Wealthiest U.S. Congressmen Did Something Suspicious Before the Stockmarket Crash and People Are Livid
The general public may have only had a vague idea of who Kelly Loeffler is a couple of weeks ago. But they’re now learning more about the senator as some of her recent financial decisions have come to scrutiny.
Suspicious Financial Decision
As some may already know, Loeffler is said to be the richest person in the United States Congress. The Georgia senator reportedly has a net worth of half a billion dollars. And now, she’s receiving backlash after allegations of her involvement in insider trading activities with other of her fellow senators.
She is being accused of selling off millions worth of stocks ahead of the market crash that recently happened on March 9, which in turn resulted from the panic brought by the coronavirus pandemic. In total, the 49-year-old Republican politician unloaded $3.1 million of stocks.
Aside from her seat in Congress, Loeffler is known for being the CEO of the Intercontinental Exchange subsidiary Bakkt in 2018. She became the junior senator for the state of Georgia in 2020.
According to sources, Loeffler might have gotten a private briefing warning her about the possible negative impacts that the coronavirus may have on the economy ahead of it actually doing damage in the American stock market. The senator received this potentially classified information back in mid-February.
This resulted in her or her financial representatives being able to avoid losses by selling companies that may be affected negatively by the pandemic and buying stocks from companies that might be impacted positively.
As filings reveal, Loeffler sold her shares from T.J. Maxx, a retail chain, to buy shares from businesses that manufacture protective garments and equipment that may be used when dealing with the ongoing coronavirus pandemic.
Should it be proven that she used insider information to make these decisions, the act would be a violation of laws barring Congress members from profiting from stock market trades due to their position.
Loeffler has since denied these allegations in an interview with Fox News. Emphasizing how she had a third-party person making her financial instructions, she said that the trades were done by her handlers but didn’t involve her directly at all. The same arrangement worked for her when she was still in the private sector, Loeffler said.
More in Wealth
We Need More Women in Data Science Say Experts – Tips to Guarantee Success
If you’re using the internet on a daily basis, there’s nothing you do that doesn’t require data. Your computer. Your smartphone....September 23, 2021
Top 4 Places Expats Can Consider Moving To
Leaving your home country and moving to a new place can be daunting. You might have to repeatedly dodge questions like,...September 13, 2021
Is Your Debt Ruining Your Life? Here Is What You Can Do
Debt can become overwhelming to the point that it can begin crushing your life. You could begin to develop the impression...May 10, 2021
Is Matthew McConaughey Going to Run for Office? There May Be Signs That Point to Yes
Many celebrities have gone out of the confines of their job descriptions and have explored the messy world of politics. From...April 25, 2021
How Lady Gaga Bounced Back from Being Practically Bankrupt At The Height Of Her Career
Lady Gaga is one of her generation’s most commercially and critically acclaimed musicians. So, her confession of financial troubles comes as...April 21, 2021
Ryan Reynolds Has a Special Gift for Bartenders Affected by the Coronavirus Onslaught
The current coronavirus pandemic has led to the temporary closure of numerous restaurants and bars across the United States. This means...April 10, 2021
Are You Chronically Tired? This Could be the Culprit Behind the Problem, And It’s Not Sleep
Have you ever felt tired when you wake up in the morning or found your energy level at an all-time low even though you’re...April 6, 2021
Your Company’s Success Could Go Through The Roof With These Proven Workplace Productivity Hacks
Productivity is one of the most discussed concepts when it comes to work and business. Workers and business owners are both...March 22, 2021
Why It’s Important to Know EXACTLY What Your Job Title Entails
Job titles and descriptions serve as a way for applicants and eventual hires to have a clear idea of what kind...March 15, 2021