censored" by the Senate ethics committee. I agree! No mention of Feinstein at all.

a reply to: Txbuffalo
Yes, please get Di-Fi on this somehow. Burr can rot in a prison too. I'm not even familiar with the other two.

I think the times have proven some people are absolutely above the law, and that's that. There is not much that the rest of us can actually do about it, except, in their eyes, bleet like the sheep they see us as, to no avail.

a reply to: carewemust

Feinsteins stocks were in a blind trust.

www.yahoo.com...

Feinstein's money is in a blind trust.

blind trust
nounNORTH AMERICAN
a financial arrangement in which a person in public office gives the administration of private business interests to an independent trust in order to prevent conflict of interest. Under the trust, the owner does not know how the assets are managed.

Put the politics aside and prosecute them all. Martha Stewart should go on every morning show tomorrow and question whether the law is equal for everyone.

How else would stock drop? Someone needs to drop their holdings, who do you think should drop first?

I don't defend Senators or anyone who is making money when world is dying, but this just proves how stupid system we have. trading stocks, forex, cryptos, whatever. It is a true scam that is legal and backed by the country. Ban trading and all other nonsense and this # will not happen ever again in our history.

Now remember this when things go back up, same thing, same story, first buyers will be those with information... So little traders without information are getting #ed two times, once when drops and once when rise.

Seems it's not illegal, probably.

Ethical? Yah, right. Politicians are ethical by nature.


Existing thread here:
www.abovetopsecret.com...

According to financial disclosure forms, 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 Trump 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 at: thehill.com...

The DOJ needs to investigate all four of them for criminality, just like it would if a board member conducted insider trading. Investigations by the Senate Ethics Committee always ends well for the Senator(s) investigated.

i think they focused on burr as his werent in a trust and he alegedly warned his donors before stock drops, and he called for an ethics investigation of him self just fyi www.politico.com...

Sen. Richard Burr (R-N.C.) on Friday asked the Senate Ethics Committee to review stock sales he made weeks before the markets began to tank in response to the coronavirus pandemic — a move designed to limit the fallout from an intensifying political crisis. Burr, who chairs the powerful Senate Intelligence Committee, defended the sales, saying he “relied solely on public news reports to guide my decision regarding the sale of stocks" and disputed the notion he used information that he was privy to during classified briefings on the novel coronavirus. Burr specifically name-checked CNBC’s daily health and science reporting from its Asia bureau.

so bold move if he is as guilty as he appears on the surface

www.politico.com... source for stock sell off warning to donors

Trump actually mentioned her in his remarks today so there ya go. Your boy trumpa reply to: carewemust

The fact that most of those in power seem to be multi Million/Billionaires, with many having gained that wealth while in public office for decades should be more than enough to raise a few eyebrows, at the very least.

The blind trust argument is BS and everyone knows it. All it takes is a quick text message, phone call or nod to an aide and the deal is done. As mentioned, anyone else would be arrested, tried and jailed for insider trading, and rightly so but the political class always skate.

I often wonder just what it would actually take to see one of them arrested and jailed for a long time?

I have always maintained that the whole "career politician" scam enables this behaviour and follows the MAD doctrine (mutually assured destruction). The knowledge of criminality, misdeeds, corruption, kiddie fiddling and drugs they have about each other assures nobody ever sees the inside of a court room, as prosecuting one would open them all up to scrutiny and the plea deals would get hidden and sealed for eternity. Not to mention the fact that those in positions to do something, heading up intelligence agencies, the FBY, DoJ etc are also up to their eyeballs in it all and are appointed as the gatekeepers to ensure this sick system is maintained. Same in the UK and probably most other countries too!

Until they are all dragged, kicking and screaming, from their ivory towers by the people they continually screw over and are replaced with a smaller government system with limited terms and real accountability, then they'll just continue enriching themselves at our expense and getting away with it any way they can.

originally posted by: carewemust
a reply to: Txbuffalo

Why did FoxNews/CNN/MSNBC focus so hard (almost exclusively) on Richard Burr today? Tucker Carlson wants him indicted...not "censored" by the Senate ethics committee. I agree! No mention of Feinstein at all.

Why do you focus almost exclusively on what fits your narrative?

This took me two minutes to compile. I could go on if you'd like. Now, I'm not defending entertainment pundit media, but obviously he isn't the only focus. Maybe he is getting more attention because he tipped off some donors before revealing similar opinions to the public.

Fox News
BBC
The Hill
NY Post
CBS
News
Buisnes s Insider
NYT

We had a decent discussion about this in the thread I wrote a couple of days ago about it. You got scooped, and your breaking news isn’t very breaking anymore.

Well, at least it was a bipartisan act?? Thank you Feinstein for making sure we wouldnt just be screaming for republican blood.. tell ya what, we have a nicer cell on the second floor for you!! Lovely view of the harbor.. look, you can even see your yatch docked waiting patiently for your return.

And, you burr, with your line of lies you told us about how it was nothing to worry about.. just another democratic hit because "we hate trump so much".. please, tell us, why were you telling your friends behind closed doors to worry about travel, school closures. Ect. Why were you so worried you dumped so much stock?? You can join the rats in the basement level cells... enjoy your stay!!!

a reply to: ErEhWoN

A blind trust, but I bet it still whispers into her ear when it needs to.
And I think that the president called her out when a reporter asked him about the other three and didn't mention her name at all.

While not exactly insider trading, they would have to work in those industries to be insiders, the act was unethical and they should be chastised for it.

At least 1 of the republicans asked for an ethics investigation.

But more to the point, this is not new, this is not a unique occasion its something that has popped up over the years pretty much just before every market down turn.

My cousins just spent the last couple hours telling me its only republicans that do it, and when I tried to point out the absurd increase in net worth for republicans and democrats that have been around congress for decades compared to their salaries, that strongly suggests either out right bribes, or insider training.

we need a third party to have even a hope of term limits and then we maybe can actually drain the swamp.

a reply to: ErEhWoN

They need to include a dem because thems the rules these days.

I saw trump mention Diane and no others and when the reporter named GOP members trump was all like What about Feinstein? When he had just mentioned her and no others he attacks the reporter for naming GOP members. He literally just said her name, the reporter added names and he says wait what about Feinstein. I mean really.
He has to do this he just can't stop himself. Like a baby with no self control.

a reply to: Anathros


It is not considered insider trading.