Georgia Senator Kelly Loeffler is being accused of selling almost $50k worth of stock in an online travel company one day before President Donald Trump issued a travel ban on European travel to the United States to prevent the spread of the pandemic we’re currently dealing with.
This comes after she was already accused of selling off stocks before the country became aware of the seriousness of the pandemic. It’s not a good look when a senator is accused of selling stock before a travel ban. It looks like they knew something ahead of time.
The stocks were worth $46,027. Keep in mined that her husband is Jeffrey Sprecher and he’s the chief executive of Intercontinental Exchange, whose the parent firm of the New York Stock Exchange.
According to Bloomberg, Loeffler purchased some shares in a company called Booking Holdings. They provide a multitude of travel related services, such as hotels, online bookings, etc – the same services that are suffering right now due to the pandemic.
She did this back on March 6. Loeffler was with Trump that day. She went to the Centers for Disease Control and Prevention in Atlanta to get updated on how to handle the virus. She then went to Florida.
Loeffler bought stock a day after traveling with Trump. Then she sold it on March 10 and 11. Trump announced his travel restrictions on March 11, after the markets had closed for the day.
The weeks before that, she sold numerous other stocks in five companies, right before we learned about the level of seriousness on the outbreak.
Bloomberg reported that two weeks later, she sold several more stock options she had in several companies, all of which are being considered as “underwater.”
And before that, she sold off her other stocks in places like Delta Airlines and Aflac, places who are also currently struggling.
Many of her sales happened after members of Congress were briefed on the virus, which caused thousands of Americans to be upset with her and accuse her of inside trading.
Three other senators were also accused of inside trading, including Democrat Dianne Feinstein. This is the big issue that happened right after Congress was briefed, but before the public was made aware.