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Offlinefeldman114
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Registered: 09/06/19
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Loc: Bravos
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Senator Urges Calm, Then Immediately Sells All His Stocks * 3
    #26545545 - 03/19/20 09:11 PM (4 years, 10 days ago)

This guy had the info, used it for his own gain, then gave it to his friends.

Give it up for the head of the Intelligence Committee :ohyeah:

Quote:

Soon after he offered public assurances that the government was ready to battle the coronavirus, the powerful chairman of the Senate Intelligence Committee, Richard Burr, sold off a significant percentage of his stocks, unloading between $628,000 and $1.72 million of his holdings on Feb. 13 in 33 separate transactions.
As the head of the intelligence committee, Burr, a North Carolina Republican, has access to the government’s most highly classified information about threats to America’s security. His committee was receiving daily coronavirus briefings around this time, according to a Reuters story.
A week after Burr’s sales, the stock market began a sharp decline and has lost about 30% since.

A week after Burr’s sales, the stock market began a sharp decline and has lost about 30% since.
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.





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Offlinefeldman114
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: feldman114]
    #26545547 - 03/19/20 09:12 PM (4 years, 10 days ago)


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OfflineFalcon91Wolvrn03
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: feldman114]
    #26545563 - 03/19/20 09:28 PM (4 years, 10 days ago)

Insider trading, election fraud... these are now par for the course.

And they're still not done counting votes in California, Colorado, and Utah from 2 1/2 weeks ago to ensure it appears Biden is farther ahead than he really is.  After the Iowa fuckery, people are done complaining and simply accept the election rigging (or remain ignorant).

:shake:


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.

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OfflineKryptos
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Falcon91Wolvrn03]
    #26545568 - 03/19/20 09:32 PM (4 years, 10 days ago)

Don't be silly, US congress members are explicitly exempt from insider trading laws.

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OfflineFalcon91Wolvrn03
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Kryptos]
    #26545580 - 03/19/20 09:42 PM (4 years, 10 days ago)

I suspect that's sarcasm, but the "Stop Trading on Congressional Knowledge (STOCK) Act" was passed in 2012.  Or does that law not have any teeth?


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.

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OfflineFalcon91Wolvrn03
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Falcon91Wolvrn03]
    #26545599 - 03/19/20 10:04 PM (4 years, 10 days ago)

Quote:

Falcon91Wolvrn03 said:
Or does that law not have any teeth?



I guess nothing apparently being done in the case above answers my own question.


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.

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Offlinefalcon
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Falcon91Wolvrn03] * 2
    #26545660 - 03/19/20 10:59 PM (4 years, 10 days ago)

At the very least he should lose the chair of Intelligence committee for his ineptness at the craft of graft.

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OfflineKryptos
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Falcon91Wolvrn03] * 1
    #26545973 - 03/20/20 07:09 AM (4 years, 10 days ago)

Quote:

Falcon91Wolvrn03 said:
I suspect that's sarcasm, but the "Stop Trading on Congressional Knowledge (STOCK) Act" was passed in 2012.  Or does that law not have any teeth?




One of the subsections basically says the STOCK act only applies to individual companies, and personally directed trades. If he heavily hinted but not outright told someone else (such as a group of wealthy donors, and probably his personal broker who was in the audience) to dump a somewhat diverse portfolio on his behalf, then he did not violate the STOCK ACT.

Edit: Section 14 from your link

Edited by Kryptos (03/20/20 08:44 AM)

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Offlinekoods
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Kryptos]
    #26546492 - 03/20/20 11:46 AM (4 years, 9 days ago)

Quote:

Kryptos said:
Don't be silly, US congress members are explicitly exempt from insider trading laws.




A sitting member of Congress is now sitting in jail for insider trading. That happened in the past six months .


--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”

Edited by koods (03/20/20 11:47 AM)

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OfflineSeriously_trippin
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: koods] * 2
    #26546629 - 03/20/20 12:54 PM (4 years, 9 days ago)

Even Tucker Carlson called for his resignation and he's Batshit crazy right so this guy really fucked people bad.


--------------------
R.I.P
Zombi3, Blue Helix
Modest Mouse
Zappa
Slothie
That Kid With The face
ShLong
Le Canard
split_by_nine
& Big Worm Forever
Etched in the sands of time in the shroomery and ever so beloved and deeply missed by many :heart:

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OfflineStable Genius
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Seriously_trippin]
    #26547006 - 03/20/20 03:41 PM (4 years, 9 days ago)

A name and shame thread would be cool.

At the moment we are sweating on 2 major energy companies AGL and Origin dumping 10 million renewable credits that are redeemable for cash onto the market in one hit.

At present those credits are worth $36 each.

If they dump them the price will fall below $10 and it will take years for those credits to be worth anything.

