Lawmakers’ Stock Trades and Other Virus Outrages
Some lawmakers have a lot of explaining to do. Plus, punishing poor people and shaping up the cruise-ship industry.
By Joe Nocera 3/20/2020, 10:47:09 AM
Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast “The Shrink Next Door.”
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Of the many things taking place in Washington that make your blood boil, the — how should I put this? — timely stock trades by senators during the coronavirus outbreak has to go right to the top of the list. Two of them have tried to explain them away, but the details are just so… suspicious.
At least three Republicans and one Democrat 1 sold stock before the country got serious about Covid-19, but let’s focus on one: Kelly Loeffler.
A Republican from Georgia, Loeffler has been in the Senate for less than three months; she was appointed to fill the seat of Senator Johnny Isakson, who retired early for health reasons. She has a Wall Street background — she was in investor relations at the New York Stock Exchange, where she married the boss, Jeffrey Sprecher, the Chief Executive Cfficer of Intercontinental Exchange Inc., which owns NYSE
On Jan. 24, Loeffler attended a Senate briefing on the coronavirus, which she tweeted about. That same day, she and her husband began selling stock. By the time they were finished, they had dumped 27 companies, including Exxon Mobil and AutoZone, saving millions of dollars when the market later tanked. (Senate financial disclosure forms don’t give exact numbers.)
A month later, she sent out this tweet: Read the rest of this entry »
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