U.S. senators defend selling shares before coronavirus crash

[mtls2005]

5 minutes ago, Misty said:

Even worse, from my perspective, Senator Loeffler's website

See also her husband...

 

Jeffrey Craig Sprecher is an American businessman, and the founder, chairman, and CEO of Intercontinental Exchange, and chairman of the New York Stock Exchange.

 

[Misty]

3 hours ago, animalmagic said:

What Feinstein says may be true it does beg the question on whether senators, red or blue, passed on information to portfolio managers, administrators of blind trusts, or friends.

The actual sales point to a potentially bigger problem that is not limited to one side.  Isn't it illegal to benefit from insider knowledge.  In a situation like this it certainly seems immoral at least.

Yes, insider trading is illegal.  A member of US Congress went to jail recently for insider trading.  https://thehill.com/homenews/news/478881-former-congressman-sentenced-to-2-years-in-jail-for-insider-trading

[Mavideol]

6 hours ago, rooster59 said:

Trump said the senators should "possibly" be investigated.

 

"They said they did nothing wrong. I find them, the whole group, very honourable people," he told reporters.

nothing will happen, they are Republicans, thus "very honourable people,"  555

[Benmart]

6 hours ago, bkk6060 said:

The lowest of the low.

Put them in jail.

Certainly glad you are not a part of the criminal justice system...or are you?

[Iron Tongue]

28 minutes ago, mtls2005 said:

 

I only see one sale by Feinstein, Allogene Theraputics.

 

Maybe you know something we don't?

 

And just what exactly is incorrect in my post?  

 

[mtls2005]

6 minutes ago, Iron Tongue said:

And just what exactly is incorrect in my post?  

 

Did I say that your post was "incorrect"?

 

Of course not.

 

I thought that you were implying something about how Sen. Feinstein's blind trust was managed? Were you? 

 

 

 

[blazes]

Much as I would like to believe that Burr is guilty as sin, what he has done is (surely?) no more than anyone on Thaivisa could have done back in January.  I sold all my holdings in April of last year, believing that the hockey-stick rise in the Dow after the Christmas Eve change of direction by Powell and the FED could not go any further. (I was wrong, since it went a lot further.)

 

I would bet that many on here who dabble in the stock market could have come to the same conclusion as I (and Burr?) did.  Anybody who reads widely every day in matters financial and geopolitical would definitely be waiting for the right moment to dump. 

Dr Fauci was telling us all that the Wuhan virus was serious in the first week of Feb.  It was public knowledge.  What it needed was for those who followed this public knowledge to dump any stocks that might get tanked in the event of a lockdown, the same as was going on in Wuhan.

To repeat, I don't know if Burr has broken the law, but I do imagine that he could have sold his $hit in the same way that many of us here could have done if we just peered into the future a bit.

Edited March 21, 2020 by blazes

[Chomper Higgot]

This isn’t going to go away.

 

Claim the (political) moral high ground and throw the alleged perps under the bus now or follow due process and watch this play out as more people are killed by the virus and as the election rounds the corner.

 

Another headwind for the GOP holding the Senate majority, and all of their own making.

[Misty]

34 minutes ago, blazes said:

Much as I would like to believe that Burr is guilty as sin, what he has done is (surely?) no more than anyone on Thaivisa could have done back in January.  I sold all my holdings in April of last year, believing that the hockey-stick rise in the Dow after the Christmas Eve change of direction by Powell and the FED could not go any further. (I was wrong, since it went a lot further.)

 

I would bet that many on here who dabble in the stock market could have come to the same conclusion as I (and Burr?) did.  Anybody who reads widely every day in matters financial and geopolitical would definitely be waiting for the right moment to dump. 

Dr Fauci was telling us all that the Wuhan virus was serious in the first week of Feb.  It was public knowledge.  What it needed was for those who followed this public knowledge to dump any stocks that might get tanked in the event of a lockdown, the same as was going on in Wuhan.

To repeat, I don't know if Burr has broken the law, but I do imagine that he could have sold his $hit in the same way that many of us here could have done if we just peered into the future a bit.

Senator Burr is the GOP leader of the Senate's Intelligence committee.  He had a special briefing on the threat of coronavirus (which was not made public), and then sold stock afterwards.  That is inside information.  Somehow I doubt you were in that briefing.

