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The Sens Loeffler and Burr Resignation Thread (1 Viewer)

GOP are really ####ed here - unless they both have a great explanation.  The optics are simply terrible - profiting off a global pandemic, while the US government moves forward unprepared.

This will be played in all competitive races this fall...

 
This needs to be bumped often. So much other news but these dudes need to go. Don’t let this get washed away with all the other news.

Also Tucker has twice now be against the Fox brand in recent weeks. He was the first to call out Trump on his bull#### regarding the severity of this.

I think it was @Shula-holic who I was talking with about Bill Maher related issue and he mentioned Tucker does go off the script on occasion for what he his typically branded. 

 
The General said:
This needs to be bumped often. So much other news but these dudes need to go. Don’t let this get washed away with all the other news.

Also Tucker has twice now be against the Fox brand in recent weeks. He was the first to call out Trump on his bull#### regarding the severity of this.

I think it was @Shula-holic who I was talking with about Bill Maher related issue and he mentioned Tucker does go off the script on occasion for what he his typically branded. 
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Every member’s stock handling needs to be looked at. Also we need to know what kind of info they were being given that we weren’t being given.  Not just for stocks but for health.

 
Ilov80s said:
Every member’s stock handling needs to be looked at. Also we need to know what kind of info they were being given that we weren’t being given.  Not just for stocks but for health.
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That's key.  Who was in that meeting, what was discussed, and why was the initial messaging (at least from Republicans) "nothing to see here, keep buying stocks"?

 
I'm all about fleshing out and prosecuting insider trading.

But, what really, really concerns me is that it really seems their private behavior was in response to a fear that was withheld from the public--from their constituents.  If the position is "we just didn't know it could get bad" that's one thing.  Arguable on those merits, and I think I'd just have to shake my head at their ignorance.  But, this?  This feels like some sinister level ####.

 
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caustic said:
I just looked at Pelosi's disclosures and she *bought* a ####load of stock in mid-January. :lmao:  ONE OF US!!
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It was a while ago, so I might be misremembering.  But I thought one of the reasons I didn’t like her was some shady trades she made in 2008.  Don’t quote me.

 
Sinn Fein said:
REMINDER: Sen. Kelly Loeffler is married to Jeffrey Sprecher, the chairman of the New York Stock Exchange, and the chairman and CEO of Intercontinental Exchange, which is NYSE's parent company.
 

:oldunsure:
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I'd like to see what he was buying and selling at that time...

 
Every member of congress and senate should be looked at here.  Remember they might fight on The Hill but they drink together after just like pro sports teams.   

Loeffler and anyone involved deserves jail time if involved.

 
Sinn Fein said:
GOP are really ####ed here - unless they both have a great explanation.  The optics are simply terrible - profiting off a global pandemic, while the US government moves forward unprepared.
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They avoided losses, which is a bit different.  A shade bit better than buying 17,000 bottles of hand sanitizer and scalping people for it.  A shade.

JbizzleMan said:
To be so blatant about it too...

They must think they're above the law.
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Is this illegal?  The laws are generally tuned toward specific knowledge of inside company information.

It should, however, be devastating for their reelection chances.

 
Sand said:
They avoided losses, which is a bit different.  A shade bit better than buying 17,000 bottles of hand sanitizer and scalping people for it.  A shade.

Is this illegal?  The laws are generally tuned toward specific knowledge of inside company information.

It should, however, be devastating for their reelection chances.
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The Stop Trading on Congressional Knowledge (STOCK) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.

The bill was introduced by Joe Lieberman, independent United States Senator for Connecticut, on January 26, 2012, and passed in the Senate by a 96–3 vote.[2] Later the House of Representatives passed it by a 417–2 vote.[3] The bill was supported heavily by vulnerable incumbents and signed into law by President Obama.[4] According to the current United States Senate Select Committee on Ethics, "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee

 
JbizzleMan said:
Sand said:
They avoided losses, which is a bit different.  A shade bit better than buying 17,000 bottles of hand sanitizer and scalping people for it.  A shade.

Is this illegal?  The laws are generally tuned toward specific knowledge of inside company information.

It should, however, be devastating for their reelection chances.
Click to expand...
The Stop Trading on Congressional Knowledge (STOCK) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.

The bill was introduced by Joe Lieberman, independent United States Senator for Connecticut, on January 26, 2012, and passed in the Senate by a 96–3 vote.[2] Later the House of Representatives passed it by a 417–2 vote.[3] The bill was supported heavily by vulnerable incumbents and signed into law by President Obama.[4] According to the current United States Senate Select Committee on Ethics, "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee
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To Sand's point though, it isn't really insider trading.

 
As someone who does not know finance stuff, is that a difference? I feel like if I heard bad non-public news about my company and sold all of my stock, it would be just as much insider trading as if I heard good news and bought more stock?

