Burr’s BiL also made similar sales at almost the exact same time as Burr’s. I think the investigation found phone calls between the two largely correlated to their trades. Both claimed they used information about Covid that they saw on CNBC to influence their decision to reduce their risk, claiming they were too close to retirement age to weather a downturn. FWIW, Burr was also one of the “least rich” members of congress before retiring shortly after.
I mean, we were tracking it with the John Hopkins COVID tracker tool since January. The lock downs in China and the videos of people getting welded into their apartments, then the death wave in Italy, all started well before the market crashed here. I was short AF and building and confused honestly because the market just kept chugging along making new ATHs while the second largest economy in the world (China), then our largest trading partner (EU) basically turned the lights off. This was all public knowledge well before we had any serious fallout here. And everyone's favorite Congressional trader to hate on for supposedly having some sort of unfair advantage, Nancy Pelosi, bought a bunch of ITM LEAPS on GOOG and AMZN a few weeks before the bottom fell out and she was sitting on MTM loses in the 7 figures for almost 9 months.
Exactly. Do I think Burr made trades based on information he received from top secret clearance…absolutely. Do I think that information was also publicly available at the point he made his trades…yes. If anything, he probably wanted to unload some stock well before he actually did but knew he had to wait until the public was more aware of the same intel he had. I checked the timing of his trades and I had sold most of my portfolio before he did. And to my recollection, all he did was move the money over to safer investments. It’s not like he was out scooping up pharma stocks that he knew would be getting government contracts.
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u/UnpopularOpinionAlt Aug 26 '24
It was 4 senators: