Thursday, February 29, 2024
02/29/2024

Senator Dumped Up to $1.7 Million of Stock After Reassuring Public About Coronavirus Preparedness

  • by:
  • Source: ProPublica
  • 03/20/2020
Soon after he offered public assurances that the government was ready to battle the coronavirus, the powerful chairman of the Senate Intelligence Committee, Richard Burr, sold off a significant percentage of his stocks, unloading between $628,000 and $1.72 million of his holdings on Feb. 13 in 33 separate transactions.

As the head of the intelligence committee, Burr, a North Carolina Republican, has access to the government’s most highly classified information about threats to America’s security. His committee was receiving daily coronavirus briefings around this time, according to a Reuters story.

A week after Burr’s sales, the stock market began a sharp decline and has lost about 30% since.

On Thursday, Burr came under fire after NPR obtained a secret recording from Feb. 27, in which the lawmaker gave a VIP group at an exclusive social club a much more dire preview of the economic impact of the coronavirus than what he had told the public.
Source: ProPublica
Sen. Richard Burr by Civil Air Patrol Photo by John Swain is licensed under Creative Commons Attribution-NoDerivs 2.0 Generic (CC BY-ND 2.0)
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