Georgia Republican Sen. Kelly Loeffler traded millions more dollars in stocks than previously reported after attending a non-public 24 January briefing on the coronavirus whose spread into a pandemic has sunk global markets.
More than $18.7m in stock in Intercontinental Exchange, a trading group that owns the New York Stock Exchange, was sold on Ms Loeffler and her husband’s behalf in three separate transactions dated 26 February and 11 March, according to financial disclosures reviewed by the Atlanta Journal-Constitution, the senator’s hometown paper.
Ms Loeffler is a former executive at Intercontinental Exchange, where her husband, Jeff Sprecher, is CEO.
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An aide to Ms Loeffler told The Independent Wednesday that the sale of the Intercontinental Exchange stocks is a typical financial choice for executives at the company, who are given the option to initially purchase them at a discounted rate.
“This is the primary way they are compensated,” the aide said. “Selling this stock is a normal practice for them and other executives.”
Ms Loeffler and Mr Sprecher also sold off stocks in clothing retailers Lululemon and TJX Cos., the parent company of popular store brands TJ Maxx and Marshalls.
The freshman senator’s office claimed Wednesday that such sales are standard procedure for her and her husband.
“These transactions are consistent with historical portfolio activity and include a balanced mix of buys and sells,” said Ms Loeffler spokeswoman Kerry Rom. “Her stock portfolio is managed independently by third-party advisors and she is notified, as indicated on the report, after transactions occur.”
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A view of empty Bourbon street in the French Quarter amid the coronavirus pandemic in New Orleans, Louisiana
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Nyla Clark, 3, accompanied by her mother, Chavonne Clark, sits in a baby stroller at a corner in New Orleans, hoping to get a few dollars from an occasional passerby. Clark was a phlebotomist with a local company until she lost her job because of the coronavirus pandemic. She is waiting for unemployment
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Jackson Square, normally bustling with tourists, is seen deserted
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Words from Gloria Gaynor’s “I Will Survive” are painted onto plywood covering the window of a closed business
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Street performer Eddie Webb looks around the nearly deserted French Quarter looking to make money
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Boarded up businesses
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The normally bustling tourist mecca of Bourbon Street lies deserted in the early afternoon
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A sign along I-10 informing persons who travel from Louisiana to quarantine
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A man cycles along Jackson Square
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Elena Likaj, prevention department manager at Odyssey House Louisiana (OHL) which runs a drive-through testing site, takes the temperature of New Orleans resident Peyton Gill
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A man walks his dog past a boarded up business on Frenchmen Street
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An empty Bourbon street
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A meal is distributed at the Lantern Light Ministry at the Rebuild Center
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A woman walks in the French Quarter
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People practice social distancing as they queue up for a meal at the Lantern Light Ministry at the Rebuild Center
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French Quarter
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A sign is pictured in the French Quarter amid the outbreak
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A view of Bourbon Street
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National Guard members walk down Rampart Street
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A man rides his bicycle in front of a boarded up French Quarter restaurant
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A shuttered business is pictured on Decatur Street
AFP via Getty
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The normally bustling tourist mecca of Bourbon Street lies deserted
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A view of Canal Street
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A New Orleans firefighter works to contain an early morning fire
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A view of empty Bourbon street in the French Quarter amid the coronavirus pandemic in New Orleans, Louisiana
Getty
2/25
Nyla Clark, 3, accompanied by her mother, Chavonne Clark, sits in a baby stroller at a corner in New Orleans, hoping to get a few dollars from an occasional passerby. Clark was a phlebotomist with a local company until she lost her job because of the coronavirus pandemic. She is waiting for unemployment
The Advocate via AP
3/25
A man boards a streetcar
Reuters
4/25
Jackson Square, normally bustling with tourists, is seen deserted
AP
5/25
Words from Gloria Gaynor’s “I Will Survive” are painted onto plywood covering the window of a closed business
AFP via Getty
6/25
Street performer Eddie Webb looks around the nearly deserted French Quarter looking to make money
AP
7/25
Boarded up businesses
Reuters
8/25
The normally bustling tourist mecca of Bourbon Street lies deserted in the early afternoon
Reuters
9/25
A sign along I-10 informing persons who travel from Louisiana to quarantine
AP
10/25
A man cycles along Jackson Square
AFP via Getty
11/25
Elena Likaj, prevention department manager at Odyssey House Louisiana (OHL) which runs a drive-through testing site, takes the temperature of New Orleans resident Peyton Gill
Reuters
12/25
A man walks his dog past a boarded up business on Frenchmen Street
Reuters
13/25
An empty Bourbon street
Getty
14/25
A meal is distributed at the Lantern Light Ministry at the Rebuild Center
Reuters
15/25
A woman walks in the French Quarter
Reuters
16/25
People practice social distancing as they queue up for a meal at the Lantern Light Ministry at the Rebuild Center
Reuters
17/25
French Quarter
Getty
18/25
A sign is pictured in the French Quarter amid the outbreak
Reuters
19/25
A view of Bourbon Street
Reuters
20/25
National Guard members walk down Rampart Street
AFP via Getty
21/25
A man rides his bicycle in front of a boarded up French Quarter restaurant
Reuters
22/25
A shuttered business is pictured on Decatur Street
AFP via Getty
23/25
The normally bustling tourist mecca of Bourbon Street lies deserted
Reuters
24/25
A view of Canal Street
Reuters
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A New Orleans firefighter works to contain an early morning fire
Reuters
Federal watchdogs have raised concerns over Ms Loeffler’s and other lawmakers’ trading of stocks in indiual companies after lawmakers began receiving private intel briefings about the then-nascent health crisis. The Justice Department is now reviewing some lawmakers’ recent stock trades, CNN reported earlier this week.
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The Dow Jones Industrial Average has dropped more than 8,000 points – or more than a quarter of its value – since Ms Loeffler and others attended the 24 January senators-only briefing on the coronavirus.
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As late as 10 March, despite selling off millions in stocks, Ms Loeffler was publicly touting the “strong” US economy and “growing” job numbers.
“Concerned about #coronavirus? Remember this: The consumer is strong, the economy is strong, & jobs are growing, which puts us in the best economic position to tackle #COVID19 & keep Americans safe,” she tweeted.
Not all of Ms Loeffler’s transactions since she began receiving private intel briefings on the coronavirus reflect a pessimistic view of markets experts might expect to be hampered or boosted by the health crisis.
She and her husband sold more than $110,000 in Facebook stock and shed $180,336 in shares of DocuSign, an online service used by landlords and other users to collect legally contractual signatures.
In addition to Ms Loeffler, Senators. Richard Burr of North Carolina, Dianne Feinstein of California, Jim Inhofe of Oklahoma, Da Perdue of Georgia, and Ron Johnson of Wisconsin have also received scrutiny for their market transactions during roughly the same time period.
