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Exclusive: US Justice Department probes stock transactions by lawmakers after coronavirus briefingsFrom CNN's David Shortell, Evan Perez, Jeremy Herb and Kara ScannellSamuel Corum/Getty ImagesThe United States Justice Department has started to probe a series of stock transactions made by lawmakers ahead of the sharp market downturn that stemmed from the spread of coronavirus, according to two people familiar with the matter.
The inquiry, which is still in its early stages and being done in coordination with the Securities and Exchange Commission, has so far included outreach from the FBI to at least one lawmaker,, seeking information about the trades, according to one of the sources.
What's this about?Public scrutiny of the lawmakers' market activity has centered on whether members of Congress sought to profit from the information they obtained in non-public briefings about the virus epidemic.Burr, the North Carolina Republican who heads the Senate Intelligence Committee, has previously said that he relied only on public news reports as he decided to sell between $628,000 and $1.7 million in stocks on February 13. Earlier this month, he asked the Senate Ethics Committee to review the trades given"the assumption many could make in hindsight," he said at the time.
What does the law say?Congress passed the Stock Act in 2012, which made it illegal for lawmakers to use inside information for financial benefit.Under insider trading laws, prosecutors would need to prove the lawmakers traded based on material non-public information they received in violation of a duty to keep it confidential.
Is there any evidence of wrongdoing?There's no indication that any of the sales, including Burr's, broke any laws or ran afoul of Senate rules. But the sales have come under fire after senators received closed-door briefings about the virus over the past several weeks -- before the market began trending downward. It is routine for the FBI and SEC to review stock trades when there is public question about their propriety.
In a statement Sunday to CNN, Alice Fisher, a lawyer for Burr, said that the senator"welcomes a thorough review of the facts in this matter, which will establish that his actions were appropriate."Burr's committee has received periodic briefings on coronavirus as the outbreak has spread, but the committee did not receive briefings on the virus the week of Burr's stock sales, another source familiar with the matter told CNN earlier this month.
Burr's sales represent a sizable share of his portfolio of stocks, according to his latest Senate financial disclosure documents filed in May 2019, although exact numbers aren't possible because lawmakers only report trades as a range of dollar values.
Is anyone else involved?Several other senators from both parties also sold and bought stock ahead of the market downturn that resulted from the coronavirus pandemic, although it's not clear who else the Justice Department is looking at and no other senator said they have been contacted by law enforcement. Burr is the only lawmaker to have asked for an Ethics Committee review.
GOP Sen. Kelly Loeffler of Georgia and her husband sold 27 stocks valued between $1.275 million and $3.1 million from January 24 through February 14, according to Senate records.They also purchased three stocks at a value of $450,000 to $1 million, including shares in Citrix, a software company that's gained approximately 15% in value since Loeffler and her husband bought the stock last month.
Loeffler denied having any knowledge of the stock sales, saying she uses a third-party financial adviser and did not learn of the trades until later. Loeffler's husband, Jeffrey Sprecher, is chairman of the New York Stock Exchange.A Loeffler spokesperson confirmed Loeffler has not been contacted by the FBI and said the senator"has acted in accordance with the letter and the spirit of the law."
And we’re to believe CHINA? Why? Maybe. Are you taking China’s number at face value? Of course you are. It fits your policy of providing false narratives. So let’s stop testing and reporting numbers like China 🙄🙄🙄 our numbers will improve as well Why is that occurring? It's an attack UN should not be deceived there was never a time that virus will spread all the way from Wuhan direct to European countries that fast without entering all the major cities in China and nearby countries. So again I expect Europeans and Americans to be smarter.
