
GOP senators sold stocks ahead of coronavirus economic crash - threatofrain
https://www.usatoday.com/story/news/politics/2020/03/19/reports-burr-loeffler-sold-stocks-ahead-coronavirus-marketcrash/2882006001/
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threatofrain
> 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.

> The luncheon was organized by the Tar Heel Circle, a club for businesses and
> organizations in North Carolina that are charged up to $10,000 for
> membership and are promised “interaction with top leaders and staff from
> Congress, the administration, and the private sector.”

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jjeaff
This article leaves out one juicy tidbit. Senator Burr, one of the senators
who sold stock at the market peak, is one of only 3 senators in the entire
Senate to have voted against the 2012 STOCK act that made insider trading by
Congress illegal.

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_bxg1
Does insider trading apply to the public sector?

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Xelbair
If i recall right it doesn't for some weird reason.

Still, can't you get away with it by posting a sale order year in advance, and
just cancel it last minute? just schedule it for every week - you have a proof
that way that it wasn't insider trading, you were prepared to sell anyway.

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jjeaff
It is illegal as of 2012.

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friendlybus
Rebirth of the class system.

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tibbydudeza
It has always been like that ... eagles and pigeons.

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friendlybus
Yes the last few years have given a chance for all birds to rise on the
updraft from the burning trees. That's ending as we speak and the flood that's
coming will be sucked back up into the hierarchical class system, the
invisible org tree, with "trickle down" economics.

