US Senator Richard Burr steps down as intelligence chairman amid investigation into pre-pandemic stock dump
15 May 2020
As part of an ongoing Justice Department and Securities and Exchange Commission’s probe into insider trading conducted by prominent US senators, Federal Bureau of Investigation (FBI) agents have seized the personal cell phone of North Carolina senator Richard Burr.
BLOG: FEINSTEIN, WHO HAS SPENT HER ENTIRE POLITICAL LIFE PUSHING FOR AND VOTING FOR DEALS THAT WOULD FILL HER HUSBAND'S POCKETS HAS ALWAYS FACED SERIOUS ETHICS CHARGES. SHE SIMPLY GAMES THEY CORRUPT SYSTEM AND AS HER PIMP-HUSBAND HANDS OUT BRIBES TO ALL DEMS SO THEY KEEP THEIR MOUTHS SHUT ABOUT FEINSTEIN'S 'DEALS'.
A spokesperson for Dianne Feinstein has also confirmed that FBI agents have questioned the California senator regarding her and her husband's selling of up to $6 million worth of stock between January 31 and February 18. Feinstein has maintained her innocence, pleading ignorance as to her husband’s actions.
It was revealed by several media investigations as well as senate disclosure forms in March, that senators Burr and Feinstein, as well as James Inhofe and Kelly Loeffler, sought to secure their personal wealth at the expense of society by selling millions of dollars in stock, prior to the market’s collapse and after receiving classified intelligence briefings on the emerging threat of the coronavirus beginning on January 24.
Chairman Richard Burr, R-N.C., gives opening remarks at a Senate Intelligence Committee hearing for a nomination hearing for Rep. John Ratcliffe, R-Texas, on Capitol Hill in Washington, Tuesday, May. 5, 2020. (AP Photo/Andrew Harnik, Pool)
As the virus spread unchecked throughout the country, Burr sought to soften the threat of the virus while buttressing the government's preparedness efforts. Burr coauthored an opinion piece for Fox News on February 7 arguing that “the United States today is better prepared than ever before to face emerging public health threats like the coronavirus, in large part due to the work of the Senate Health Committee, Congress and the Trump administration.”
But when speaking to affluent campaign contributors on February 27, Burr made more direct warnings. Members of the Tar Heel Circle, who pay between $500 and $10,000 in dues, were truthfully warned by Burr, that far from being a minor flu,“[COVID-19] is probably more akin to the 1918 pandemic.”
In order for a warrant to be executed on a sitting senator, such as Burr, the signature of Attorney General William Barr is required. As Chair of the Senate Intelligence Committee, Burr oversaw investigations into, and suppressed findings that could shed light on, the murderous and illegal activities of the CIA, FBI and NSA. The purpose of the warrant was to obtain phone records and conversations between Burr and his stockbroker, according to reports.
As of this writing, it does not appear that Inhofe nor Loeffler have been questioned by authorities, nor served any warrants, despite both engaging in similar activity as Burr and Feinstein.
According to Burr’s senate disclosure forms, he and his wife sold 33 different stocks on a single day, February 13, worth between $628,000 and $1.72 million. The sales represent the most stock Burr had sold in over a year and a significant portion of his estimated $3.1 million net worth according to Opensecrets.org. ProPublica reported last week that Burr’s brother-in-law, Gerald Fauth, sold between $97,000 and $280,000 worth of shares the exact same day as Burr. Fauth was appointed by Donald Trump to the National Mediation Board, the federal agency that coordinates labor-management relations within the railroad and airline industries, in 2017.
As with his connected brother-in-law, Fauth chose to divest from several businesses that were soon to see a precipitous drop in stock value, including several major oil companies. Fauth sold $50,000 worth of Chevron; between $1,001 and $15,000 of BP and between $15,001 and $50,000 of Royal Dutch Shell stock.
FBI agents served the now-former chair of the powerful Senate Intelligence Committee with a warrant to seize his cell phone at his Washington D.C. home on Wednesday evening. On Thursday, Burr delivered a letter to Senate Majority Leader Mitch McConnell informing him that he would be stepping down as chair of the Intel Committee.
As chair, Burr oversaw the nearly three-year investigation into “Russian interference” that took place during the 2016 election which supposedly benefited Donald Trump. This fact-free conspiracy theory was promulgated by the ruling class and their servants in the intelligence agencies and Democratic party to channel mass popular opposition to Trump behind a right-wing pro-war campaign to demonize Russia and lay the groundwork for internet censorship and war.
Burr earned Trump’s ire by issuing a subpoena for Donald Trump Jr. to testify in front of the committee last year as part of the committee's McCarthyite investigation.
