# NC Senator dumped stocks before the market crash **URL:** \ **Category:** Politics & Elections\ **Created:** [March 19, 2020, 10:19pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846 "2020-03-19T22:19:51Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Bijou\_Drains](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bijou_drains/32/2814_2.png) [@Bijou\_Drains](https://boards.straightdope.com/u/Bijou_Drains)\ **Post date:** [March 19, 2020, 10:19pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/1 "2020-03-19T22:19:51Z")
> **[Senator Dumped Up to $1.7 Million of Stock After Reassuring Public About...](https://www.propublica.org/article/senator-dumped-up-to-1-7-million-of-stock-after-reassuring-public-about-coronavirus-preparedness)** > > Intelligence Chair Richard Burr’s selloff came around the time he was receiving daily briefings on the health threat. He’s not running for re-election in 2022 ---
**Author:** ![muldoonthief](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/muldoonthief/32/3188_2.png) [@muldoonthief](https://boards.straightdope.com/u/muldoonthief)\ **Post date:** [March 19, 2020, 10:39pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/2 "2020-03-19T22:39:04Z")
You buried the lede a bit - it was Richard Burr, Chairman of the Senate Intelligence Committee, who was getting daily classified briefings on the status and progress of Covid 19 weeks before the big shutdowns started to happen. ---
**Author:** ![elucidator](https://avatars.discourse-cdn.com/v4/letter/e/8edcca/32.png) [@elucidator](https://boards.straightdope.com/u/elucidator)\ **Post date:** [March 19, 2020, 10:59pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/3 "2020-03-19T22:59:18Z")
Foolishness. And an alarming lack of faith in The Donald, who is on the case. And did he really imagine that the all-important hospitality industry would be orphaned without aid? Or was he so dumb that he failed to invest in hotels with immediate proximity to golf courses? Run for re-election? He should run for cover. ---
**Author:** ![ThelmaLou](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/thelmalou/32/390_2.png) [@ThelmaLou](https://boards.straightdope.com/u/ThelmaLou)\ **Post date:** [March 19, 2020, 11:05pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/4 "2020-03-19T23:05:49Z")
There’s a [Pit](http://boards.straightdope.com/sdmb/showthread.php?t=892113)thread on this in case you want to say something rude. ---
**Author:** ![Sherrerd](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sherrerd/32/8_2.png) [@Sherrerd](https://boards.straightdope.com/u/Sherrerd)\ **Post date:** [March 19, 2020, 11:11pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/5 "2020-03-19T23:11:42Z")
Burr’s voice was recorded. And wouldn’t you know it, > [@](#): > > … in his public comments about the threat of COVID-19, Burr never offered the kind of precise warning that he delivered to the small group of his constituents. …despite his longtime interest in biohazard threats, his expertise on the subject, and his role as chairman of the Senate Intelligence Committee, Burr did not warn the public of the government actions he thought might become necessary, as he did at the luncheon on Feb. 27. > **[Weeks Before Virus Panic, Intelligence Chairman Privately Raised Alarm, Sold...](https://www.npr.org/2020/03/19/818192535/burr-recording-sparks-questions-about-private-comments-on-covid-19)** > > Sen. Richard Burr issued a warning at a private event weeks ago to prepare for dire effects from the coronavirus, going further than his more public comments, according to a recording obtained by NPR. ---
**Author:** ![dalej42](https://avatars.discourse-cdn.com/v4/letter/d/67e7ee/32.png) [@dalej42](https://boards.straightdope.com/u/dalej42)\ **Post date:** [March 19, 2020, 11:42pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/6 "2020-03-19T23:42:25Z")
Before people salivate, it’s not a Dem pickup, NC has to appoint a same party replacement. Most likely it’ll be a placeholder that has no intent to run in 2022. I’d suggest Elizabeth Dole, but she’s too old. ---
**Author:** ![elucidator](https://avatars.discourse-cdn.com/v4/letter/e/8edcca/32.png) [@elucidator](https://boards.straightdope.com/u/elucidator)\ **Post date:** [March 20, 2020, 12:02am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/7 "2020-03-20T00:02:49Z")
“Salivate”? Why does that ring a bell? ---
