Senator Kelly Loeffler from Georgia admitted to selling over $1 million worth of stock after a private meeting in Washington, D.C.
Oh, and by the way, her husband is the CEO of the company that owns the New York Stock Exchange as well as chairman of the NYSE.
Shes being rightfully accused of having insider knowledge and abusing the system during a global pandemic. Yet she isn't the only one, three other senators are in the same hot seat.
James Inhofe (R-Okla.), Dianne Feinstein (D-Calif.) and Richard Burr (R-N.C.) each sold over hundreds of thousands worth of stock right before the crash.
They are under question if they abused the law, STOCK Act, it bans members of Congress from making financial trades based on nonpublic information.
According to The Daily Beast:
Sen. Kelly Loeffler (R-GA) 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 Institutes of Health of the United States, on the coronavirus.
That first transaction was a sale of stock in the company Resideo Technologies worth between $50,001 and $100,000. The company’s stock price has fallen by more than half since then, and the Dow Jones Industrial Average overall has shed approximately 10,000 points, dropping about a third of its value.
It was the first of 29 stock transactions that Loeffler and her husband made through mid-February, all but two of which were sales. One of Loeffler’s two purchases was stock 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 was put on the spot on Fox News and Asked about the convenient stock sell. She, of course, denies knowing and it happened without her knowledge.
Ed Henry: “Shortly after that tweet you sold over a million dollars in stocks from your portfolio before the market went down. Were you trading on inside information on what was coming?”
Sen. Kelly Loeffler: “Well, I’m really glad that you asked Ed because I do want to set the record straight. I’ve seen some of those stories and it’s absolutely false. And it could not be true. So, if you actually look at the personal transaction reports that were filed it notices at the bottom that I am only informed on my transactions after they occur, in several weeks. So those transactions, at least on my behalf, were a mix of buy and sells, very routine for my portfolio.”
Uhmmmm... Liar.
