DIANE FEINSTEIN COMMENTS ABOUT STOCKS

Senator Dianne Feinstein, D-CA, has denied any malfeasance in financial transactions undertaken during late January and mid-February as a controversy around politicians selling off stock prior to a coronavirus-related market downturn swept across social media on Thursday evening.

“During my Senate career I’ve held all assets in a blind trust of which I have no control,” Feinstein wrote on Twitter. “Reports that I sold any assets are incorrect, as are reports that I was at a January 24 briefing on coronavirus, which I was unable to attend.”

In a second tweet, Feinstein elaborated further.

“Under Senate rules I report my husband’s financial transactions,” she wrote. “I have no input into his decisions. My husband in January and February sold shares of a cancer therapy company. This company is unrelated to any work on the coronavirus and the sale was unrelated to the situation.”

Feinstein is married to Richard Blum, a prominent financier.

On Thursday afternoon, ProPublica reported that Senator Richard Burr (R-NC), the chair of the Intelligence Committee, dumped between $628,000 and $1.72 million worth of stock on February 13. Sen. Burr’s trades preceded a sharp decline in the stock market by about a week. As the New York Times noted, Burr receives “regular briefings on threats to the United States, including the coronavirus” as part of his duties as chairman of the committee.

After the Burr story broke, reporters for the New York Times looked into financial disclosures submitted by other senators around that same period of time and found that Feinstein had offloaded between $1.5 million and $6 million of stock in a biotech company on January 31 and February 18. Feinstein is also a member of the Senate Intelligence Committee.

Lachlan Markley, a reporter for The Daily Beast, analyzed Feinstein’s filings and concluded that her sale was harmless.

“This one is clearly innocuous as well,” Markley wrote. “In fact, her husband’s $1M-5M sale of shares in biopharma company Allogene actually came at a low-point in its stock value, as noted by Barron’s a few weeks ago(.)”

DAWG SAYS: I WAS PRETTY CONFIDENT SHE WAS NOT GOING TO CONFESS, BUT I AM SURE SHE NEVERS TELLS HER RICH HUSBAND WHO HAS THE HIGH-SPEED RAIL CONTRACTS ANY INSIDE INFORMATION.

EVEN AOC CAN SEE THE LAWMAKERS SELF SERVING CRAP……

Alexandria Ocasio-Cortez called for Sen. Richard Burr’s resignation after he reportedly sold off $1.7 million in stocks after reassuring the public of US preparedness during the coronavirus outbreak

Rep. Alexandria Ocasio Cortez called for the resignation of Sen. Richard Burr after a ProPublica report revealed the US Senator sold off up to $1.72 million in stocks after reassuring the public of the United States’ preparedness during the coronavirus outbreak.

Burr, who serves as chairman of the Senate Intelligence Committee, sold between $628,000 and $1.72 million of stock before the market fell as a result of mounting fears from the coronavirus pandemic, ProPublica reported.

“As Intel chairman, [Sen. Burr] got private briefings about Coronavirus weeks ago,” Cortez tweeted. “Burr knew how bad it would be. He told the truth to his wealthy donors while assuring the public that we were fine.”

“THEN he sold off $1.6 million in stock before the fall. He needs to resign,” she continued.

Burr and Republican Sen. Lamar Alexander of Tennessee penned an op-ed for Fox News in early February assuring Americans that the US was prepared for the threat the coronavirus posed to the public.

“Thankfully, the United States today is better prepared than ever before to face emerging public health threats, like the coronavirus, in large part due to the work of the Senate Health Committee, Congress, and the Trump Administration,” they wrote.

On Thursday, the novel coronavirus, which causes a disease known as COVID-19, has infected more than 243,000 worldwide, and the global death toll has surpassed 9,800. There are more than 14,000 confirmed cases across all 50 states, and the virus killed at least 211 people in the US.

Trump declared a national emergency on March 13 as the number of cases surged in the US. Some cites — and the entire state of California — are implementing shelter-in-place orders to keep Americans in their homes to contain the spread of the disease.

DAWG SAYS: I KNEW EVENTUALLY AOC WOULD SAY SOMETHING I AGREE WITH, BUT DO NOT FORGET THERE ARE SEVERAL OTHERS TOO……

CO-DIPSHIDIOTS OF THE DAY: SENATORS DUMP MASSIVE STOCK JUST PRIOR TO CORONA

DUMPED STOCK AFTER REASSURING PUBLIC ABOUT CORONA PREPAREDNESS

Sen. Kelly Loeffler, R-Ga., has become the second lawmaker to have reportedly sold stock weeks before the coronavirus outbreak triggered a stock market downfall.

The Daily Beast reported on Thursday that Loeffler sold stock that was owned by her and her husband and January 24, which was the same day she sat in on a closed-door coronavirus briefing as a member of the Senate Health Committee with the Trump administration, which Dr. Anthonly Fauci was in attendance.

According to the report, she sold stock in Resideo Technologies “worth between $50,001 and $100,000,” whose stock price “has fallen by more than half” since January.

