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NYT: They. Sold. Their. Stock. They could have made a difference, but they made a profit.
https://www.nytimes.com/2020/03/20/opinion/burr-loeffler-stocks-coronavirus.html
By David Leonhardt
Opinion Columnist
March 20, 2020
<snip>
Given the disconnect between what they knew and the public’s understanding, Burr and Loeffler had an opportunity to sound the alarm. They could have broken ranks with other congressional Republicans and told the country to take the situation more seriously. They could have criticized Trump for not doing more. Such criticism, coming from Trump’s own party, would have received major attention. It would have had the potential to alter Trump administration policy and, by extension, the course the disease took.
But Burr and Loeffler did virtually nothing to protect the health and safety of their constituents or of Americans in other states. (Burr went so far as to co-write an article for FoxNews.com bragging about the country’s readiness.) Here’s what the two senators did instead: They sold large amounts of their personal stock holdings, cashing in before the market sharply declined, as the severity of the virus became apparent to everyone.
<snip>
Update: Several readers have asked about the other senators who sold stock during the same period, including Dianne Feinstein (a California Democrat), James Inhofe (an Oklahoma Republican) and Ron Johnson (a Wisconsin Republican). But none of their trades look particularly suspicious.
Feinstein has said that she did not attend the Jan. 24 briefing; her stock was in a blind trust, which means she didn’t make the decision to sell; and the transaction lost her money, because the trust was selling shares of a biotechnology stock, the value of which has since risen. Inhofe’s transactions were part of a systematic selling of stocks that he started after he became chairman of the Armed Services Committee. Johnson sold stock in his family’s plastic business, as part of a process that has been occurring for months; his sale also occurred well after stock market began falling.
</snip>
By David Leonhardt
Opinion Columnist
March 20, 2020
<snip>
Given the disconnect between what they knew and the public’s understanding, Burr and Loeffler had an opportunity to sound the alarm. They could have broken ranks with other congressional Republicans and told the country to take the situation more seriously. They could have criticized Trump for not doing more. Such criticism, coming from Trump’s own party, would have received major attention. It would have had the potential to alter Trump administration policy and, by extension, the course the disease took.
But Burr and Loeffler did virtually nothing to protect the health and safety of their constituents or of Americans in other states. (Burr went so far as to co-write an article for FoxNews.com bragging about the country’s readiness.) Here’s what the two senators did instead: They sold large amounts of their personal stock holdings, cashing in before the market sharply declined, as the severity of the virus became apparent to everyone.
<snip>
Update: Several readers have asked about the other senators who sold stock during the same period, including Dianne Feinstein (a California Democrat), James Inhofe (an Oklahoma Republican) and Ron Johnson (a Wisconsin Republican). But none of their trades look particularly suspicious.
Feinstein has said that she did not attend the Jan. 24 briefing; her stock was in a blind trust, which means she didn’t make the decision to sell; and the transaction lost her money, because the trust was selling shares of a biotechnology stock, the value of which has since risen. Inhofe’s transactions were part of a systematic selling of stocks that he started after he became chairman of the Armed Services Committee. Johnson sold stock in his family’s plastic business, as part of a process that has been occurring for months; his sale also occurred well after stock market began falling.
</snip>