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Senator dumped up to $1.6M of stock after reassuring public on Covid-19

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11–20 of 44 posts

Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19

#11

My guess: regardless of which party wins the presidency in November, there will be as much accountability for this senator and others like him as there was for the George W. Bush administration officials who lied the country into war and implemented a program of torture. That is to say, none whatsoever.

Fun fact: AOC and Ted Cruz have cosponsored legislation banning Congress folks from lobbying for life. I’m unaware of the current status, but people still work across the aisle and not all hope is lost. We must push on. This (excellent) reporting by ProPublica is part of that.

The calls for the senator to face a grand jury coming from some Congresspeople are encouraging. I'll still be pleasantly surprised if he serves a single day in prison.

Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19

#14
There is a rather amusing line in his wikipedia entry [0], given the current context:

> In fall 2008, during that year's financial crisis, Burr said he was going to an ATM every day and taking out cash because he thought the financial system was going to soon collapse. In April 2009, in response to press about his experience, Burr told NC public radio station WFAE that he would do the same thing again next time.

[0] https://en.wikipedia.org/wiki/Richard_Burr

Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19

#15

Earlier quoted context omitted.

Fun fact: AOC and Ted Cruz have cosponsored legislation banning Congress folks from lobbying for life. I’m unaware of the current status, but people still work across the aisle and not all hope is lost. We must push on. This (excellent) reporting by ProPublica is part of that.

The calls for the senator to face a grand jury coming from some Congresspeople are encouraging. I'll still be pleasantly surprised if he serves a single day in prison.

2 months ago a republican congressman was sentenced for insider trading, so the SEC/FBI do catch these people sometimes https://www.washingtonpost.com/business/2020/01/17/former-re...

Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19

#16
post #9

Earlier quoted context omitted.

I believe congress is exempt from insider trading laws. Edit: looks like I was wrong. Thanks for the links.

I don't think so. Most recently there was a congressman from an east coast state convicted of same or at least similar, as I recall. I might recall incorrectly.

Chris Collins (R-NY).

Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19

#17
post #6

I have submitted an insider trading complaint to the SEC, https://www.sec.gov/tcr In their list of categories describing the person being reported, Member of Congress is not included. In their list of categories describing the reporting person, Member of Congress is included. Huh.

I believe congress is exempt from insider trading laws. Edit: looks like I was wrong. Thanks for the links.

They were (exempt) but they passed a law to make it illegal though I believe they watered down. Previous to the law it wasn't illegal for them to do insider trading.

Re: Senator dumped up to $1.6M of stock after reassuring public on Covid-19

#19
post #18

Is this not insider trading? He made decisions based on info not available to general public.

That's not the definition of insider trading.

Ok, I’ll bite. If that is not the definition of insider trading what is?
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