Advertisement

Drudge Retort: The Other Side of the News
Friday, March 20, 2020

As the head of the intelligence committee, Burr, a North Carolina Republican, has access to the government's most highly classified information about threats to America's security. His committee was receiving daily coronavirus briefings around this time, according to a Reuters story. A week after Burr's sales, the stock market began a sharp decline and has lost about 30% since.

More

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

I just heard 3 or 4 other republicans and also Dianne Feinstein were also pulling this shht too.

All the while some of them were telling the public that they need to ride it out, "buy the dip", etc.

#1 | Posted by MrSilenceDogood at 2020-03-20 09:22 AM | Reply | Newsworthy 1

Good to know while my 409k was -------- the bed, the fatcats in Washington were selling off to protected their wealth hoard.

#2 | Posted by Nixon at 2020-03-20 10:07 AM | Reply

One of these fccks was just on TV defending this by saying "I don't handle these things myself..."

No shht?

You don't run home after work and log into your E-Trade account and sell a few shares like the people you were telling to buy because of how sting the economy is?

I'd like to be able to say that I can't believe this is a thing.

I'd like to say that no one who posts here will parrot the same stupidity to excuse it.

#3 | Posted by MrSilenceDogood at 2020-03-20 10:18 AM | Reply

Even Tucker Carlson called for Burr to resign.

#4 | Posted by johnny_hotsauce at 2020-03-20 10:22 AM | Reply | Newsworthy 1

This is her husband:

en.wikipedia.org

She would also like to reiterate that she doesn't handle her the sale of her own stocks like all of the dipshhts who will be defendinf her actions from a cardboard box under an overpass in the near future.

#5 | Posted by MrSilenceDogood at 2020-03-20 10:22 AM | Reply

If the people in north Carolina can't see this for what it is......then no chance you can get rid of POS's line this.

#6 | Posted by eberly at 2020-03-20 10:27 AM | Reply

None of the Senator's local office phones are accepting calls.

#7 | Posted by Zed at 2020-03-20 10:43 AM | Reply

All the while some of them were telling the public that they need to ride it out, "buy the dip", etc.
#1 | POSTED BY MRSILENCEDOGOOD

There needs to be an federal inquiry into actions done during the pandemic when there's a new administration in early 2021. The actions by these senators were against public trust.

#8 | Posted by GOnoles92 at 2020-03-20 11:32 AM | Reply | Newsworthy 2

This certainly looks like insider trading, the SEC should come down hard on any of the swamp dwellers that capitalized on this, including Burr.

Since it is inside the Beltway and they protect their own, I don't have high expectations that much will come of this. They should make an example of Burr, however.

#9 | Posted by Rightocenter at 2020-03-20 12:41 PM | Reply

This certainly looks like insider trading,

Insider trading is mostly legal in congress.

In the private sector the profession with the highest rate of return is hedge fund managers. Congress has a higher rate of return on investments. I'm serious.

#10 | Posted by JeffJ at 2020-03-20 01:01 PM | Reply

Insider trading is mostly legal in congress.

Actually, no. I clerked at the SEC while at UCLA in the mid '80s and on several occasions Enforcement slapped a few MoCs around for trading on information gained in committee. If a trade is based on "material non-public information" then 10(b)(5)-1 kicks in.

#11 | Posted by Rightocenter at 2020-03-20 01:13 PM | Reply

#11. Congress has access to information that we don't have and they rarely police their own. Hopefully Burr gets charged and if nothing else a message gets sent.

#12 | Posted by JeffJ at 2020-03-20 02:12 PM | Reply

@#9 ... This certainly looks like insider trading ...

Is it insider trading if the information does not originate inside of the company in question?

In other words, this case looks more like the Senator knew of an external stimulus that would negatively affect the stock price, and sold his stock. But that sale was not based upon insider information from the company.

#13 | Posted by LampLighter at 2020-03-20 02:50 PM | Reply

Our justice system is inadequate to handle situations like this. We need mob Justice. Tar and feathers etc.

#14 | Posted by visitor_ at 2020-03-20 02:50 PM | Reply

But that sale was not based upon insider information from the company.

I think the term "insider" refers to receiving privileged non-public information regardless of where it comes from.

The insinuation is that you have specific knowledge that compels your actions that isn't available to stockholders at large, not just information that comes from within the companies you're trading.

#15 | Posted by tonyroma at 2020-03-20 02:55 PM | Reply | Newsworthy 1

No doubt Burr is a Trumpublican, and if the DOJ went after him Drumpf would defend him all over Twitter like he did Collins and Hunter. This is today's GOP, Gross Old Profiteers!

