I see that the Fibbers are investigating a U.S. Senator on suspicion of insider trading: good.
Burr drew the attention of lawmakers after it was revealed he sold off thousands of dollars worth of stock on February 13—less than a week before the stock market sharply dropped because of the coronavirus pandemic. Most of the shares were in companies like Wyndham Hotels and Resorts and Hilton that took an especially hard hit as coronavirus travel restrictions went into place. Burr’s timely decision to sell netted him between $628,000 and $1.72 million.
More troubling is that Burr’s decision to sell came as his committee was receiving daily briefings on the threat posed by the virus. As such, many speculate the senator may have acted on insider information to protect his assets. If true, Burr could be found in violation of the STOCK Act, which prohibits the use of non-public information for private profit by lawmakers.
For people who can’t understand how politicians can come to Washington as “thousand-aires” and leave as millionaires after getting only a Congressional salary: this is one of the ways they manage it.
And I don’t care that he’s a Republican, although I wish the Fibbers would go after all these dishonest pricks with the same zeal, regardless of party.
Yeah, I know: I should be using the word “alleged” and “suspicion of” all over the place. Let’s just say that I hold elected officials to a higher standard — they should behave circumspectly to avoid even the suspicion of wrongdoing.
What gets me is the stupidity of the action. Had Burr, or anyone else for that matter, bought the hotel stocks after the price plunged (to be sold later at a profit when the share price rebounded), he’d have made just as much money. But no: let’s avoid losses, even paper losses, at all costs. Greedy fucker.
And if the Fibbers find that Burr’s phone records show that he’d placed the sell orders last year and not right after he had a committee briefing, then I’ll apologize for all the above. Somehow, though, I don’t think I’ll be apologizing.