Four Republican senators offloaded millions of dollars worth of stock just before the market plunged because of the novel coronavirus. Republican Richard Burr, Kelly Loeffler, James Inhofe, and Democrat Dianne Feinstein sold off up to $11 million between late January and early February.
Richard Burr, the chairman of the Senate intelligence committee and his wife sold up to $1.72 million of stock before the market fell as a result of increasing fear of coronavirus. Rep. Alexandria asked for the resignation of Sen. Richard Burr after it was revealed he dumped millions of dollar worth of stock shortly after reassuring public that the US is ready to fight this virus
Cortez wrote on Twitter: “As Intel chairman, Senator Burr got private briefings about Coronavirus weeks ago. Burr knew how bad it would be. He told the truth to his wealthy donors while assuring the public that we were fine. THEN he sold off $1.6 million in stock before the fall. He needs to resign.”
As Intel chairman, @SenatorBurr got private briefings about Coronavirus weeks ago.
Burr knew how bad it would be. He told the truth to his wealthy donors, while assuring the public that we were fine.
THEN he sold off $1.6 million in stock before the fall.
He needs to resign. https://t.co/IAITMbJ3R5
— Alexandria Ocasio-Cortez (@AOC) March 19, 2020
Democrat Dianne Feinstein dumped up to $6 million in stock including in a biotech firm. James Inhofe unloaded up to $400,00 in stock including real estate. Kelly Loeffler, the wife of Chairman of New York stock exchange, Jeffrey Sprecher, has abandoned up to $3.1 million in investment. The first sale was made on January 24 worth between $50,001 and $100,000 infirm Resideo technologies.
Feinstein and Loeffler defended themselves by saying that they have no personal control over their stocks. Loeffler tweeted: “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.”
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.
— Senator Kelly Loeffler (@SenatorLoeffler) March 20, 2020
While Richard Burr and Inhofe have not commented about this matter yet. Burr warned people at a meeting in Washington that deadly coronavirus will badly affect the businesses. He said that this infectious disease is much more aggressive in its transmission than any other thing which we have seen in history.
It was reported that Burr has no internal information as he sold the stocks. The Senate intelligence committee didn’t have any briefing regarding the pandemic the week when most of the stocks were dumped. There was a wave of anger around the state because of the alleged conduct of senators.
As of Friday, novel coronavirus, officially known as COVID-19, has infected 252,731 people around the world and the world death toll has surpassed 10,405. The death rate reached 10.46%. The United States has reported 14,366 cases of coronavirus and almost 217 people died.