In addition, 27 out of 29 transactions in February by her and her husband were sales. One stock purchase was in a company called Citrix, a teleworking software company, and was worth between $100,000 and $250,000. The company’s stock, as The Daily Beast noted, had seen a bump since the virus outbreak grew.

The report also claims that Loeffler and her husband sold jointly owned stock worth between $1,275,000 and $3,100,000 during the January 24 and February 14 timespan, according to filed transactions.

Her husband, Jeffrey Sprecher, is the chairman of the New York Stock Exchange.

Sen. Loeffler’s office did not immediately respond to Fox News’ request for comment.

Loeffler isn’t the only GOP senator who sold stock before the market tanked this month. According to ProPublica, Senate Intelligence Committee Chairman Richard Burr “sold off a significant percentage of his stocks, unloading between $582,029 and $1.56 million of his holdings on Feb. 13” in 29 separate transactions in filings listed in the U.S. Senate Financial Disclosures website as he was regularly being briefed on the rising threat of the virus.

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.

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.

“Senator Burr filed a financial disclosure form for personal transactions made several weeks before the U.S. and financial markets showed signs of volatility due to the growing coronavirus outbreak,” his spokesperson said. “As the situation continues to evolve daily, he has been deeply concerned by the steep and sudden toll this pandemic is taking on our economy.”

Burr is not a particularly wealthy member of the Senate: Roll Call estimated his net worth at $1.7 million in 2018, indicating that the February sales significantly shaped his financial fortunes and spared him from some of the pain that many Americans are now facing.

He was one of the authors of the Pandemic and All-Hazards Preparedness Act, which shapes the nation’s response to public health threats like the coronavirus. Burr’s office did not respond to requests for comment about what sort of briefing materials, if any, on the coronavirus threat Burr may have seen as chair of the intelligence committee before his selling spree.

According to the NPR report, Burr told attendees of the luncheon held at the Capitol Hill Club: “There’s one thing that I can tell you about this: It is much more aggressive in its transmission than anything that we have seen in recent history … It is probably more akin to the 1918 pandemic.”

He warned that companies might have to curtail their employees’ travel, that schools could close and that the military might be mobilized to compensate for overwhelmed hospitals.

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.”

Burr’s public comments had been considerably less dire. In a Feb. 7 op-ed that he co-authored with another senator, he assured the public that “the United States today is better prepared than ever before to face emerging public health threats, like the coronavirus.” He wrote, “No matter the outbreak or threat, Congress and the federal government have been vigilant in identifying gaps in its readiness efforts and improving its response capabilities.”

How soon regions run out of hospital beds depends on how fast the novel coronavirus spreads and how many open beds they had to begin with. Here’s a look at the whole country. You can also search for your region.

Members of Congress are required by law to disclose their securities transactions.

Burr was one of just three senators who in 2012 opposed the bill that explicitly barred lawmakers and their staff from using nonpublic information for trades and required regular disclosure of those trades. In opposing the bill, Burr argued at the time that insider trading laws already applied to members of Congress. President Barack Obama signed the bill, known as the STOCK Act, that year.

Stock transactions of lawmakers are reported in ranges. Burr’s Feb. 13 selling spree was his largest stock selling day of at least the past 14 months, according to a ProPublica review of Senate records. Unlike his typical disclosure reports, which are a mix of sales and purchases, all of the transactions were sales.

His biggest sales included companies that are among the most vulnerable to an economic slowdown. He dumped up to $150,000 worth of shares of Wyndham Hotels and Resorts, a chain based in the United States that has lost two-thirds of its value. And he sold up to $100,000 of shares of Extended Stay America, an economy hospitality chain. Shares of that company are now worth less than half of what they did at the time Burr sold.

The assets come from accounts that are held by Burr, belong to his spouse or are jointly held.

Correction, March 19, 2020: This story about Sen. Richard Burr’s stock sales originally misstated the amount and the number of transactions. Burr sold between $628,000 and $1.72 million in 33 separate transactions, not between $582,029 and $1.56 million of his holdings in 29 separate transactions.

In a separate publication it was noted Dian Feinstein was also involved in the same activities

Sen. Dianne Feinstein of California and three of her Senate colleagues sold off stocks worth millions of dollars in the days before the coronavirus outbreak crashed the market, according to reports.

The data is listed on a U.S. Senate website containing financial disclosures from Senate members.

Feinstein, who serves as ranking member of the Senate Judiciary Committee, and her husband sold between $1.5 million and $6 million in stock in California biotech company Allogene Therapeutics, between Jan. 31 and Feb. 18, The New York Times reported.

When questioned by the newspaper, a spokesman for the Democrat from San Francisco said Feinstein wasn’t directly involved in the sale.

“All of Senator Feinstein’s assets are in a blind trust,” the spokesman, Tom Mentzer, told the Times. “She has no involvement in her husband’s financial decisions.”

Reports identified the three other senators as Richard Burr of North Carolina, Kelly Loeffler of Georgia and James Inhofe of Oklahoma, all Republicans.

DAWG SAYS: CAN ANONE SAY, “LEGALIZED INSIDER TRADING?”