Republican Senator Dumped Stocks In Advance Of Pandemic Crash (UPDATED)

What was it sociopathic dolt Donald "Moron Vector" Trump said when asked if the rich and famous get special treatment in getting tested for coronavirus?  Oh, yeah: "Perhaps that's the story of life."

Well, that philosophy is certainly shared by this rotted out Republican Senator who might have engaged in a little insider trading informed speculation:

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 $582,029 and $1.56 million of his holdings on Feb. 13 in 29 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. [snip]

Burr was one of just three senators who in 2012 opposed the bill that explicitly barred lawmakers and their staff from using nonpublic information for trades and required regular disclosure of those trades. In opposing the bill, Burr argued at the time that insider trading laws already applied to members of Congress. President Barack Obama signed the bill, known as the STOCK Act, that year. [snip]

His biggest sales included companies that are among the most vulnerable to an economic slowdown. He dumped up to $150,000 worth of shares of Wyndham Hotels and Resorts, a chain based in the United States that has lost two-thirds of its value. And he sold up to $100,000 of shares of Extended Stay America, an economy hospitality chain. Shares of that company are now worth less than half of what they did at the time Burr sold.  (our emphasis)

Quite a coincidence.  Also, quite swampy.

Always remember, there are two sets of rules;  one for us, another for Republicans.

Other opinions --

Unless Sen Burr can come out and explain that he buys and sells a million dollars of stocks every day, not really sure how this isn't an immense scandal. And frankly, do we think he's the only one?

— Josh Marshall (@joshtpm) March 19, 2020

It's pretty bad when you've just become the worst Burr in American political history...and No. 2 is the guy who shot and killed Alexander Hamilton

— Will Bunch 🆘 (@Will_Bunch) March 19, 2020

UPDATE:  As Josh Marshall surmised, there's another Republican Senator who did the same thing shortly after a coronavirus briefing back in January.  Kelly Loeffler of Georgia (a multi- millionaire whose husband is president of the -- wait for it -- New York Stock Exchange!).

UPDATE II:  And take Loeffler with you --

Hearing from sources close to President Trump that Burr needs to resign. https://t.co/gMySUxeFO9

— John Santucci (@Santucci) March 20, 2020

UPDATE III:  It's now up to 3 Republican Senators and counting--

Georgia Sens. David Perdue and Kelly Loeffler unload hundreds of thousands of dollars worth of stocks before coronavirus outbreak triggered a stock market plunge. #gapol #gasen https://t.co/9i5lNV9XJd

— Greg Bluestein (@bluestein) March 20, 2020

UPDATE IV:  The net is possibly snaring more, including Oklahoma Sen. James "Snowball" Inhofe and, sadly, past- expiration- date California Sen. Dianne Feinstein (h/t to P.E.C. for the update).

(Photo:  Burr doing some self- quarantining now?)