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Started By
Message
re: Senator Richard Burr committed insider trading?
Posted on 3/19/20 at 7:15 pm to Bestbank Tiger
Posted on 3/19/20 at 7:15 pm to Bestbank Tiger
quote:I was thinking about that. When would have an appropriate time been for him to sell? 10% down? 20% down? Nobody here would have waited much longer than he did.
Also, you could predict a drop in the market back then. Stocks were already overpriced and we knew in January that there might be a disruption of the supply lines. Trump had already issued the China travel ban before February 13, and the TD thread started in January.
0
Posted on 3/19/20 at 8:42 pm to CommoDawg
This whole thing does seem like a fill in for a “transfer of wealth” that didn’t happen on the usual cyclical schedule.
Not surprised.
Not surprised.
This post was edited on 3/19/20 at 8:43 pm
Posted on 3/20/20 at 3:38 am to stout
quote:
Insider trading is having specific information about a specific company and trading on that knowledge. This isn't that. Try again
And being on the Senate Intelligence Committee and getting briefings on a daily basis, this guy certainly wouldn't be privy to any "specific information" that the typical public wouldn't have regarding potential future financial impacts to various companies that he has stock in.
And meanwhile he was warning all the other stock holders:
quote:
Thankfully, the United States today is better prepared than ever before to face emerging public health threats, like the coronavirus, in large part due to the work of the Senate Health Committee, Congress, and the Trump Administration.
No matter the outbreak or threat, Congress and the federal government have been vigilant in identifying gaps in its readiness efforts and improving its response capabilities.
The public health preparedness and response framework that Congress has put in place and that the Trump Administration is actively implementing today is helping to protect Americans. Over the years, this framework has been designed to be flexible and innovative so that we are not only ready to face the coronavirus today but new public health threats in the future.
But the big question is, if everyone knows about the impending doom against the stock market, then Burr would have no one to buy his stocks from him, am I right???
Posted on 3/20/20 at 3:48 am to CommoDawg
I have been following this story, closely. . .
frick Burr and Loeffler, fricking evil fricks
frick Burr and Loeffler, fricking evil fricks
Posted on 3/20/20 at 4:08 am to Roaad
quote:
frick Burr and Loeffler, fricking evil fricks
I agree.
Now lets look at the trades of every member of Congress. Anybody who thinks these are the only 2 is likely smoking something.
Posted on 3/20/20 at 4:21 am to gthog61
Stop Trading on Congressional Knowledge (STOCK) Act
(Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.
The bill was introduced by Joe Lieberman, independent United States Senator for Connecticut, on January 26, 2012, and passed in the Senate by a 96–3 vote.[2] Later the House of Representatives passed it by a 417–2 vote.
The 3 Senators who voted against the Act:
Sens. Tom Coburn (R-Okla.)
Jeff Bingaman (D-N.M.)
Richard Burr (R-N.C.)
(Pub.L. 112–105, S. 2038, 126 Stat. 291, enacted April 4, 2012) is an Act of Congress designed to combat insider trading. It was signed into law by President Barack Obama on April 4, 2012. The bill prohibits the use of non-public information for private profit, including insider trading by members of Congress and other government employees. It confirms changes to the Commodity Exchange Act, specifies reporting intervals for financial transactions.
The bill was introduced by Joe Lieberman, independent United States Senator for Connecticut, on January 26, 2012, and passed in the Senate by a 96–3 vote.[2] Later the House of Representatives passed it by a 417–2 vote.
The 3 Senators who voted against the Act:
Sens. Tom Coburn (R-Okla.)
Jeff Bingaman (D-N.M.)
Richard Burr (R-N.C.)
Posted on 3/20/20 at 4:52 am to ConwayGamecock
Lol who's going to investigate or arrest him? Barr? He's been in the club for decades, I was once optimistic but now i have zero expectation anyone in "the club" will ever be arrested or prosecuted for anything. They will throw us a bone now and then with a nobody but as far as anyone meaningful ever going down forget about it. They are royalty on par with the Russian Aristocracy of the Tsar era, they can can do anything they want and say go frick yourself I'm untouchable deal with it.
Posted on 3/20/20 at 5:53 am to CommoDawg
Pretty sure that there are more ,but he is the only one caught so far.
Posted on 3/20/20 at 5:55 am to CommoDawg
So he's never allowed to sell stock?
Posted on 3/20/20 at 5:57 am to Barstools
quote:
So he's never allowed to sell stock?
It is bullshite if you can lock up a citizen for the same thing.
Posted on 3/20/20 at 6:50 am to CommoDawg
quote:Indeed.
What a scum bag
Unfortunately, he now seems like just the type guy who would trade off of that information. He, and three-fourths of his colleagues.
Do you remember Harry Reid responding to questions about how he accumulated millions. Reid arrogantly claimed, "I got rich on Congressional pay because I'm a good investor."
Do you remember that, CommoDawg?
Because I do. I remember it quite well.
What I don't remember is you referring HarryReid as a "scum bag".
Did you?
Did you criticize Reid for his greased palms? Once ever? If so, could you link the post? Did you question Hillary Clinton's similar investment "luck"? Once ever? If so, could you link the post?
Other Senator/congressmen transactions will be scrutinized as well. Some may be legit though. There were other reasons to dump stock coming into this. I can say this, thank goodness I'm not in the Senate. The shifts in my personal portfolio parallel Loeffler's, just 10 days to two weeks ahead. We sold a truckload in mid/late January.
Why?
Because PE's ran up through 2019. Growth was speculative. Even so, PEG's seemed seemed high. So we cashed out positions. We sold in Jan as opposed to Dec for tax purposes. Our brokered accounts were less active. Were I in Congress, my transactions would be spun as dubious. No doubt about it.
Which brings this back to Loeffler. She claims her accounts are independently managed. I take her at her word.
However, her husband is .... wait4it .... chairman of the New York Stock Exchange.
If anything, HE is the insider trader here. I'm a little surprised he'd be allowed to trade on the exchange while running it. No question he would have been hearing Wall St types chirping about the coming storm. He may have even been briefed on possible exchange shutdowns. That probably deserves an SEC visit.
As we move forward to "bailouts" there will be pressure directed at government ownership positions in all companies receiving assistance. Folks like the OP who might laud "more government control of private business" need to understand the present episode of "inside trading" is small potatoes compared to what widespread government stockholding could bring.
This post was edited on 3/20/20 at 6:51 am
Posted on 3/20/20 at 6:50 am to CommoDawg
How do you think they all get elected to a $174,000 per year job in one of the most expensive cities and come back millionaires?
Posted on 3/20/20 at 6:56 am to RCDfan1950
quote:I've posted on Burr before. Everyone there is dirty. But as you said, Burr is likely also compromised.
Burr has been a thorn in Trump's side since Inauguration. Given his long tenure up there, He's likely compromised and dirty
Posted on 3/20/20 at 7:26 am to TrueTiger
quote:
How do you think they all get elected to a $174,000 per year job in one of the most expensive cities and come back millionaires?
With guarantees of plush board jobs for billion-dollar corporations, or plush jobs as lobbyists for those corps, or high-dollar speaking engagements for corporate big-wigs, or plush consulting jobs, or.....
....and they get all that by getting elected by plain everyday folks who just want to be able to earn enough to put a roof over their families' heads, put food on the table, and send their kids to school, and be able to get by during retirement.
No wonder politicians smile all the time when they campaign.....
Posted on 3/20/20 at 7:27 am to CommoDawg
They all do it because they can
Posted on 3/20/20 at 7:47 am to Barstools
quote:
So he's never allowed to sell stock?
Brah.
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