[Misty]

6 minutes ago, Chomper Higgot said:

This isn’t going to go away.

 

Claim the (political) moral high ground and throw the alleged perps under the bus now or follow due process and watch this play out as more people are killed by the virus and as the election rounds the corner.

 

Another headwind for the GOP holding the Senate majority, and all of their own making.

Definitely investigate these two, and throw the net a bit more widely.  Likely it's not just the GOP. Stengthen existing legislation like STOCK requiring members of Congress to form true blind trusts and highly regulate the trustee fiduciaries of those trusts.

 

Interesting that Senator Burr was one of the few who voted against STOCK back in 2012, the existing legislation that makes insider trading illegal for Congress members. https://www.forbes.com/sites/jackkelly/2020/03/20/senators-accused-of-insider-trading-dumping-stocks-after-coronavirus-briefings/#1e4cddc4a45d

[blazes]

12 minutes ago, Misty said:

Senator Burr is the GOP leader of the Senate's Intelligence committee.  He had a special briefing on the threat of coronavirus (which was not made public), and then sold stock afterwards.  That is inside information.  Somehow I doubt you were in that briefing.

No, I wasn't there for the briefing.  Were you? 

We all know he is on the (so-called) Intelligence committee.  If you used your own intelligence, you would admit that ANYone could have sold stocks at ANY time, before or after Fauci's report.

Not that I want to defend the morality of this guy, but (as usual) it's 'innocent till proved guilty'.......

[Misty]

1 minute ago, blazes said:

No, I wasn't there for the briefing.  Were you? 

We all know he is on the (so-called) Intelligence committee.  If you used your own intelligence, you would admit that ANYone could have sold stocks at ANY time, before or after Fauci's report.

Not that I want to defend the morality of this guy, but (as usual) it's 'innocent till proved guilty'.......

Yes, and it's time to investigate.

[Ricohoc]

The US has bigger fish to fry than going after senators -- regardless of party -- over selling stocks.  Just more foolishness rooted in fostering an emotional response that takes away from what should be the primary focus right now.

[Baerboxer]

6 hours ago, animalmagic said:

What Feinstein says may be true it does beg the question on whether senators, red or blue, passed on information to portfolio managers, administrators of blind trusts, or friends.

The actual sales point to a potentially bigger problem that is not limited to one side.  Isn't it illegal to benefit from insider knowledge.  In a situation like this it certainly seems immoral at least.

 

Hmmm. It says her husband, the investment banker sold them. Of course, she wouldn't have mentioned all the briefing's contents to him!

[Chomper Higgot]

2 hours ago, Ricohoc said:

The US has bigger fish to fry than going after senators -- regardless of party -- over selling stocks.  Just more foolishness rooted in fostering an emotional response that takes away from what should be the primary focus right now.

Don’t fret, SDNY can multi-task.

 

 

[candide]

4 hours ago, blazes said:

Much as I would like to believe that Burr is guilty as sin, what he has done is (surely?) no more than anyone on Thaivisa could have done back in January.  I sold all my holdings in April of last year, believing that the hockey-stick rise in the Dow after the Christmas Eve change of direction by Powell and the FED could not go any further. (I was wrong, since it went a lot further.)

 

I would bet that many on here who dabble in the stock market could have come to the same conclusion as I (and Burr?) did.  Anybody who reads widely every day in matters financial and geopolitical would definitely be waiting for the right moment to dump. 

Dr Fauci was telling us all that the Wuhan virus was serious in the first week of Feb.  It was public knowledge.  What it needed was for those who followed this public knowledge to dump any stocks that might get tanked in the event of a lockdown, the same as was going on in Wuhan.

To repeat, I don't know if Burr has broken the law, but I do imagine that he could have sold his $hit in the same way that many of us here could have done if we just peered into the future a bit.

I agree with you. It was not insider's information as it has been widely available in the media at that time (except maybe for Fox News and the barrage by Trump's supporters in social media). About both the pandemic risk and the likely impact on stocks.

I also sold everything I could in February, albeit a bit later than 13 February. I did not need any insider information for that, just the BBC, CNN, FT, Fortune, etc...

