Before the coronavirus outbreak really hit the U.S., it looks like the swamp was doing what it does best. They may have been profiting off their exclusive intel and power.
Four senators, along with others, were briefed on the virus spread before the rest of the country. They had what we could call “insider information” about what this terrible virus and it’s horrifying potential.
One would think they would’ve gotten their states ready, maybe urge citizens to remain calm, but practice ways to stay safe.
Well, not really. It looks like these senators quickly dumped all their stocks, expecting a market crash.
Fox News reported that Sen. Dianne Feinstein of California and three of her Senate colleagues reported selling off stocks worth millions of dollars in the days before the coronavirus outbreak crashed the market.
Feinstein, who serves as ranking member of the Senate Judiciary Committee, and her husband sold between $1.5 million and $6 million in stock in California biotech company Allogene Therapeutics, between Jan. 31 and Feb. 18, The New York Times also reported.
It seems like they knew ahead of time that this virus was about to hit us hard. So now they are being accused of using insider knowledge to make bank, before other investors had a chance to prepare.
If that’s true, than it’s fare to inform you that those kinds of drastic actions might have actually helped encourage the market crash.
The senators in question are trying to deny blame or push it on others. Feinstein even said it was her husband who sold the stocks.
Now leaders in Congress and across the country, are demanding serious consequences.
“I don’t care if you’re Republican or Democrat,” tweeted Charlie Kirk, a prominent conservative activist and chair of Students for Trump, as the NY Times reported. “If you trade with inside info to enrich yourself during a crisis you are a disgrace. Resign, apologize, and donate all earnings to families of victims of China Virus.”
Numerous leaders, both liberal and conservative, are calling out these senators. They are demanding that they resign and donate the money they made off their stock dump.
“Senator Burr should resign and prepare to spend some quality time with a federal grand jury,” tweeted Rep. Jared Huffman (D-Calif.).
It is quite amazing to see people like Rep. Ocasio-Cortez and Charlie Kirk in agreement over something. That’s how outrageous this situation is.
In business, if you buy or sell stock based on information only you know about, it’s called “insider trading.” People have gone to jail over it.