2 Republican Senators Sold Millions In Stocks While Still Downplaying Threat Of Coronavirus To Public
Sens. Richard Burr (R-N.C.) and Kelly Loeffler (R-Ga.) dumped stocks before the coronavirus crisis erupted into the threat it has become today. As chairman of the Senate Intelligence Committee, Burr received daily briefings on the outbreak and warned a small group of constituents three weeks ago to prepare for what was coming. Critics of the two senators have called for their resignations.
ProPublica:
Senator Dumped Up To $1.6 Million Of Stock After Reassuring Public About Coronavirus Preparedness
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 $582,029 and $1.56 million of his holdings on Feb. 13 in 29 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. (Faturechi and Willis, 3/19)
NPR:
Intelligence Chairman Raised Virus Alarms Weeks Ago, Secret Recording Shows
The chairman of the Senate Intelligence Committee warned a small group of well-connected constituents three weeks ago to prepare for dire economic and societal effects of the coronavirus, according to a secret recording obtained by NPR. The remarks from U.S. Sen. Richard Burr were more stark than any he had delivered in more public forums. On Feb. 27, when the United States had 15 confirmed cases of COVID-19, President Trump was tamping down fears and suggesting that the virus could be seasonal. (Mak, 3/19)
The New York Times:
Senator Richard Burr Sold A Fortune In Stocks As G.O.P. Played Down Coronavirus Threat
“His message has always been, and continues to be, that we must be prepared to protect American lives in the event of a pandemic or bio-attack,” Caitlin Carroll, a spokeswoman for Mr. Burr, said in a statement. “Since early February, whether in constituent meetings or open hearings, he has worked to educate the public about the tools and resources our government has to confront the spread of coronavirus.” In a series of posts on Twitter, Mr. Burr accused NPR of twisting his comments into a “tabloid-style hit piece.” He argued that the report made him look duplicitous for sharing information at a publicly advertised event that was consistent with the message members of the Trump administration were then trying to promulgate. He did not address his stock sales. (Lipton and Fandos, 3/19)
The Associated Press:
Senators Sold Stock Before Steep Market Losses From Virus
There is no indication that Burr had any inside information as he sold the stocks and issued the private warnings. The intelligence panel did not have any briefings on the pandemic the week when most of the stocks were sold, according to a person familiar with the matter. The person declined to be identified to discuss confidential committee activity. (Jalonick, 3/20)
The Washington Post:
Sen. Burr Offered Dire Warning About The Coronavirus At Private Luncheon Three Weeks Ago
Critics of Burr, including the North Carolina Democratic Party, were quick to point out that the senator’s comments came on the same day that Trump publicly predicted that the coronavirus would “like a miracle” one day disappear. “Burr chairs the Senate Intel Comm so of course he knew how bad it could get,” Joyce Vance, a University of Alabama law professor and former federal prosecutor, said in a tweet. “The same day Trump said it would go away when the weather warmed up, almost 3 weeks ago, Burr was warning a wealthy slice of constituents, but not the rest of the country.” (Wagner, 3/19)
CNBC:
Senators Face Questions Over Stock Sales Before The Coronavirus Slide
A second Republican senator, Georgia’s Kelly Loeffler, also sold large amounts of stock in late January and early February, when U.S. markets were hitting all-time highs. Both Burr and Loeffler have received non-public information about the global spread of coronavirus from Executive Branch officials, who have been briefing senators regularly since at least January. (Wilkie, 3/20)
