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Richard Burr facing impeachment for insider trading

CowBoysFan

Posted 6:03 pm, 05/07/2020

Antithesis,
If a member of the GOP uttered the words blind trust y'all would have split your sides open laughing.
Gibbs rule #39, There's no such thing as a coincidence.

antithesis

Posted 5:56 pm, 05/07/2020

From the first article:

Although there is controversy surrounding Sen. Dianne Feinstein (D-CA)'s involvement in the alleged scandal, the senator never actually sold any stocks.

"During my Senate career, I've held all assets in a blind trust of which I have no control," Feinstein said in a statement to Yahoo Finance. "Reports that I sold any assets are incorrect, as are reports that I was at a January 24 briefing on coronavirus, which I was unable to attend."

The SEC defines a blind trust as a legal arrangement "in which a trustee manages funds for the benefit of somebody (e.g., an access person) who has no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee's management."

In other words, if you have a blind trust, you don't know what's currently in your portfolio.

"That's the way it ought to be and if it just so happens that blind trust trades, that's it," Cox said. "Now, the question with Feinstein is: Who manages that trust? Is it her husband? Then we always worry about pillow talk. But we don't know that."

Feinstein, citing Senate rules, told Yahoo Finance that "I report my husband's financial transactions. My husband in January and February sold shares of a cancer therapy company. This company is unrelated to any work on the coronavirus and the sale was unrelated to the situation."


The other 3 that sold off stocks are GOP, and since the Ethics Committee is owned by the GOP I don't expect much of an investigation.

MichSt66

Posted 5:54 pm, 05/07/2020

Impeach and remove all of them.

CowBoysFan

Posted 5:51 pm, 05/07/2020

I agree, you can't impeach 1 unless you impeach all 4.
Here's the link,
https://www.google.com/amp/...eports.amp

Jimbojolly

Posted 5:51 pm, 05/07/2020

How can anyone in Congress, all owned by big business not get insider trading info? They should all be barred from having any business with Wall St.

Cajahah

Posted 5:49 pm, 05/07/2020

Impeach all four of them.

CowBoysFan

Posted 5:41 pm, 05/07/2020

I doubt they'll impeach Burr, considering they'd have to impeach Feinstein as well,
Sen. Dianne Feinstein of California and three of her Senate colleagues reported selling off stocks worth millions of dollars in the days before the coronavirus outbreak crashed the market, according to reports.

antithesis

Posted 5:31 pm, 05/07/2020

Back on Feb. 13, Burr and his wife sold shares of companies worth $1.7 million. According to an analysis by the Wall Street Journal, those shares were worth at least $250,000 less at the close of the trading day on March 19.

"The other thing that's particularly ****ing about him is that the trades that he did engage in were significant," Cox said. "It wasn't just one or two stocks. It was a big part of his portfolio and an important component of his overall wealth, which suggests again that it was likely he was selling because he was fearful in light of what he had heard from the intelligence community - that there was going to be a major decline in the stock market."

Burr was receiving daily coronavirus briefings around the time of his stock selling, which included several hotel companies. The hotel industry has been hit hard by the coronavirus.


In a Feb. 7 op-ed for Fox News, Burr and Sen. Lamar Alexander wrote that "the United States is better prepared than ever before to face emerging public health threats, like the coronavirus."

But, according to NPR, he told a private group only a few weeks later that the coronavirus "is much more aggressive in its transmission than anything that we have seen in recent history. It is probably more akin to the 1918 pandemic."

https://finance.yahoo.com/n...14242.html

And on top of that...

Sen. Richard Burr was not the only member of his family to sell off a significant portion of his stock holdings in February, ahead of the market crash spurred by coronavirus fears. On the same day Burr sold, his brother-in-law also dumped tens of thousands of dollars worth of shares. The market fell by more than 30% in the subsequent month.

Burr's brother-in-law, Gerald Fauth, [a Trump appointee] who has a post on the National Mediation Board, sold between $97,000 and $280,000 worth of shares in six companies - including several that have been hit particularly hard in the market swoon and economic downturn.

https://www.propublica.org/...mily-stock

I think that Burr will try to hang on until September, and then resign. Considering that it's up to the GOP-controlled Senate Ethics Committee to do anything, that shouldn't be a problem.

If he can hang on that long then it will be too late for his seat to be in the November election, and the GOP will be able to appoint his replacement. Then that replacement will be safe until 2022.

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