 
JbizzleMan said:
The Stop Trading on Congressional Knowledge (STOCK) Act (Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.

The bill was introduced by Joe Lieberman, independent United States Senator for Connecticut, on January 26, 2012, and passed in the Senate by a 96–3 vote.[2] Later the House of Representatives passed it by a 417–2 vote.[3] The bill was supported heavily by vulnerable incumbents and signed into law by President Obama.[4] According to the current United States Senate Select Committee on Ethics, "A member, officer, or employee of the Senate shall not receive any compensation, nor shall he permit any compensation to accrue to his beneficial interest from any source, the receipt or accrual of which would occur by virtue of influence improperly exerted from his position as a member, officer, or employee
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well ####, that thing got passed after all.

 
Sand said:
They avoided losses, which is a bit different.  A shade bit better than buying 17,000 bottles of hand sanitizer and scalping people for it.  A shade.

Is this illegal?  The laws are generally tuned toward specific knowledge of inside company information.

It should, however, be devastating for their reelection chances.
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I don't quite understand the law and/or how to establish that insider info-->sale (or purchase).  But, no denying the optics are really bad here.  And, a Burr aid, responding with an "LOL" to an inquiry from a journalist about this story is really disconcerting.  

 
Sand said:
They avoided losses, which is a bit different.  A shade bit better than buying 17,000 bottles of hand sanitizer and scalping people for it.  A shade.

Is this illegal?  The laws are generally tuned toward specific knowledge of inside company information.

It should, however, be devastating for their reelection chances.
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Loeffler is up this year. Burr’s seat isn’t up until ‘22, and I believe he’s said he’s not running again

 
Two other senators have sold stock recently but their sales don't look so nefarious IMO. Neither dumped their entire portfolios like Burr/Loeffler/Inhofe:

Ron Johnson sold up to $25MM in stock of a privately held plastic company on March 2.

Diane Feinstein sold up to $1MM of biotech company $ALLO on 1/31 and another $1-5MM on 2/18. 

 
caustic said:
Two other senators have sold stock recently but their sales don't look so nefarious IMO. Neither dumped their entire portfolios like Burr/Loeffler/Inhofe:

Ron Johnson sold up to $25MM in stock of a privately held plastic company on March 2.

Diane Feinstein sold up to $1MM of biotech company $ALLO on 1/31 and another $1-5MM on 2/18. 
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Johnson’s current Wikipedia intro:

Ronald Harold Johnson is an American plague profiteer and accountant serving as the senior United States Senator for Wisconsin. He is a member of the Republican party.Wikipedia

 
Long Ball Larry said:
Johnson’s current Wikipedia intro:

Ronald Harold Johnson is an American plague profiteer and accountant serving as the senior United States Senator for Wisconsin. He is a member of the Republican party.Wikipedia
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:lmao:  Yeah, people are starting to lump Johnson/Feinstein in with the others and I don’t think that’s wise. The market was already taking a dump when Johnson sold. And with Feinstein, “sell your biotech stocks but hold onto everything else” seems like the opposite of what you’d do to minimize losses during a pandemic.  But who knows.

 
caustic said:
:lmao:  Yeah, people are starting to lump Johnson/Feinstein in with the others and I don’t think that’s wise. The market was already taking a dump when Johnson sold. And with Feinstein, “sell your biotech stocks but hold onto everything else” seems like the opposite of what you’d do to minimize losses during a pandemic.  But who knows.
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Related

 
caustic said:
Doesn’t seem like she’s interested in resigning:

Senator Kelly Loeffler @SenatorLoeffler

This is a ridiculous and baseless attack. I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband's knowledge or involvement.

11:25 PM · Mar 19, 2020

https://twitter.com/senatorloeffler/status/1240856941435502592?s=21
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This could very well be true. It’s actually true for most people with more than a million dollars in their portfolio. 

 
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zoonation said:
Yeah.  But people with million dollar plus portfolios pick up the phone and contact their proxies when they have insider information.  

That defence is vacuous.  
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It’s vacuous if there is evidence that she did it. Right now we’re appearing to rely on speculation. True, it looks awfully suspicious but that’s not the same as proof. 

 
Meh, I think Feinstein and Loefler will be alright.  They both had 3rd parties unloading, and in the case of Loefler she is very wealthy so unloading 1-3 million isnt a huge percentage of her worth.  Also to note, she bought Oracle which went down.  I don't see this mentioned much.  

Butt they said it was a significant percentage of his portfolio, so this is alarming.  

I'd have to know the percentages of overall portfolio, and many more details before condemning everyone here.  I'm generally not the one to give politicians the benefit of the doubt but EVERYONE has been selling off.

 
This will be burried by this afternoon.  Neither side if the aisle wants what's going on right now.  A bunch of people on social media looking at stock sales of politicians.

 
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