**Author:** ![jasg](https://avatars.discourse-cdn.com/v4/letter/j/f0a364/32.png) [@jasg](https://boards.straightdope.com/u/jasg)\ **Post date:** [March 20, 2020, 12:56am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/8 "2020-03-20T00:56:13Z")
I wonder if the money he saved by selling early will be enough to offset his legal costs? ---
**Author:** ![Bijou\_Drains](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bijou_drains/32/2814_2.png) [@Bijou\_Drains](https://boards.straightdope.com/u/Bijou_Drains)\ **Post date:** [March 20, 2020, 2:01am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/9 "2020-03-20T02:01:01Z")
I wonder how much the Trump family dumped? ---
**Author:** ![SlackerInc](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/slackerinc/32/275_2.png) [@SlackerInc](https://boards.straightdope.com/u/SlackerInc)\ **Post date:** [March 20, 2020, 5:31am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/10 "2020-03-20T05:31:42Z")
A real sleazebag, but it shows that more broadly, government officials should not be able to buy and sell stocks outside of some kind of defined monthly contribution to an index fund. Even if you’re not as scummy as Burr, the temptation to act would be high if you knew you might be facing financial ruin. ---
**Author:** ![RioRico](https://avatars.discourse-cdn.com/v4/letter/r/f04885/32.png) [@RioRico](https://boards.straightdope.com/u/RioRico)\ **Post date:** [March 20, 2020, 5:44am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/11 "2020-03-20T05:44:29Z")
[Insider trading](https://en.wikipedia.org/wiki/Insider_trading) is a capital offense in some places. Maybe not directly, but tragic suicides occur, alas. Are US Senators routinely frisked or run through metal detectors? > [@Bijou\_Drains](#): > > I wonder how much the Trump family dumped? Not enough to pay back their Russian owners, apparently. ---
**Author:** ![RioRico](https://avatars.discourse-cdn.com/v4/letter/r/f04885/32.png) [@RioRico](https://boards.straightdope.com/u/RioRico)\ **Post date:** [March 20, 2020, 5:54am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/12 "2020-03-20T05:54:08Z")
timeout dupe ---
**Author:** ![Bijou\_Drains](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/bijou_drains/32/2814_2.png) [@Bijou\_Drains](https://boards.straightdope.com/u/Bijou_Drains)\ **Post date:** [March 20, 2020, 11:31am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/13 "2020-03-20T11:31:02Z")
Sen. Kelly Loeffler from Georgia also dumped a lot of stock ---
**Author:** ![Jonathan\_Chance](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jonathan_chance/32/701_2.png) [@Jonathan\_Chance](https://boards.straightdope.com/u/Jonathan_Chance)\ **Post date:** [March 20, 2020, 11:53am UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/14 "2020-03-20T11:53:00Z")
> [@dalej42](#): > > Before people salivate, it’s not a Dem pickup, NC has to appoint a same party replacement. Most likely it’ll be a placeholder that has no intent to run in 2022. I’d suggest Elizabeth Dole, but she’s too old. You’re assuming facts not in evidence. Do you think he’ll resign and be prosecuted? ---
**Author:** ![Icarus](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/icarus/32/72_2.png) [@Icarus](https://boards.straightdope.com/u/Icarus)\ **Post date:** [March 20, 2020, 1:02pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/15 "2020-03-20T13:02:02Z")
And to show that it’s not only GOP senators who do this, Dianne Feinstein is also listed as selling off stock. The whole lot of them should resign. ---
**Author:** ![Ravenman](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ravenman/32/2929_2.png) [@Ravenman](https://boards.straightdope.com/u/Ravenman)\ **Post date:** [March 20, 2020, 1:08pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/16 "2020-03-20T13:08:38Z")
> [@Icarus](#): > > And to show that it’s not only GOP senators who do this, Dianne Feinstein is also listed as selling off stock. New articles report that three senators sold stocks before the crash: Feinstein, Loeffler, and Burr. Feinstein and Leoffler say that their assets are held in blind trusts, so an investment manager makes decisions without consulting them. I think without further evidence that they somehow violated the blind trust, it probably isn’t fair to criticized them personally for selling assets, when they likely had no idea what was going on. Notably, Burr does not seem to be claiming that his assets were in a blind trust. In the immortal words of Rick Perry, “Oops.” ---
