Senator Dumped Up to $1.6 Million of Stock After Reassuring Public About Coronavirus Preparedness

[mfcorey1]

Intelligence Chair Richard Burr’s selloff came around the time he was receiving daily briefings on the health threat.

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Soon after he offered public assurances that the government was ready to battle the coronavirus, the powerful chairman of the Senate Intelligence Committee, Richard Burr, sold off a significant percentage of his stocks, unloading between $582,029 and $1.56 million of his holdings on Feb. 13 in 29 separate transactions.

As the head of the intelligence committee, Burr, a North Carolina Republican, has access to the government’s most highly classified information about threats to America’s security. His committee was receiving daily coronavirus briefings around this time, according to a Reuters story.

A week after Burr’s sales, the stock market began a sharp decline and has lost about 30% since.

On Thursday, Burr came under fire after NPR obtained a secret recording from Feb. 27, in which the lawmaker gave a VIP group at an exclusive social club a much more dire preview of the economic impact of the coronavirus than what he had told the public.

https://www.propublica.org/article/senator-dumped-up-to-1-6-million-of-stock-after-reassuring-public-about-coronavirus-preparedness

[awesomerwb1]

1. Collins version 2.0?

Is this a crime? Would this fall under the jurisdiction of the NY AG?

[C_U_L8R]

2. Oh that's big trouble.

He could go to jail.

[DonaldsRump]

3. Hmmm....the SEC might want to take a look

Also, if I were a shareholder of any of the companies he dumped, I would be concerned, to say the least.

[aquamarina]

4. Hmmm,

didn't Chris Collins just go to prison for insider selling? Maybe they can be cellmates.

[renate]

5. did he think nobody would find out?

I do understand the temptation. He knew what was coming and was, presumably, not even allowed to make it public, since it was classified. So it's not as though he kept non-classified information back from us plebes.

And is it insider trading if it's not a particular stock, like if it's just mutual funds? I wouldn't have thought so.

Still. The February 27 reveal solely to rich people isn't a cute look.

[dweller]

6. ooh, will there be a special election for his seat?

or will the Dem Gov Cooper appoint his replacement ?
🤔

✌🏼

[warmfeet]

7. He is a trumper and all,

so I'm sure it's okay. Roast on a hot spittle for eternity you corrupt asshole.



Lower them all, to the pits of hell.

[Aussie105]

8. I suspect a lot of people have done this.

Public face: Don't panic folks, it will all come good, no need to do anything, all under control. Trust your elected people!

Privately: Shit! Stock up on food! Sell all my shares! The End is Nigh!

[Hulk]

9. Tax the living shit out of him!

It's time to balance the tax on financial profits with the rest of the formula.