Four Senators Accused Of Selling Off Stocks Ahead Of Coronavirus Crash

If true, a pretty cynical case of “do as I say, not as I do.” According to reports, four Senators - three Republican and one Democrat – are being accused of selling off millions of dollars worth of stocks ahead of the economic meltdown caused by the coronavirus. All while reassuring their constituents.

“ProPublica” reports North Carolina's Richard Burr, who is the Senate Intelligence Committee chairman, sold off stocks worth as much as one-point-seven-million-dollars in the weeks after being briefed about the magnitude of the coronavirus threat. But also:

According to the “Daily Beast,” Georgia Republican Kelly Loeffler dumped as much as three-million-dollars worth of stocks starting in late January. Those shares were owned jointly with her husband...the chairman of the New York Stock Exchange.

And then there’s California Senator Dianne Feinstein, one of the longest serving Democrats on Capitol Hill. The New York Times is reporting that Feinstein sold between $1.5-million and $6-million in stock in a biotech company between January 31st and February 18th.

Rounding out the group – Oklahoma Republican Sen. James Inhofe. The “Times” reports that he sold as much as $400-grand on January 27th. The holdings included PayPal, Apple and Brookfield Asset Management.

Of these, Burr is getting the most attention...because he specifically reached out to donors and constituents reassuring them about the governmental response to the COVID-19 situation.

Source: ProPublica