#16 | Posted by _Gunslinger_ at 2020-03-20 03:16 PM | Reply

Is it insider trading if the information does not originate inside of the company in question?

That will be the legal question that Enforcement will be addressing. My guess is yes, since Burr traded on "material non-public information" to his advantage.

I say lock him up.

#17 | Posted by Rightocenter at 2020-03-20 03:17 PM | Reply

We need mob Justice. Tar and feathers etc.

#14 | POSTED BY VISITOR_

Catapult and a block wall.

Close range.

#18 | Posted by MrSilenceDogood at 2020-03-20 03:28 PM | Reply

Anyone surprised that most of the Senators doing this are Republican? And of course, Feinstein who really is just a DINO for decades now.

#19 | Posted by moder8 at 2020-03-20 03:34 PM | Reply

@#17

I just want to make sure the correct charges are used so that a person does not get off on a technicality.


#20 | Posted by LampLighter at 2020-03-20 03:48 PM | Reply

These,,,,, "people",,,,,, were able to enrich themselves to the tune of millions of dollars because they knew a catastrophe was coming are currently debating if the unwashed and dirty masses deserve $1,000.00 that we can use to keep the lights on.

#21 | Posted by MrSilenceDogood at 2020-03-20 03:50 PM | Reply

"This certainly looks like insider trading, the SEC should come down hard on any of the swamp dwellers that capitalized on this, including Burr."

How is this insider training?

It's like saying that anyone with a dataminr account should not be able to trade. Is that the case?

"My guess is yes, since Burr traded on "material non-public information" to his advantage."

Without getting too far into the weeds, unless they were privy to information that had been collected outside of open source, there's not a problem. But from my vantage point, the public information coming out of China was sufficient to suggest a problem was looming on the horizon.

In any case, it would need to be adjudicated by someone at the appropriate classification level to determine that the classified material these individuals had access to was in excess of what was publicly available.

#22 | Posted by madbomber at 2020-03-20 04:05 PM | Reply

"These,,,,, "people",,,,,, were able to enrich themselves to the tune of millions of dollars because they knew a catastrophe was coming are currently debating if the unwashed and dirty masses deserve $1,000.00 that we can use to keep the lights on."

Easy champ.

I'd say you're a ------- ------ if you didn't know this was coming. Don't blame others because you're not paying attention.

#23 | Posted by madbomber at 2020-03-20 04:07 PM | Reply

"How is this insider training?"

I think I see what you're getting at.
They acted on information we were not privy to, e.g. inside information, while telling us lies that were the opposite of the information they acted on.
But if you want to call it something like an entire casino that's rigged, where the craps dealer knows the dice are loaded but lets you play at the usual odds, that's fine too!

#24 | Posted by snoofy at 2020-03-20 04:10 PM | Reply

"They acted on information we were not privy to, e.g. inside information, while telling us lies that were the opposite of the information they acted on."

So...what exactly were you not privy to?

What was your dataminr feed saying?

Do you think it was much different?

#25 | Posted by madbomber at 2020-03-20 04:13 PM | Reply

I kinda feel you should stop treating your ignorance as a disability.

#26 | Posted by madbomber at 2020-03-20 04:14 PM | Reply

"So...what exactly were you not privy to?"

The things they heard, and then told us the opposite.

#27 | Posted by snoofy at 2020-03-20 04:20 PM | Reply

MadBomber, I get that your point here is isn't "insider trading" in the strict legal sense that the secret information did not come from insiders at the companies they sold.

That's why I offered up the "casino knows it's using loaded dice, but says it's a fair game" example.

#28 | Posted by snoofy at 2020-03-20 04:25 PM | Reply

"I'd say you're a ------- ------ if you didn't know this was coming."

Thanks Ray!

#29 | Posted by snoofy at 2020-03-20 04:28 PM | Reply

"The things they heard, and then told us the opposite."

OK.

So then you can skewer them for being dishonest politicians...but I think a conviction for insider trading would be very hard to secure.

If you had opened the aperture beyond the US news sources, you would have known this was coming.

#30 | Posted by madbomber at 2020-03-20 04:33 PM | Reply

Sen. Thom Tillis Throws Fellow North Carolina Senator Under The Proverbial Bus

mavenroundtable.io

#31 | Posted by Gal_Tuesday at 2020-03-20 04:34 PM | Reply

"If you had opened the aperture beyond the US news sources, you would have known this was coming."

The Senators who received this information are a US news source.
They not only closed that aperture, they lied about what was on the other side.

