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C19 Insider Trading Scandal

Hugo Stiglitz

By Hugo Stiglitz
in Cloak Room

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Judge Roybeanbag

Judge Roybeanbag 11810

Posted
Posted
7 minutes ago, Bozo_Casanova said:

It's a shame. I think Burr was a pretty good committee chair. Obviously he needs to step down but in his action he's cost the country as well as himself. 

Yeah and for what.  It’s not like they need the money.   Just being criminal because they can.  

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The Royal We

The Royal We 3065

Posted
Posted

Now will we ever see the last report from the SSCI that was supposed to "Focus on the counterintelligence aspects of the government’s Russia investigation, including allegations that Trump campaign officials coordinated with Russian operatives"?

https://www.politico.com/news/2020/04/21/senate-intel-report-confirms-russia-aimed-to-help-trump-in-2016-198171

I agree their insider trading is heinous and should be prosecuted, but I'm hoping this doesn't alter the timing or contents of this final report.

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Chuckie Finster

Chuckie Finster 22600

Posted
Posted
12 minutes ago, The Royal We said:

Now will we ever see the last report from the SSCI that was supposed to "Focus on the counterintelligence aspects of the government’s Russia investigation, including allegations that Trump campaign officials coordinated with Russian operatives"?

https://www.politico.com/news/2020/04/21/senate-intel-report-confirms-russia-aimed-to-help-trump-in-2016-198171

I agree their insider trading is heinous and should be prosecuted, but I'm hoping this doesn't alter the timing or contents of this final report.

Until Loeffler gets dragged into this, you will be unable to convince me that this was anything other than a strategic play by Trump.  (To be clear, fuck Burr and his insider trading.)

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StassneyHorn

StassneyHorn 6538

Posted
Posted (edited)

Lady on MSNBC said that Burr executed the trades himself vs Loeffler and Feinstein’s husband using an advisor to execute the transactions which could be a distinction. The amount Burr went through with was much closer to his entire net worth vs Loeffler whose husband is valued around half a billion and whatever the Feinstein’s are worth. Didn’t double check, so take it for what it’s worth to you.
 

Trump’s people aren’t mad about Burr being tangled in this, and along with him already saying this was his last term I think puts him on resignation watch.

Edited by StassneyHorn
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jimmyjazz

jimmyjazz 45558

Posted
Posted

There are means by which it is marginally kosher to trade as an insider.  I filed a "trading plan" with my broker after my company went public -- it basically told him what to sell or buy on what specific dates, extending out for quite some time.  I had no discretion beyond the drafting of the original plan.

SEC never called.

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Bateshorn

Bateshorn 9899

Posted
Posted
2 hours ago, Chuckie Finster said:

Until Loeffler gets dragged into this, you will be unable to convince me that this was anything other than a strategic play by Trump.  (To be clear, fuck Burr and his insider trading.)

This.  How long until the new chairman (Risch) issues a subpoena for Joe Biden as part of Obamagate.

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babysdaddy

babysdaddy 2718

Posted
Posted
Did Loeffler contact her broker and tell him to sell?  I think her story on this has already "evolved" somewhat.

Saw an interview with her and she said she had no contact and it was her wealth manager’s call on what to buy and sell. I think the same thing with Feinstein. And both of those ladies met worth was not even remotely impacted. Burr is toast though as he made the calls and as someone already stated, was like all of his money.
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TwiceHorn

TwiceHorn 31274

Posted
Posted
2 hours ago, StassneyHorn said:

Lady on MSNBC said that Burr executed the trades himself vs Loeffler and Feinstein’s husband using an advisor to execute the transactions which could be a distinction. The amount Burr went through with was much closer to his entire net worth vs Loeffler whose husband is valued around half a billion and whatever the Feinstein’s are worth. Didn’t double check, so take it for what it’s worth to you.
 

Trump’s people aren’t mad about Burr being tangled in this, and along with him already saying this was his last term I think puts him on resignation watch.

Yeah, on Loeffler, since her hubs is owner of NYSE, he trades on legal inside info all the time, like all other Wall Street bigwigs.

An advisor is not necessarily a firewall, just ask Martha Stewart, but it helps break the chain of causation.