[Misty]

16 minutes ago, candide said:

I agree with you. It was not insider's information as it has been widely available in the media at that time (except maybe for Fox News and the barrage by Trump's supporters in social media). About both the pandemic risk and the likely impact on stocks.

I also sold everything I could in February, albeit a bit later than 13 February. I did not need any insider information for that, just the BBC, CNN, FT, Fortune, etc...

Nope, sorry.  It is true that you did not engage in "insider trading." Insider trading is trading on material, nonpublic information. The information you traded on was based on your interpretation of public information.  However, Senators received a classified briefing not available to the public. It covered material, nonpublic information.  At least one of the Senators privately briefed his donors about the scope of the coming crisis, based on that nonpublic briefing.  At the same time, both Senators down-played the coming crisis in public.  The Senators had material, nonpublic information that you did not possess. Not at all the same thing.

[Misty]

3 hours ago, Ricohoc said:

The US has bigger fish to fry than going after senators -- regardless of party -- over selling stocks.  Just more foolishness rooted in fostering an emotional response that takes away from what should be the primary focus right now.

Going after corruption is not foolishness. 

[sirineou]

While the Moron in the White House and the  criminals in his party   were telling us not to worry.(Now I read they were warned months ago.)

"Washington Post: US intelligence warned Trump in January and February as he dismissed coronavirus threat "

https://www.cnn.com/2020/03/20/politics/us-intelligence-reports-trump-coronavirus/index.html

A lot of people lost a lot of money. I lost 21% of my retirement fund before I was able to get out and park it.

I am one of the lucky, I know of other that have lost a lot more than me.

A lot more will lose their lives. 

There is a lot of anger out there.  Heads will roll.

 

Edited March 21, 2020 by sirineou

[JHolmesJr]

12 hours ago, rooster59 said:

WASHINGTON (Reuters) - Two Republican senators defended themselves on Friday against heavy criticism, including calls that they resign, for selling substantial amounts of stocks before the coronavirus-induced market meltdown and after closed-door briefings on the outbreak.

 

Dishonest media. Failed to mention Democrat Senator Dianne Feinstein who stands accused of doing 

the same.

[metisdead]

Some troll posts and replies have been removed:

 

7) You will respect fellow members and post in a civil manner. No personal attacks, hateful or insulting towards other members, (flaming) Stalking of members on either the forum or via PM will not be allowed.

 

A post in which the context of the post was referring to the Trump supporters on this forum as morons has been removed as well as a reply: 

 

7) You will respect fellow members and post in a civil manner. No personal attacks, hateful or insulting towards other members, (flaming) Stalking of members on either the forum or via PM will not be allowed.

[xylophone]

1 hour ago, sirineou said:

While the Moron in the White House and the  criminals in his party   were telling us not to worry.(Now I read they were warned months ago.)

"Washington Post: US intelligence warned Trump in January and February as he dismissed coronavirus threat "

https://www.cnn.com/2020/03/20/politics/us-intelligence-reports-trump-coronavirus/index.html

A lot of people lost a lot of money. I lost 21% of my retirement fund before I was able to get out and park it.

I am one of the lucky, I know of other that have lost a lot more than me.

A lot more will lose their lives. 

There is a lot of anger out there.  Heads will roll.

 

Despite all of the things that trump has done wrong, all of the lying and even stealing funds from a charity for his own use (found guilty of this and made to pay millions in retribution), his supporters just cannot see any fault in him and I'm at a loss to understand why this is.

 

It's well known and well printed/published that trump made light of the virus and although several posters have shown his exact words, still his supporters won't accept it.

 

He also disbanded the CDC and then said he knew nothing about that, another blatant lie as can be seen in the following.....

 

"A video has emerged of Trump talking about cutting the U.S. pandemic response team in 2018 — days after claiming that he knew nothing about the disbanded White House unit".
https://www.independent.co.uk/news/world/americas/us-politics/coronavirus-video-trump-pandemic-team-cut-2018-a9405191.html

 

I suppose it's a case of "there are none so blind as those who will not see" but when lies and deceit override clear thinking and common decency, then there really isn't any hope.

 

[xylophone]

1 hour ago, sirineou said:

There is a lot of anger out there.  Heads will roll.

