Sens. Feinstein, Burr, Loeffler and Inhofe Accused of Insider Trading

[acptulsa]

https://www.bizpacreview.com/2020/03...-plunge-899304

Sen. Dianne Feinstein is reportedly part of a small group of senators who sold off millions of dollars worth of personal stock days before the market crashed due to the coronavirus crisis.

The California Democrat and three of her Senate colleagues sold major holdings in February just before the stock market plunge, according to U.S. Senate disclosure records.

Feinstein, the ranking member of the Senate Judiciary Committee, along with Republican Sens. Richard Burr of North Carolina, Kelly Loeffler of Georgia and James Inhofe of Oklahoma, all sold off stock around the same time, though a spokesman said Feinstein wasn’t directly involved in the transactions.

The report about Feinstein, whose home city of San Francisco was just put under a “shelter-in-place” order along with the state of California, emerged as Burr has come under fire for dumping more than $1.6 million from his personal portfolio just ahead of the market crash.

Burr, chairman of the Senate Intelligence Committee, reportedly sold off the stocks in a series of more than 30 transactions according to ProPublica which first reported on the sale, prompting calls for his resignation.

“He dumped his shares in hotel stocks so he wouldn’t lose money, and then he stayed silent,” Fox News host Tucker Carlson said Thursday. “Maybe there is an honest explanation for what he did. If there is, he should share it with us immediately. Otherwise, he must resign from the Senate and face prosecution for insider trading.”

...

It's a big club, and you ain't in it.

H/T O.

[Warlord]

Should 'insider trading' be a crime? It is actually a useful market signal.

Though I would dearly love for Burr to be prosecuted or hounded out of the Senate. My principles don't run too deeply on this.

[acptulsa]

Should 'insider trading' be a crime? It is actually a useful market signal.

Though I would dearly love for Burr to be prosecuted or hounded out of the Senate. My principles don't run too deeply on this.

Should politicians be allowed to get their trades in before they pass bills which have a direct effect on stock prices?

What will become of us if we don't say no to that?

[Warlord]

Should politicians be allowed to get their trades in before they pass bills which have a direct effect on stock prices?

What will become of us if we don't say no to that?

Congress people have been doing it for years... it's very hard to prove and they have usually got away with it. This time it might be different because of the pandemic,

I see it as a non-violent crime that is selectively used by prosecutors.

[oyarde]

To use some as an example ? I am ok with it if they use Feinstein . Otherwise , I could care less . Anyone should have been dumping stock when the Dow got to 29 K .

[pcosmar]

Should 'insider trading' be a crime?

It is certainly Morally contemptible.. and Dishonest Business.

I suppose it depends on what you view as crime.

[bv3]

It is a flagrant violation of the public trust. Any government personnel that engage in such activity should be stripped of all authority, and proscribed from running for office for the rest of their lives.

[Weston White]

They should be recused from being part of any hearing or council and from voting (or must abstain their vote) on any social-political-economy matters in which they hold a financial interest in that is greater than say $100 in value; else be subject to an official recall by their constituents.

[69360]

Not really news. Every politician does this.

[pcosmar]

Not really news. Every politician does this.

But not all get caught red handed in a crisis of their own making.

The spin might be interesting.

[69360]

But not all get caught red handed in a crisis of their own making.

The spin might be interesting.

It will get buried in the daily doom and gloom reports.

Six months later in a tiny article, we will see they got a slap on the wrist

[eleganz]

Should 'insider trading' be a crime? It is actually a useful market signal.

Though I would dearly love for Burr to be prosecuted or hounded out of the Senate. My principles don't run too deeply on this.

Insider trading should not be a crime for the plebs but should definitely be for elected officials.

I think an argument can be made that since they are being paid so much to be good NOT corrupt, they don't need to be investing into any businesses either (ban on investments and any profiting while in office). Thats the hand-off if you're truly attempting to "serve" the public, its truly serving and nothing else. More of the good will rise to the top, its like volunteer work, you're there because of passion not riches.

[jmdrake]

Should 'insider trading' be a crime? It is actually a useful market signal.

Though I would dearly love for Burr to be prosecuted or hounded out of the Senate. My principles don't run too deeply on this.

Congresscritters should be doubly prosecuted for violating the laws they pass.

[acptulsa]

Congresscritters should be doubly prosecuted for violating the laws they pass.

If Democrats can call for Feinstein to be jailed, the least we can do is call for neocon Inhofe to be jailed with her.

They use bipartisanship to jail us. Why can't we use bipartisanship to jail them?

[luctor-et-emergo]

If Democrats can call for Feinstein to be jailed, the least we can do is call for neocon Inhofe to be jailed with her.

They use bipartisanship to jail us. Why can't we use bipartisanship to jail them?

Sounds reasonable.