Senators sold stock before steep market losses from virus
Senate Intelligence Committee Chairman Richard M. Burr sold as much as $1.7 million in stocks just before the market dropped in February amid fears aboutSenate records show that Burr and his wife sold between roughly $600,000 and $1.7 million in more than 30 separate transactions in late January and mid-February, just before the market began to fall and as government health officials began to issue stark warnings about the effects of the virus.
Burr told the small North Carolina audience that the virus was “much more aggressive in its transmission than anything that we have seen in recent history” and “probably more akin to the 1918 pandemic.”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 message I shared with my constituents is the one public health officials urged all of us to heed as coronavirus spread increased,” Burr wrote. “Be prepared.”Burr sent out the tweets before reports of his stock sales. A spokesperson for the senator said in a statement that Burr “has been deeply concerned by the steep and sudden toll this pandemic is taking on our economy” and supports congressional efforts to help the economy.
In the weeks that followed, Loeffler urged her constituents to have faith in the Trump administration’s efforts to prepare the nation.
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