Billionaire US senator Loeffler’s coronavirus profiteering

This 5 April 2020 video from the USA says about itself:

Senator Kelly Loeffler’s Insider Trading EXPOSED

[Republican party] Sen. Kelly Loeffler’s is under federal investigation for insider trading. John Iadarola and Jayar Jackson break it down on The Damage Report.

“Sen. Kelly Loeffler (R-Ga.) and her husband, Jeffrey Sprecher, purchased and sold about $1.4 million in stock during the market panic set off by the coronavirus pandemic, the Wall Street Journal reports.

Why it matters: Though the couple still lost money, they were able to limit the financial blow from the stock market’s worst month since October 2008.

Details: Loeffler reported that she and her husband bought $590,000 worth of stock and sold about $845,000 from Feb. 18 through March 13, according to WSJ‘s review of the senator’s financial disclosure.

– If they held the shares they sold until March 31, they would have been valued at $86,000 less than what they sold them for.
– The stocks they bought declined after they purchased them and resulted in losses of $102,000 through March 31.

Loeffler and her husband sold stocks in retail stores, such as Lululemon and T.J. Maxx, and invested in a company that makes COVID-19 protective garments for medical workers, according to a review by the Atlanta Journal-Constitution.

Of note: Sprecher is the CEO of Intercontinental Exchange, which owns the New York Stock Exchange.”

Read more here.

At least two Republican senators, Richard Burr (R-N.C.), the chairman of the powerful Senate Intelligence Committee, and Kelly Loeffler (R-Ga.), sold hundreds of thousands if not millions of dollars in stock shortly after Congress began receiving regular briefings about the outbreak of coronavirus spreading around the globe. [HuffPost]