Like you, I've posted several times about the warnings given to trump and co in January....but he decided to ignore them, so is very culpable in the outcome.

 

However you say that "heads will roll" and I hope they do, but I have a feeling that trump, his mates in high places, and even his everyday supporters, some of whom post on here, will refuse to believe anything untoward happened, and will still believe in the lies of this compulsive liar.

[sirineou]

12 minutes ago, xylophone said:

Despite all of the things that trump has done wrong, all of the lying and even stealing funds from a charity for his own use (found guilty of this and made to pay millions in retribution), his supporters just cannot see any fault in him and I'm at a loss to understand why this is.

Not to make this a thread about trump, but I think they just can't bring themselves to admite how wrong they were, and trump has exploited that dynamic  by creating the fake news and deep state construct to give them room to rationalise. 

[connda]

US Senators are Teflon.  They can buy and sell stocks based on inside information.  No problem.  Move along.....

[blazes]

5 hours ago, xylophone said:

Despite all of the things that trump has done wrong, all of the lying and even stealing funds from a charity for his own use (found guilty of this and made to pay millions in retribution), his supporters just cannot see any fault in him and I'm at a loss to understand why this is.

 

It's well known and well printed/published that trump made light of the virus and although several posters have shown his exact words, still his supporters won't accept it.

 

He also disbanded the CDC and then said he knew nothing about that, another blatant lie as can be seen in the following.....

 

"A video has emerged of Trump talking about cutting the U.S. pandemic response team in 2018 — days after claiming that he knew nothing about the disbanded White House unit".
https://www.independent.co.uk/news/world/americas/us-politics/coronavirus-video-trump-pandemic-team-cut-2018-a9405191.html

 

I suppose it's a case of "there are none so blind as those who will not see" but when lies and deceit override clear thinking and common decency, then there really isn't any hope.

 

 

It's pathetic to see all these Dems (who worshipped the stinky ground that HRC trod on in 2016) make EVERYthing about Trump.

 

Are they so weak of mind that they depend on a POTUS to tell them what to do???

 

Stop making it all about Trump, and acknowledge that some people can make their own minds up about the pandemic.

 

Frankly, the whole thing is surrounded by massive hysteria, which is a very useful condition to have if you know the stock market is going to collapse (as most intelligent people have known for several years!!).  The collapse of the stock market can then be blamed on a little virus, as opposed to all the snake-oil boosters and lying pundits on MSM and Wall Street. 

 

I am not big on conspiracy theories, but I am prepared to believe that the DAVOS SET have something to do with this pandemic.

 

For Christ's sake, stop making every single event in American (or world) life the fault of Trump (or indeed any OTHER potus).

 

 

[blazes]

Some rational comments on hysteria in general and this virus one in particular:

 

https://www.spiked-online.com/2020/03/17/the-luxury-of-apocalypticism/

[URMySunshine]

The writing has been on the wall since late January - I sold based on the science if others didn't they must have been listening to the shill-liar in chief. More fool them. 

[blazes]

Google Bill Gates and epidemics and see how many times he has warned about the precise state that we now find ourselves in (this link dates from 2015):

 

 

[candide]

2 hours ago, blazes said:

 

It's pathetic to see all these Dems (who worshipped the stinky ground that HRC trod on in 2016) make EVERYthing about Trump.

 

Are they so weak of mind that they depend on a POTUS to tell them what to do???

 

Stop making it all about Trump, and acknowledge that some people can make their own minds up about the pandemic.

 

Frankly, the whole thing is surrounded by massive hysteria, which is a very useful condition to have if you know the stock market is going to collapse (as most intelligent people have known for several years!!).  The collapse of the stock market can then be blamed on a little virus, as opposed to all the snake-oil boosters and lying pundits on MSM and Wall Street. 

 

I am not big on conspiracy theories, but I am prepared to believe that the DAVOS SET have something to do with this pandemic.

 

For Christ's sake, stop making every single event in American (or world) life the fault of Trump (or indeed any OTHER potus).

 

 

Let's follow your line of thinking. Let's imagine there is a speculative conspiracy. It can only work if the people who are not part of the conspiracy keep stock prices high while speculators are selling their shares. Logically, they would need someone to keep sheeps confident while others are selling, right? Who could be that guy?