**Author:** ![Fiveyearlurker](https://avatars.discourse-cdn.com/v4/letter/f/da6949/32.png) [@Fiveyearlurker](https://boards.straightdope.com/u/Fiveyearlurker)\ **Post date:** [March 20, 2020, 1:17pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/17 "2020-03-20T13:17:40Z")
> [@Ravenman](#): > > New articles report that three senators sold stocks before the crash: Feinstein, Loeffler, and Burr. Feinstein and Leoffler say that their assets are held in blind trusts, so an investment manager makes decisions without consulting them. I think without further evidence that they somehow violated the blind trust, it probably isn’t fair to criticized them personally for selling assets, when they likely had no idea what was going on. Loeffler is gonna need a better explanation for buying stock in Citrix while simultaneously dumping her other stock. Until she provides that, the most likely explanation is that she was involved in those decisions. ---
**Author:** ![Monocracy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/monocracy/32/4493_2.png) [@Monocracy](https://boards.straightdope.com/u/Monocracy)\ **Post date:** [March 20, 2020, 1:27pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/18 "2020-03-20T13:27:34Z")
Anyone could have sold stock before the market crash. It wasn’t like COVID19 was some big secret that only Senators knew about. Unless they were dealing with some inside information, or purposefully legislated to make the plague outcome worse, I don’t see where the problem is. ---
**Author:** ![Czarcasm](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/czarcasm/32/4050_2.png) [@Czarcasm](https://boards.straightdope.com/u/Czarcasm)\ **Post date:** [March 20, 2020, 1:29pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/19 "2020-03-20T13:29:38Z")
> [@Icarus](#): > > And to show that it’s not only GOP senators who do this, Dianne Feinstein is also listed as selling off stock. > > The whole lot of them should resign. About that stock that Feinstein’s husband sold off: [Barrons reports that it was her husband that sold off biotech stock](https://www.barrons.com/articles/sen-dianne-feinsteins-husband-sold-a-biotech-stock-near-its-2020-low-51583064907). > [@](#): > > Sen. Dianne Feinstein disclosed that her husband, Richard C. Blum, sold a biotech stock in January, when it was trading near its 2020 intraday lows. > Blum, the founder and head of investment firm Blum Capital Partners, sold $500,001 to $1 million in Allogene Therapeutics stock (ticker: ALLO) on Jan. 31, according to a form the senator filed with the Secretary of the Senate. Specific values aren’t required for disclosure, only ranges. . Biotech stock is something one would want to _invest_ in if one thought a pandemic was possible, but > [@](#): > > The day that Blum sold Allogene stock, shares of the cancer researcher traded for as low as $21.28, just above the current 2020 intraday low of $21.25, which was set the next trading day, Feb. 1. Since then, however, Allogene stock has been rising, closing Friday at $27.00 for a year-to-date gain of 3.9%, while the S&P 500 index, a proxy for the broader market, has fallen 8.6%. Last year, Allogene stock slipped 3.5% while the S&P 500 rose 28.9%. If this was “insider trading”, it was the worst in history. ---
**Author:** ![Fiveyearlurker](https://avatars.discourse-cdn.com/v4/letter/f/da6949/32.png) [@Fiveyearlurker](https://boards.straightdope.com/u/Fiveyearlurker)\ **Post date:** [March 20, 2020, 1:30pm UTC](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846/20 "2020-03-20T13:30:09Z")
> [@Monocracy](#): > > Anyone could have sold stock before the market crash. It wasn’t like COVID19 was some big secret that only Senators knew about. Unless they were dealing with some inside information, or purposefully legislated to make the plague outcome worse, I don’t see where the problem is. “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.” "Sen. Kelly Loeffler (R-GA) reported the first sale of stock jointly owned by her and her husband on Jan. 24, the very day that her committee, the Senate Health Committee, hosted a private, all-senators briefing from administration officials, including the CDC director and Anthony Fauci, the head of the National Institute of Allergy and Infectious Diseases, on the coronavirus. " [Next page](https://boards.straightdope.com/t/nc-senator-dumped-stocks-before-the-market-crash/849846.md?page=2)