That makes all our current quoted jobs worth less than the price of the materials alone. We would not be able to honour those quotes and would have to stop trading, for good.

We will be able to cover the 6 month stop start disruption and keep the boys in work but we can't survive fuckery like this from the corporate world.

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OfflineKryptos
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: koods]
    #26547033 - 03/20/20 04:00 PM (4 years, 9 days ago)

Quote:

koods said:
Quote:

Kryptos said:
Don't be silly, US congress members are explicitly exempt from insider trading laws.




A sitting member of Congress is now sitting in jail for insider trading. That happened in the past six months .




He tipped off his family, which is completely different from making a personal profit.

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Offlineqman
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Registered: 12/06/06
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Seriously_trippin] * 1
    #26547136 - 03/20/20 04:57 PM (4 years, 9 days ago)

Quote:

Seriously_trippin said:
Even Tucker Carlson called for his resignation and he's Batshit crazy right so this guy really fucked people bad.




No, Tucker isn't some crazy right wing nut. In fact, if you listen to him you would know he's highly critical of the current economic/social status of the US.

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Offlinefalcon
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Kryptos] * 1
    #26547152 - 03/20/20 05:06 PM (4 years, 9 days ago)

Quote:

Kryptos said:
Quote:

koods said:
Quote:

Kryptos said:
Don't be silly, US congress members are explicitly exempt from insider trading laws.




A sitting member of Congress is now sitting in jail for insider trading. That happened in the past six months .




He tipped off his family, which is completely different from making a personal profit.




To me that is closely related.

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OfflineBrian Jones
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Kryptos] * 3
    #26547389 - 03/20/20 07:03 PM (4 years, 9 days ago)

Whether it was criminal or not, I think Senator Burr is going to suffer quite a bit from this move. There are many times when rich important people can get away with this stuff. IMO this is not one of those times.


--------------------
"The Rolling Stones will break up over Brian Jones' dead body"    John Lennon

I don't want no commies in my car. No Christians either.

The worst thing about corruption is that it works so well,

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OfflineKryptos
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Brian Jones]
    #26547518 - 03/20/20 08:01 PM (4 years, 9 days ago)

Quote:

falcon said:
To me that is closely related.




Doesn't really matter, unless you are the personification of Law. Or Bill Barr, pick one.

Quote:

Brian Jones said:
Whether it was criminal or not, I think Senator Burr is going to suffer quite a bit from this move. There are many times when rich important people can get away with this stuff. IMO this is not one of those times.




Whatever suffering he undergoes, he will have a job until 2022, and then he will land an even cushier job doing consulting somewhere. And I expect more of this type of thing in the next two years.

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OfflineFalcon91Wolvrn03
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Kryptos]
    #26549129 - 03/21/20 03:24 PM (4 years, 8 days ago)

More fuckery it appears:

Demands for Resignations as More Senators Accused of 'Smash and Grab' Stock Dumps Ahead of Coronavirus Crash
Quote:

After news of Republican Sen. Richard Burr's stock sell-off ahead of the coronavirus-induced market crash prompted more digging into financial disclosure documents Thursday night, at least three additional GOP senators and one Democrat were found to have unloaded holdings just before the pandemic sent the U.S. economy into a tailspin.




--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.

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OfflineStable Genius
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Falcon91Wolvrn03]
    #26549146 - 03/21/20 03:34 PM (4 years, 8 days ago)

Man that's bad form.

It makes me wonder what people like that think their job description is.

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OfflineFalcon91Wolvrn03
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Stable Genius] * 2
    #26549217 - 03/21/20 04:11 PM (4 years, 8 days ago)

To keep themselves and their rich donors rich?


--------------------
I am in a minority on the shroomery, as I frequently defend the opposing side when they have a point about something or when my side make believes something about them.  I also attack my side if I think they're wrong.  People here get very confused by that and think it means I prefer the other side.

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Invisiblerelic
of a bygone era
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Registered: 10/14/14
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Loc: the right coast
Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: Falcon91Wolvrn03] * 1
    #26550912 - 03/22/20 12:46 PM (4 years, 7 days ago)

Quote:

Stable Genius said:
Man that's bad form.

It makes me wonder what people like that think their job description is.



Quote:

Falcon91Wolvrn03 said:
To keep themselves and their rich donors rich?





Yup, while successfully keeping a facade of service to country and common folk so the largely dumb and distracted masses keep voting them right back into positions of power.

And if by some chance they leave federal govt?  They always have those cushy pay-back positions as consultants,  lobbyists, and corporate board members waiting for them.

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Offlinefalcon
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Re: Senator Urges Calm, Then Immediately Sells All His Stocks [Re: relic] * 2
    #26551008 - 03/22/20 01:42 PM (4 years, 7 days ago)

Also it distracts from the possibility that he could not as head of the Intelligence committee in the senate communicate the necessity for urgent action.

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