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Republican Senator Richard Burr Faces Criticism And Demands To Resign After Selling More Than $1 Million In Stock Amid Coronavirus

Published Wed Apr 01 2020 By Hendrix
Republican Senator Richard Burr Faces Criticism And Demands To Resign After Selling More Than $1 Million In Stock Amid Coronavirus

The Coronavirus pandemic has taken over the world and has almost shut down all industries. Most experts claim that the lockdowns and quarantines are necessary, but they are leading to a possible recession and, even further, a depression.

In fact, most stock prices and markets are facing a downfall, and the economic impact of the virus has also caused global concern.

The healthcare systems in even the most technologically advanced and economically powerful countries are operating beyond capacity due to the rapid and aggressive spread of the virus. Similarly, the entertainment industry and Hollywood have also shutdown.

Richard Burr Sold Stocks Worth Millions Before The Coronavirus Pandemic

North Carolina senator Richard Burr and his wife sold between $628,000 and $1.7 Million in stocks in January and mid-February, right before the Coronavirus was declared a global emergency.   

Richard Burr sold stocks amidst Coronavirus pandemic
Richard Burr sold stocks amidst Coronavirus pandemic 

Source: The New Yorker

They sold the stocks in over 30 transactions, and according to The Guardian, several stocks were of hotel companies. 

The public raised their eyebrow, and many speculated that he used his position as the chairman of the Senate intelligence committee to get information before releasing it to the public and selling the stocks.

Burr has defended himself by saying that he used only the information from tabloids and public sources to make the decision to sell the stocks. He went further to accuse NPR: National Public Radio of making a hit-style accusation on him. 

Tabloids have also reported that there were no briefings at the Senate intelligence committee about the Coronavirus and its implications on the stock market.

Similarly, there is also no information to suggest that the North Carolina senator had inside information on the impending stock market downfall.

Kelly Loeffler also sold millions in holdings while the world struggled to cope with COVID-19
Kelly Loeffler also sold millions in holdings while the world struggled to cope with COVID-19

Source: The American Independent

Other senators also sold substantial amounts of their stocks in a similar time period. Kelly Loeffler of Georgia, Democrat Dianne Feinstein, and Oklahoma senate Jim Inhofe.

Loeffler and her husband, the chairman of the New York Stock Exchange (NYSE), also made 29 transactions up until mid-February.

Selling 27 stocks and buying 2 stocks. Kelly Loeffler also bought a stock worth between $100,000 and $250,000 among her transactions.

While other stocks plummet, the stock Loeffler bought in Citrix, a tech company, experienced a slight upward bump, further raising speculation the senators had inside information about the stock market trend amidst the global emergency.

Dianne Feinstein also sold stocks along with her husband worth around $1.5 Million to $6 Million. They sold their holdings in a California biotech company from 31 January to 18 February. Feinstein is also a member of the Senate intelligence committee.

In a similar fashion, Oklahoma senator Inhofe also sold $400,000 worth of holdings on 27 January alone.

All these senators have received almost global criticism and demand to resign. In fact, Democratic congresswoman Alexandria Ocasio-Cortez also demanded their resignation after their alleged unethical conduct.

Not only a democrat but infamous conservative Fox News host also called for Burr to resign.

The Obama administration established law to make it illegal for senators to use inside information to sell shares and holdings.

Carlson also went on to say that 

“Maybe there is an honest explanation for what he did. If there is, he should share it with the rest of us immediately. Otherwise he must resign from the Senate and face prosecution for insider trading.”

Further adding

“Maybe there is an honest explanation for what he did,” Carlson told viewers. “If there is, he should share it with the rest of us immediately. Otherwise he must resign from the Senate and face prosecution for insider trading.”

Further information is yet to be released on the senator's finances, but the Justice Department has already started an investigation after the COVID-19 emergency is under control. 

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