Four Senators Cashed Out Stocks Right Before Coronavirus Crash
- 207.5K Views
Recent revelations show that four United States senators cashed out of their stocks right before the stock market crash which was caused by the coronavirus. This bombshell report suggests that the senators knew something that the rest of America did not.
The Daily Wire reports: "Senate financial disclosure records show that ranking Senate Judiciary Committee member Dianne Feinstein (D-CA), Senate Intelligence Chair Richard Burr (R-NC), Sen. Kelly Loeffler (R-GA) and Sen. James Inhoffe (R-OK) all sold off sizable amounts of stocks ahead of the market plummeting amid fears of the impact of the COVID-19 pandemic."
The New York Times reports that Democratic Senator Diane Feinstein and her husband sold “between $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.”
Tom Mentzer, a spokesman for Feinstein assures that she had “no involvement” in the sell-off and that all "of Senator Feinstein’s assets are in a blind trust. She has no involvement in her husband’s financial decisions.”
The Times adds that records show that Senator Burr and his wife sold a staggering $628,000 to $1.7 million along with “as much as $150,000 worth of stock in two hotel chains, Wyndham Hotels and Resorts and Extended Stay America."
Senator Loeffler and her husband, Jeffrey Sprecher who just so happens to be chairman of the New York Stock Exchange, similarly sold off most of her stocks stocks right before the crash. Loeffler “reported the first sale of stock jointly owned by her and her husband on Jan. 24, the very day that her committee, the Senate Health Committee, hosted a private, all-senators briefing from administration officials, including the CDC director and Anthony Fauci, the head of the National Institute of Allergy and Infectious Diseases, on the coronavirus,” The Daily Beast reported.
“That first transaction was a sale of stock in the company Resideo Technologies valued at between $50,001 and $100,000,” the outlet added. Over the days following, the pair made 29 stock transactions, with one purchase “worth between $100,000 and $250,000 in Citrix, a technology company that offers teleworking software and which has seen a small bump in its stock price since Loeffler bought in as a result of coronavirus-induced market turmoil.”
Loeffler responded to the criticism on Twitter by taking a similar position as Feinstein: “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. As confirmed in the periodic transaction report to Senate Ethics, I was informed of these purchases and sales on February 16, 2020 — three weeks after they were made.”
Check out what the New York Times had to say about Senator Burr's stock transactions:
The stocks were sold in mid-February, days after Mr. Burr, Republican of North Carolina and the chairman of the Intelligence Committee, wrote an opinion article for Fox News suggesting that the United States was “better prepared than ever before” to confront the virus. At least three other senators sold major stock holdings around the same time, disclosure records show.
Two weeks after Mr. Burr sold his stocks, he spoke at the Capitol Hill Club in Washington to a nonpartisan group called the Tar Heel Club, warning that the virus could soon cause a major disruption in the United States.
What are your thoughts? Let us know in the comments below!