After Coronavirus Briefings, Sens. Richard Burr, Kelly Loeffler Dumped Stocks

After Coronavirus Briefings, Sens. Richard Burr, Kelly Loeffler Dumped Stocks

After Coronavirus Briefings, Sens. Richard Burr, Kelly Loeffler Dumped Stocks

The stock market began plummeting a week after Burr's sales and has since lost about 30% of its value.

Atlanta Dream co-owner Kelly Loeffler is one of the USA senators who reportedly sold off millions of dollars of stock holdings following a private senators briefing from administration officials on the coronavirus COVID-19, the Daily Beast reported. When Carlson directly asked her "who specifically made that decision for you and on what basis", she said it was "financial advisors that are charged with conducting trades in our portfolios..."

"I'm happy to answer any and all questions and would submit to whatever review is needed", she said on CNBC's "The Exchange", as she emphasized that her and her husband's stocks are controlled by third-party managers with whom she has no contact.

Records show that between January 24 and February 14, Loeffler and her husband, New York Stock Exchange Chairman Jeff Sprecher, sold stock worth between $1,275,000 and $3,100,000. Richard Burr, who serves as a chairman on the Senate Intelligence Committee, reportedly gave a closed door briefing to a group of individuals on February 27.

It is illegal for members of Congress, congressional staff and federal officials to use inside-information to their financial advantage. She added, "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". Burr sold hospitality stocks in hotels, Loeffler ditched her stakes in oil and Inhofe stepped back from his stocks in an asset management company. The also sold off stocks in the retail store chain Ross, auto parts seller Autozone, manufacturer Catepillar Inc. and Delta Airlines.

Media reports about Burr and Loeffler, who have denied wrongdoing, prompted calls for them to leave office if they were found to have broken the law from people as disparate as a progressive Democratic lawmaker and a conservative commentator.

Loeffler had already been criticized for potential conflicts of interest when she was appointed.

To make all of this so much worse, it turns out that Burr and others weren't just selling stocks to protect their existing wealth.

Two GOP senators, Richard Burr of North Carolina and Kelly Loeffler of Georgia, sold millions of dollars worth of stock after receiving closed-door briefings about the impending coronavirus crisis.

If Burr does not explain himself, Carlson said, "he must resign from the Senate and face prosecution for insider trading".

Kelly Loeffler 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.

Fox News opinion host Tucker Carlson on Thursday responded to the findings from ProPublica's report on Burr's trading activity, which has since come under intense scrutiny and bipartisan condemnation.

"He needs to resign", she said.

He said he didn't attend the January 24 briefing and has no involvement in his investment decisions.

"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. The senator's timely decision to sell, which was first reported by ProPublica, netted him between over $580,000 and $1.56 million.

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