Loeffler reports more stock sales amid insider trading allegations

[demmiblue]

Source: The Atlanta Journal-Constitution

U.S. Sen. Kelly Loeffler’s most recent financial disclosures show that millions of dollars in stocks were sold on her behalf at the same time Congress was dealing with the impact of the coronavirus.

The largest transactions — and the most politically problematic — involve $18.7 million in sales of Intercontinental Exchange stock in three separate deals dated Feb. 26 and March 11. Loeffler is a former executive with ICE, and her husband, Jeff Sprecher, is the CEO of the company, which owns the New York Stock Exchange among other financial marketplaces.

During the same time period reflected on reports filed late Tuesday, the couple also sold shares in retail stores such as Lululemon and T.J. Maxx and invested in a company that makes COVID-19 protective garments. The Atlanta Journal-Constitution got the first look at these reports, covering mid-February through mid-March and shedding new light on Loeffler’s financial transactions during the pandemic. Previous reports — which have put Loeffler in the national spotlight — covered her trading during the first six weeks of 2020.

Loeffler provided the numbers to The Atlanta Journal-Constitution, and they were more exact than what would appear on a federal campaign finance disclosure.

The newer stock sales came as the broader markets were diving, and they are likely to fuel allegations that Georgia’s new senator used her insider knowledge about the severity of the pandemic to dump holdings while simultaneously releasing statements about the strength of the American economy and complimenting President Donald Trump on his response. The STOCK Act, a law that went into effect in 2012, makes it illegal for senators to use inside information for financial gain.

Read more: https://www.ajc.com/news/state--regional-govt--politics/loeffler-reports-more-stock-sales-amid-insider-trading-allegations/YFPDT3pChO873nuzNKa44K/amp.html?__twitter_impression=true

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[dchill]

1. That just proves she's smart.

[dem4decades]

4. And crooked.

[mdbl]

13. and a republican

that doesnt give a shit about her constituents.

[bronxiteforever]

2. Kick and recommend for visibility

[SWBTATTReg]

3. And the markets supposed to be fair and equal to all who trade on these platforms and they're...

not. This infuriates me to no end, that they had insider information and took advantage of everyone of us who owns stock. That's why I got out of the markets, being that they are rigged quite a bit, and the congressional crooks who took advantage of all of us to get a better price for their shares should be prosecuted to the fullest extent of the law by the SEC. In addition, shareholders stuck holding the remaining lower priced shares now should sue everyone of these congressional crooks.

Crooks, everyone of them should go to jail.

[dlk]

5. Insider trading should be a crime for anyone

Even if they have a well-connected hubby.

[bucolic_frolic]

6. That will be hard to explain and wiggle out of

Ditching losers and buying winners ahead of public knowledge when you have inside information.

May have seemed like general trends that would play out at the time, but turned into an avalanche that can't be hidden.

ICE - isn't this the company that launched a brief bid for eBay a couple months back? Said it was a good fit because they also were a market platform.

Life must be easy when you have the information flow of the head of the NYSE on your investment team.

This screams for hard time. This is a much bigger corruption than Martha Stewart!

[gademocrat7]

7. Loeffler is a despicable greedy woman.

I want her and all the corrupt rethug politicians to be held accountable for their crimes.

[turbinetree]

8. How fucking quaint, she owns the stocks and her husband is the CEO of the New York Stock Exchange

and other financial market places and then she sells.................and then invested in companies that would be involved in the pandemic......................and then to top that off she does this shit.......................just another fucking compassionate libertarian fucking republican with there fucking principles of let them eat cake shit................

https://www.georgiademocrat.org/loeffler-under-fire-for-gop-health-care-policies-that-gut-pre-existing-conditions-protections-as-she-pledges-to-back-party-100/


.

November 3, 2020 cannot get here fast enough.....................

[DenverJared]

9. Greed and stupidity

frequently lead to criminality

[RVN VET71]

17. Yes, but wealth covers stupidity just like paper covers rock

and greed, by any stretch of the Republican imagination, is good, even great and wonderful.

That's how Trump got where he is today. And there are very deep pools of criminality that are ignored if the criminals are greedy and wealthy. Madoff had to go waaaaay off the deep end to get busted for his crimes. Same with the Enron boys, chief among them Kenny Lay and Jeffie Skilling -- criminality as blatant and ugly as they perped could not be swept under the carpet forever.

Loeffler's crimes -- and she is clearly a criminal -- will likely be hashed out in a courtroom that will be deferential to her wealth and position and charges against her -- if any charges are ever made against her! -- will either be dismissed outright or reduced to the level of a parking ticket or jaywalking summons.

[ffr]

10. Republican Grifter Conservative Criminal Ethically Bankrupt

Same as 2 = 2 = 2 = 2 = 2

[JDC]

11. "Lock her up!" - Martha Stewart April 1,2020

[pazzyanne]

14. No, much worse than Martha Stewart.

She served time, and her husband was not in leadership in the Federal Stock Commission. She also accepted responsibility and served her time, which is more than many of the men caught at the same time.

[RVN VET71]

18. I have often wondered who she pissed off

First of all, her crime was not egregious, did not reap in millions of tainted dollars or hurt other people. Secondly, her celebrity would normally have resulted in a reluctant, at best, prosecution with a judgment of a fine with no jail time.

I have no sources, but it just seems extremely suspicious that she took such a fall.

(I also admire the way she turned it around, working with prisoners and actually apologizing for her crime. Many celebs in her shoes would still be whining about the unfairness of it all. She showed class.)

[pazzyanne]

19. I came away admiring her as well.

I think a lot of people did, as she was able to continue with her pre-prison life to a great extent. She did show class!

[CrispyQ]

21. I've always thought it was "let's make an example of the uppity woman."

But I agree that it was suspicious.

[JDC]

20. Waaaay worse.

[calimary]

12. Indeed. Lock her up!

[rickyhall]

15. The Grand Old Criminal Party, for sure

[MontanaMama]

16. Lock her up!

Out she goes. Trash.

[onenote]

22. These particular transactions are undoubtedly legal.

By February 26, the market already had been on a downward trend for several days. (It peaked at 29,551 on Feb. 12 and was down to 27,081 (8.4 percent) at the close on February 25. Lots of people were selling. And by March 11, the market was down to 25018 -- over 15 percent from its high a month earlier).

Lots of people were being advised to dump stocks by then. Companies like Lulumon and TJ Maxx generally were doing even worse than the overall market.

Of course, this doesn't get Loeffler off the hook for the sales that were made before the market slide. But if we start screaming to "lock up" anyone who made market-savvy trades after the market already was cratering, I bet we're going to find a bunch of Democrats did the same thing.