While speaking to reporters on Thursday, Trump insisted that he didn’t know about the warrant, or impending seizure of Burr’s phone. During a press conference Trump stated that he “knew nothing about it.” Upon hearing that Burr had resigned his chair position, Trump dryly replied, “That’s too bad.”
Revealed: Four senators dumped millions in
stocks while Capitol Hill was being briefed on the coronavirus threat but
BEFORE markets started tanking
Revealed: Four senators dumped millions in
stocks while Capitol Hill was being briefed on the coronavirus threat but
BEFORE markets started tanking
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Richard Burr, head of the Senate Intelligence Committee which was
directly briefed on coronavirus, sold up to $1.7m in stock between January and
February
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Dianne Feinstein, on the same committee, sold up to $6m in stock in same
period
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Kelly Loeffler, on the Senate Health Committee, sold up to $3.1m in
stock starting on the day her committee was briefed by the CDC
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James Inhofe sold up to $400k in stocks including real estate all on
January 27
Four senators dumped millions of dollars
worth of stock while Capitol Hill was being briefed on the threat of
coronavirus but before the markets tanked as infections soared, disclosure
records have revealed.
Republicans
Richard Burr, Kelly Loeffler and James Inhofe and Democrat Dianne Feinstein
collectively offloaded up to $11million in stock between late January and early
February, according to records seen by The Daily Beast, New York Times and ProPublica.
Burr, chair of the Senate Intelligence
Committee that was directly briefed on coronavirus, sold up to $1.7million in
stock including in hotels, according to reporting from ProPublica.
Feinstein, a member of the same
committee, sold up to $6million in stock including in a biotech firm.
Loeffler dumped up to $3.1million in
investments starting on the day the Senate Health Committee, which she sits on,
was briefed by the CDC. Meanwhile James Inhofe sold up to $400,000 in stock
including real estate.
Loeffler and Feinstein have defended
themselves, saying their stocks are invested in trusts and portfolios that they
have no personal control over. Inhofe has not commented.
Burr's spokeswoman said in a statement to
DailyMail.com that Burr filed his financial disclosure form several weeks
before the markets showed 'volatility.'
The Stop Trading on Congressional Knowledge
Act prohibits members of Congress from insider trading based on
classified information they have received in briefings.
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According
to The Daily Beast, Sen Kelly Loeffler and her husband, Jeffrey
Sprecher, the chairman of the New York Stock Exchange, sold $3.1million in
stock between late January and early February.
The first sale was in the firm Resideo
Technologies worth between $50,001 and $100,000 and made on January 24, the
same day her committee - the Senate Health Committee - held a briefing with the
CDC.
The stock has since halved in value.
During the same period the couple made just
two purchases, one of which was stock in a tele-working company that has seen
an increase in price amid office shutdowns.
Meawnhile Richard Burr, Republican chair of
the Senate Intelligence Committee which was being briefed on coronavirus,
offloaded between $582,029 and $1.56million of his stock holdings in
mid-February.
Burr later went on to warn people at a
meeting in Washington that coronavirus was likely to cause significant
disruption to businesses, even as Donald Trump was playing down the threat.
Dianne Feinstein, a Democratic member of the
same committee, and her husband also sold between $1.5 million and $6
million in stock in California biotech company between late January and
mid-February.
Elsewhere James Inhofe, Republican of
Oklahoma, sold stocks totaling $400,000 on January 27 including shares
in PayPal, Apple and Brookfield Asset Management, a real estate
company.
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ProPublica reported that on February 13 Burr sold of stock
holdings in 29 separate transactions. A week later the stock market
started its downward trend, now losing about a third of its value.
Burr dumped $150,000 worth of shares of
Wyndham Hotels and Resorts stock and $100,000 worth of shares of Extended Stay
America.
The hospitality industry has been one of the
worst shattered in this collapse.
Then, on February 27 Burr gave
well-heeled constituents from the Tar Heel State a dire warning about the kind
of chaos the coronavirus could cause.
The North Carolina
Republican is heard on a secret recording obtained by NPR telling members of the Tar Heel Circle
on February 27 that the coronavirus was 'much more aggressive in its
transmission than anything that we have seen in recent history.'
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'It is probably more akin to the 1918
pandemic,' Burr told the group, who pay between $500 and $10,000 for membership
of the group, according to NPR's reporting.
In a series of tweets, Burr pushed back and
said he was addressing the membership of the North Carolina State Society. 'The
message I shared with my constituents is the one public health officials urged
all of us to heed as coronavirus spread increased,' he also said.
A spokesman for Feinstein said that all of
her stock holdings are in a blind trust, and that she has no involvement in
financial decisions made by her husband.
The luncheon that was taped was held at the
Capitol Hill Club, a social club for Republicans located steps away from the
Capitol Building.
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