We dont know for sure if it passed China. China only reveals what China wants you to know. Y’all just suck Xi off don’t you? All part of the plan, eh boys? Make people think they tested negative so it's harder to stop the spread. Only the Dems would be so evil. They're desperate to beat Trump! CBP seizes 6 bags of suspected fake coronavirus tests at LAX - Business Insider
The fact that you're publishing Chinese propaganda as true is the very reason why I turned off CNN several years ago. So in short US has the highest records of covid 19 or what? I long for the good old days when the most of our worries was stuff like “will that truck driver be smart enough to not stop by a building?”
finally we are number one at something !! *test results *confirmed cases FakeFirst The key word is “confirmed” So how much did China pay CNN to propagate their so-called 'effective' policies of getting the ChineseVirus under control? NOBODY BELIEVES CHINA'S NUMBERS So you're believing China's statistics? How funny is that ChinaLiedPeopleDie
When Xi Jinping signs your paycheck Umm China has been stuck on 81k u don’t wanna ask any questions about this....wow great fakers Nobody but CNN believes China’s numbers... It’s adorable that you believe China’s reported numbers. It’s reprehensible that you publish them as true We're 1! Raw total numbers are misleading. Looking at the time it takes cases to double, the day a country is in the outbreak compared to other countries, and of course the per capita figures.
Liars. Testing But not per capita this is all because some dude wanted to eat bat soup. Thank you China! China is lying..Trump is lying..This is history..we should depend on government to tell us the truth..with Trump..we have no idea what to think..it is sad and awful Chinese numbers are fake though. Not downplaying anything, but I’m tired of people referring to China numbers as if they were ironclad verified etc
Are you going to bake a cake & sing it a song? realDonaldTrump Great job Mr. President, what happened to the 15 cases soon to be zero? Really? How did that happen? Was the virus put n our food, water, beverages? What? If only NY & Washington social distance themselves. Those governors need to get their people to start practicing proper China virus procedures
Mexico and the United States shut their border, sort ofIn a pandemic an open border can be an asset as well as a threat You got the second part right. Stay home to be safe. Even if that home is in another country. A country without borders is no country at all. Life on the US - Mexico frontier dramatically altered by the partial border shutdown. A desperate scramble to prevent the pandemic at US - Mexico border camps.
How the United States fell dangerously behind in coronavirus testingThe U.S. is months behind in understanding the true scope of the coronavirus. Testing capacity is finally ramping up, but is it too late? How? Why Donny T of course. CNBC always go negative instead of talking about developments at ABT and others working hard for new tests! CNBC cup is always half full ask Scott Wapner! Because every country in the world needs millions at the same time
Tom Hanks Has Returned to the United States, Thank GoodnessHanks and wife Rita Wilson were in isolation in Australia after contracting the coronavirus. “Life is like a box of chocolates, ya never know whose fingers have been in there.” Who gives a shit about him Hollywood elite Great news!!!
Tom Hanks and Rita Wilson are back in the United States after coronavirus quarantine'We're home now, and like the rest of America, we carry on sheltering place and social distancing,' Tom Hanks tweeted Saturday. Wish you the best Trying hard to figure out why we care. Vote Exotic! 2020. I’m so glad that they are back and okay.
Virus forces Europeans to ask: How united do we want to be?Europe’s fractured union came under new pressure this weekend, as Italy and Spain pleaded for urgent European help to withstand the virus ordeal but Germany showed reluctance to plunge into any radical new solutions. Germany is a mess the refugees are not listening to the quarantines, Italy is on the down slope of the Virus, Spain needs help Last 100 years Europe History Germany start 2 world wars Nazism and Holocaust Queen_Europe Merkel now because rightly Trump cut her US Business, only for money and racisme want kill innocent citizens South Europe We not will die for DDR SecPompeo UNHumanRights hrw europarl Merkel doesn’t care if the Italians and Spanish die as long as Germany maintains its dominance over the EU.
More U.S. cities become coronavirus hot spots as confirmed cases surpass 640,000 globallyAs the United States led the world with confirmed coronavirus cases, cities such as Detroit, Chicago and New Orleans grew as hot spots Saturday, while the... The military should be in all three cities building temp hospitals right now. I heard the only safe places are east and west bumblefuck🤣