Senator Dumped Up to $1.6 Million of Stock After Reassuring Public About Coronavirus Preparedness

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dank69

dank69

Lifer
Oct 6, 2009
35,332
28,607
136
Blackjack200 said:
FWIW, Nate Silver has suggested that only Burr and Loeffler's transactions really look suspicious. He pointed out that one of the stocks Feinstein sold was PayPal, which could obviously thrive in an environment like this.

People on Twitter are flipping the fuck out, it's a much more serious reaction that I had expected.
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The Hill is reporting $1.5 million of Allogene (biotech). A quick check shows it hasn't really tanked all that much from the first sale on 1/31 though it is down quite a bit from the second sale on 2/18
 
UNCjigga

UNCjigga

Lifer
Dec 12, 2000
24,817
9,027
136
So I was texting a few neighbors about this and the consensus was that Barr’s DOJ will most certainly look the other way. However, Barr has fuck-all to do with the SEC. In fact, New York State DAs or AG can open an investigation at any time into these trades (especially those conducted on NYSE) and then make a referral to the SEC for investigation that they have to act on. Nevermind the DA’s or AG’s office—if enough investors (especially institutional investors) believe their positions were harmed by these actions they can make a big enough stink and compel an investigation.
 
woolfe9998

woolfe9998

Lifer
Apr 8, 2013
16,188
14,092
136
It's probably not going to technically be insider trading because much of the information that Barr received in briefings was also reported in the press at the time, and some of it before the time.

What Barr did - downplaying the threat to the public while dumping his stock - was morally reprehensible. However, I very much doubt he ever gets prosecuted.
 
Blackjack200

Blackjack200

Lifer
May 28, 2007
15,995
1,685
126
UNCjigga said:
So I was texting a few neighbors about this and the consensus was that Barr’s DOJ will most certainly look the other way. However, Barr has fuck-all to do with the SEC. In fact, New York State DAs or AG can open an investigation at any time into these trades (especially those conducted on NYSE) and then make a referral to the SEC for investigation that they have to act on. Nevermind the DA’s or AG’s office—if enough investors (especially institutional investors) believe their positions were harmed by these actions they can make a big enough stink and compel an investigation.
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SEC doesn't have criminal enforcement authority, they would have to refer a criminal investigation to the FBI.
 
Bitek

Bitek

Lifer
Aug 2, 2001
10,647
5,220
136
Fenixgoon said:
First he said coronavirus was serious. Now he's calling for a senator to resign.

What in the hell has happened to Tucker?
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Posturing for the post Trump era, because that MFer is going down with this virus shit
 
Starbuck1975

Starbuck1975

Lifer
Jan 6, 2005
14,698
1,909
126
Burr and Loeffler need to provide transparency into what triggered the sales. Loeffler said the transaction was made without her knowledge, that should be easy enough to prove.

Burr, more obvious it was a stock dump.

The bigger problem is that we have Senators sitting on millions of dollars in stock. Maybe as part of their oath of office, they should be forbidden from buying or selling any stock, or restrict their investments to 3rd party managed funds that they cannot directly influence.
 
JSt0rm

JSt0rm

Lifer
Sep 5, 2000
27,399
3,947
126
Starbuck1975 said:
Burr and Loeffler need to provide transparency into what triggered the sales. Loeffler said the transaction was made without her knowledge, that should be easy enough to prove.

Burr, more obvious it was a stock dump.

The bigger problem is that we have Senators sitting on millions of dollars in stock. Maybe as part of their oath of office, they should be forbidden from buying or selling any stock, or restrict their investments to 3rd party managed funds that they cannot directly influence.
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leave the gop.
 
GoodRevrnd

GoodRevrnd

Diamond Member
Dec 27, 2001
6,803
581
126
Starbuck1975 said:
Burr and Loeffler need to provide transparency into what triggered the sales. Loeffler said the transaction was made without her knowledge, that should be easy enough to prove.

Burr, more obvious it was a stock dump.

The bigger problem is that we have Senators sitting on millions of dollars in stock. Maybe as part of their oath of office, they should be forbidden from buying or selling any stock, or restrict their investments to 3rd party managed funds that they cannot directly influence.
Click to expand...
 
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JSt0rm

JSt0rm

Lifer
Sep 5, 2000
27,399
3,947
126
Jhhnn said:
More information-

www.sfchronicle.com

Feinstein denies wrongdoing in stock sale before coronavirus outbreak

California Democratic Sen. Dianne Feinstein took to Twitter on Friday to deny she did...
www.sfchronicle.com www.sfchronicle.com

It's fair to say that only the people who attended the classified briefing actually had insider information. It was for their ears only. Feinstein says she wasn't there. The other 3 can't say the same thing.
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plus her stocks are in a blind trust. The other gop member was sellling stuff in his family biz and it was done in installments so he is probably clear as well.
 
Lanyap

Lanyap

Elite Member
Dec 23, 2000
8,106
2,157
136
JSt0rm said:
plus her stocks are in a blind trust. The other gop member was sellling stuff in his family biz and it was done in installments so he is probably clear as well.
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I'm not sure it's blind. Looks like her investment banker husband is controlling their stock. He probably knew the stock market was going to tank because of the coronavirus so it still may be legit. All of these people need to be investigated and let the chips fall.

From that article:
“During my Senate career I’ve held all assets in a blind trust of which I have no control,” Feinstein tweeted. “Reports that I sold any assets are incorrect.”

Feinstein and her husband, investment banker Richard Blum, sold shares in Allogene Therapeutics, a biotechnology company, according to her financial disclosures. They sold shares on Jan. 13 and Feb. 18. The stock subsequently rose in value, peaking in early March.

Feinstein said her husband sold shares in a cancer therapy company that “is unrelated to any work on the coronavirus and the sale was unrelated to the situation.”
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J

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,681
136
Lanyap said:
I'm not sure it's blind. Looks like her investment banker husband is controlling their stock. He probably knew the stock market was going to tank because of the coronavirus so it still may be legit. All of these people need to be investigated and let the chips fall.

From that article:
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Or she knew she wouldn't have to fuss over money any more when she married Blum & doesn't.
 
Homerboy

Homerboy

Lifer
Mar 1, 2000
30,856
4,974
126
sandorski said:
Blind Trusts should be mandatory for all Politicians and certain Government Bureaucrats. Includes Investments and Businesses. Family members and/or Friends can not manage said Trusts. People who whine about it are untrustworthy.
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Even more, they should be only allowed to have bonds and or gold. Full stop. Want to become an elected federal civil servant? Then ditch your holdings in companies.
 
C

chowderhead

Platinum Member
Dec 7, 1999
2,633
263
126
The same day, Senator Perdue received a classified briefing on the Corona virus outbreak, he started heavily buying and selling stocks including buying stocks in a PPE manufacturer.

GDPR Support

www.ajc.com
If the SEC had any teeth, they would clawback these "earnings"
All of these Republicans need to be fired on November!
 
dawp

dawp

Lifer
Jul 2, 2005
11,345
2,705
136
SteveGrabowski said:
Bet he won't say anything about Johnson though since his replacement would be appointed by a Democratic governor.
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north carolina has a dem gov too. not sure how a replacement is picked here tho,
 
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