Recently appointed new girl of the US Senate Kelly Loeffler
is at it again. She is “fessin” up and “coming clean” as we say down South with new disclosures about the massive amount of money she and her aiding and abetting CEO husband have had someone else make trades for them. Yeah, right. If you believe that after reading the article you are dumber than this blond:
Keep this in mind while reading excerpts from the article:
A $1,000 emergency would push many Americans into debt by Annie Nova and Published Wed, Jan 23
Loeffler reports more stock sales amid insider trading allegations
Tia Mitchell & Chris Joyner, 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.
Chester Spatt, a professor of finance at Carnegie Mellon University, said all these senators could have avoided controversy by declining to buy or sell stocks in individual companies. Spatt, who served as an SEC economist from 2004 through 2007, said senators now must deal with the erosion of public confidence as a result of these transactions.
“This is why senators shouldn’t be doing this,” he said. “The burden is on them to demonstrate they were not using insider information.”
Details of individual transactions are less important than the overall perception that senators were making investment decisions at the same time they were receiving private information about the coronavirus pandemic, said attorney Walter Jospin, who for three years served as director of the SEC’s regional office in Atlanta. He said the senators, their spouses and advisers are likely to face questions about whether members shared private information or directed transactions.
Jospin is a donor to Democratic candidates and organizations.
“I have no idea whether these senators violated the federal securities laws,” he said. “I am sure that the SEC will conduct a full and fair investigation. With that said, these trades were, in the context of a worldwide health and economic crisis, certainly unseemly.”
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