U.S. senators defend selling shares before coronavirus crash

[simple1]

4 hours ago, blazes said:

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. 

Somewhat twisted logic!

 

trump is the leader of who has a lack of credibility. Lack of credibility as an outcome of three years of his outright lies and misinformation and constant erosion of US institutions, together with populating them with his cronies who have had zero applicable experience. trump has a significant ownership of the collapse of the stock market due to ongoing lies, misinformation and wilfully ignoring his intelligence warnings during the Covid-90 commencement. No amount of denials will change the known facts of trump's incompetency in dealing with the first few months of Covid-19.

 

Besides trump's numerous attacks on democracy, a President who lies and misinforms the public during a national medical emergency is unfit to represent the Office of the President of the USA.

[stevenl]

14 hours ago, JHolmesJr said:

 

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

the same.

This news report and the thread following it are about the republican senators defending themselves. Now if you would have read the news report you would have seen that your statement is incorrect, " Republican Senator James Inhofe and Democratic Senator Dianne Feinstein also sold stock, according to filings, but, like Loeffler, both said they were not involved in the transactions. "

Edited March 22, 2020 by stevenl

[metisdead]

A troll post using a trolling reference to Trump has been removed. 

[Misty]

6 hours ago, URMySunshine said:

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. 

Sounds like you must have a crystal ball.  When are you buying back in?

[Rimmer]

Off topic removed

[cmarshall]

On 3/20/2020 at 9:09 PM, Langsuan Man said:

Don't you worry your little heads, if the Security and Exchange Commission will go after Martha Stewart for inside training these mopes in Congress will soon get a visit 

Nope.  Martha was a big Dem fundraiser and it was Bush's SEC that went put her in jail.  Neither Republicans Burr nor Loeffler will face any problem from the Republican SEC or DOJ.

[cmarshall]

3 hours ago, stevenl said:

This news report and the thread following it are about the republican senators defending themselves. Now if you would have read the news report you would have seen that your statement is incorrect, " Republican Senator James Inhofe and Democratic Senator Dianne Feinstein also sold stock, according to filings, but, like Loeffler, both said they were not involved in the transactions. "

Not the same thing.  If what Feinstein says is true, her assets were held in a blind trust meaning that she had no knowledge or control over investment decisions.  By contrast apparently neither Burr not Loeffler's assets were in blind trusts.  Burr managed his own money, while Loeffler had money managers manage hers, but that is not at all the same as a blind trust.  She could certainly have directed her asset managers to do trades.  Loeffler's husband is Chairman of the NY Stock Exchange, so she would have been very familiar with the insider trading rules she was breaking.

 

Neither will be prosecuted by Barr's DOJ or the Republican SEC.

[stevenl]

16 minutes ago, cmarshall said:

Not the same thing.  If what Feinstein says is true, her assets were held in a blind trust meaning that she had no knowledge or control over investment decisions.  By contrast apparently neither Burr not Loeffler's assets were in blind trusts.  Burr managed his own money, while Loeffler had money managers manage hers, but that is not at all the same as a blind trust.  She could certainly have directed her asset managers to do trades.  Loeffler's husband is Chairman of the NY Stock Exchange, so she would have been very familiar with the insider trading rules she was breaking.

 

Neither will be prosecuted by Barr's DOJ or the Republican SEC.

Yes, not the same, that's what I implied in response to someone else who was accusing the media of singling out 2 republicans for this violation.

[Misty]

5 hours ago, cmarshall said:

Neither will be prosecuted by Barr's DOJ or the Republican SEC.

There could be other consequences. Senator Loeffler is a Senate appointee - to keep her seat, she needs to run for election this November - the appearance of insider trading will not help her chances.  She also holds the CFA designation, which she could lose if she violated its Code of Ethics, and her future in the bitcoin world could also be less secure.  Senator Burr had already indicated he would not run for reelection in 2022, however his reputation, and therefore ability to monetize his current position in the future could both be affected. 

[cmarshall]

16 hours ago, Misty said:

There could be other consequences. Senator Loeffler is a Senate appointee - to keep her seat, she needs to run for election this November - the appearance of insider trading will not help her chances.  She also holds the CFA designation, which she could lose if she violated its Code of Ethics, and her future in the bitcoin world could also be less secure.  Senator Burr had already indicated he would not run for reelection in 2022, however his reputation, and therefore ability to monetize his current position in the future could both be affected. 

Loeffler could well lose her primary as a result.  But losing your primary is not a sufficient punishment for breaking the Stock Act.