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TwiceHorn

TwiceHorn 31274

Posted
Posted
Just now, The Royal We said:

I guess I was unaware there was a % of assets qualifier for insider trading charges.

She must have a ninja ass broker if he saw the Covid fallout coming and knew to go long on Citrix.

Of course there is not, but what looks like astronomical and unusual trading volume for Burr may be another day of day trading for Loeffler and Pelosi.

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Nice Guy Eddie

Nice Guy Eddie 13412

Posted
Posted

Martha Stewart participated in insider trading for less than 50K, so just because someone is worth 100s of millions, that doesn't stop them from wanting to make an easy buck.

I can very well see that some spouses trade all the time based on their politician spouse telling them what they learned that day. And perhaps the politician isn't even fully aware those trades are occuring.

 

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Biff Tannen

Biff Tannen 45494

Posted
Posted
On 5/14/2020 at 12:37 PM, Chuckie Finster said:

Until Loeffler gets dragged into this, you will be unable to convince me that this was anything other than a strategic play by Trump.  (To be clear, fuck Burr and his insider trading.)

And there it is. 

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Blotto

Blotto 23434

Posted
Posted
39 minutes ago, High Plains Drifter said:

Law doggy doggs, could Attorney General Kamala Harris reopen the case in Jan, 2021?

While I will certainly acknowledge that Congress had access to privileged information related to Covid that could influence their decisions to sell stocks, there was plenty of information available to the public that also indicated that the market was going to take a shit. I took some large short positions against the market in mid February based purely on China locking down and shutting down manufacturing. 1.)  it was obvious the effect that would have on the global supply chain, and 2.) It certainly indicated that shutdowns were likely to happen elsewhere. There was a shitload of readily available information in the public domain that indicated a correction was coming.

Insider trading happens all the time, but there are times where it is clear cut (Chris Collins sitting on the board of a company and hearing about drug trial results) and murkier cases like Loeffler, Inhoffe, and Feinstein. I doubt there are too many politicians in Congress that want to go down that path, so I would be surprised if we hear to much about this moving forward. Doesn't mean I agree with it, but it would be damn hard to prove that their actions were based solely on privileged information.

Admittedly, I'm not up to speed on what the law says is allowable if you have access to both privileged info AND public information that would both lead you to a decision to sell stock. If the law explicitly states you are forbidden to sell in that situation, then presumably the case could be reopened, but I would be surprised.

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The Royal We

The Royal We 3065

Posted
Posted

How is Burr different then?  I mean, I know he subpoenaed Donnie Jr. and there's the whole SSCI report that shut down a lot of Trump's conspiracy theories, but is it all because he gave his brother in law information too?  But that's just publicly available info that anyone could have, amirite?

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TwiceHorn

TwiceHorn 31274

Posted
Posted
4 hours ago, StassneyHorn said:

Burr sold stock on his own and not through a financial advisor.

Yep, like I said, her hubs trades on "legal" inside information daily, just like everyone at GS.  Hell GS is probably their advisor.

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Guest Lobo

Guest Lobo

Posted
Posted
4 hours ago, StassneyHorn said:

Burr sold stock on his own and not through a financial advisor.

Do you literally mean "on his own" as in through a seat on the exchange?  No broken, no market-maker, no online trade platform?  Literally, by hisself?  

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Guest Lobo

Guest Lobo

Posted
Posted (edited)

So he still clears through an intermediary?  I'm not trying to mince words, it'd just be infinitely more interesting if he was actually independently clearing outside of all FINRA purview.  Either way, it's still beyond the pale...even for this administration.  

Edited by Lobo
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TwiceHorn

TwiceHorn 31274

Posted
Posted
26 minutes ago, Lobo said:

So he still clears through an intermediary?  I'm not trying to mince words, it'd just be infinitely more interesting if he was actually independently clearing outside of all FINRA purview.  Either way, it's still beyond the pale...even for this administration.  

I think the point is, he has no one with trading authority on his behalf and no one advising him on trades.  Thus, his only source of information is himself (and the Senate Intelligence Committee).  Therefore, it is highly unlikely that he can successfully point to some other source for his nicely timed trades.

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