Three More Senators Reported to Have Sold Large Stock Holdings Before Coronavirus Meltdown
Three more Senators reportedly sold significant shares in their personal stock portfolio shortly after receiving classified into about the ill effects of then looming coronavirus pandemic.
Republican Senators Ron Johnson, James Inhofe, and Democratic Senator Diane Feinstein all reportedly dumped stocks after being briefed about COVID-19 in a late January Senate Intelligence Committee meeting.
On Thursday, ProPublica reported that Senator Richard Burr sold up to $1.6 million in stocks shortly after the same briefing of the Intel Committee he chairs, and NPR reported on leaked audio of a dire presentation the North Carolina senator presented to the political donor class weeks before the same dire information was shared nationally.
Later on Thursday, The Daily Beast reported that Sen. Kelly Loeffler — who is married to Jeffrey Sprecher, chairman of the New York Stock Exchange and CEO of the business services company Intercontinental Exchange — attended a briefing about the coronavirus in late January. On that same day, she sold somewhere between $50,001 and $100,000 worth of stock from Resideo Technologies.
The New York Times reports details of Feinstein’s and Inhofe’s curiously timed stock sell-offs:
Ms. Feinstein and her husband sold $1.5 million to $6 million worth of stock in Allogene Therapeutics, a California-based biotech company, in transactions that took place on Jan. 31 and Feb. 18.
Mr. Inhofe sold a large amount of stock — all on Jan. 27 — including holdings in PayPal, Apple and Brookfield Asset Management, a real estate company, with the overall value of the sales totaling as much as $400,000, a disclosure report shows.
Details have yet to emerge, Sen. Ron Johnson, but D.C. reporter Jamie Dupree tweeted the following portfolio management about the Wisconsin senator:
In a report filed today, Sen. Ron Johnson R-WI with a very large stock sale earlier this month. pic.twitter.com/c9QbjYOcPa
— Jamie Dupree (@jamiedupree) March 20, 2020
Congressional statues on members selling stocks has evolved over the past few years, so it is not yet clear that any of these actions are against the law. But purely from an optics perspective? This is not a good look.
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