It's strange to me that doesn't even rains an eyebrow for you.
Don't you expect better, from the nation whose uniform you're wearing?

#32 | Posted by snoofy at 2020-03-20 04:36 PM | Reply

#28

I'd offer up that contract intelligence services like the Economist Intelligence Unit (EIU) offer a better service that what the military can provide. Especially when you start to take into account machine learning and smart algorithm cueing that's becoming even more commonplace. And the only restrictions on those services is not being able to pay the fee.

Maybe I'm missing something, but I think this is stupid. Operating at a highly classified level on a daily basis, I don't see what beyond open source could have driven these dudes to sell. I think if you queried sell-offs during this time, you'd have seen a ton of activity...non of which would have had access to classified info.

#33 | Posted by madbomber at 2020-03-20 04:40 PM | Reply

"contract intelligence services like the Economist Intelligence Unit (EIU) offer a better service that what the military can provide."

Good for them.
Not germane to what happened here.

#34 | Posted by snoofy at 2020-03-20 04:47 PM | Reply

"Operating at a highly classified level on a daily basis, I don't see what beyond open source could have driven these dudes to sell."

Okay.
Do you see what could have driven Burr to tell the media our fears were unwarranted, while secretly telling a VIP group to be berry berry worried?
Or is that not a thing you are going to bother caring about?

#35 | Posted by snoofy at 2020-03-20 04:49 PM | Reply

"Or is that not a thing you are going to bother caring about?"

No...I don't really care. Because the underlying circumstances that drove these individuals to sell were not a result of insider trading. Unlike traditional economic issues that are driven by financial mismanagement, this one is the result of COVID, which means that it's almost certainly temporary. In a few months, people will resume taking cruises and going on vacation. At which point, stocks in these companies will increase in value. In fact you might want to buy some shares in a leisure stock. Once this quarantine is over, people are going to want to get out.

#36 | Posted by madbomber at 2020-03-21 04:29 AM | Reply

"Because the underlying circumstances that drove these individuals to sell were not a result of insider trading. "

It was inside information, though.

Take the stock sales out of the picture.
You really don't have a problem with them hearing "this is bad" and telling us "this is fine?"
You're okay with them just lying to us?
Really?

#37 | Posted by snoofy at 2020-03-21 05:24 AM | Reply

"Once this quarantine is over, people are going to want to get out."

Congratulations, you figured out why the pandemic is going to last 18 months or more.

#38 | Posted by snoofy at 2020-03-21 05:25 AM | Reply

Coupla things.

1. It must be lonely being the only bootlicking bttch going down with this particular ship.

Think about how fccked in the head these people are, then realize that #36 is the only one so fccked that they think this is fine.

2. In a few months

#36 | POSTED BY MADBOMBER

A few dozen months?

Like I said. These other people are fccked, not one of the others thinks they are going on a cruise in 90 days. This one is extra special fccked.

Totally vested.

This is the hill he's dying on, with little donnie dollhands' balls on his chin.

#39 | Posted by MrSilenceDogood at 2020-03-21 06:33 AM | Reply

Imagine being one of these,,,, "people"...

You get this news and you think to yourself:

Ok,,,

1. I can speak out on it and warn people. It could save many lives,,,

But that will make little donnie dollhands mad and he might send out a mean tweet about me.

I might even end up with a nic name and a primary challenge.

Or

2. I can encourage people to buy stocks after I call my broker. I will make a pile of money.

I'm probably giving wwwaaayyyy too much credit.

"People" such as these would never consider thought #1.

#40 | Posted by MrSilenceDogood at 2020-03-21 07:54 AM | Reply

The first part of her, anyway.

#41 | Posted by MrSilenceDogood at 2020-03-21 07:55 AM | Reply

You watched contagion, didn't you.

It's just a movie dude.

#42 | Posted by madbomber at 2020-03-21 10:16 AM | Reply

Never saw it.

I did see the one where the orange man baby lied to his teeth and then was fact checked in real time by an expert at his employ.

It made me wonder if I should believe dipshhts like you and the guy you believe or the most qualified people in the medical field.

It's a tough one.

Seriously.

#43 | Posted by MrSilenceDogood at 2020-03-21 01:13 PM | Reply

- Feinstein denies wrongdoing in stock sale before coronavirus outbreak www.sfchronicle.com

...of course she does. liar. lock them all up

#44 | Posted by SheepleSchism at 2020-03-21 11:50 PM | Reply

"Never saw it."

You need to watch it. There is no better time than now.

It's from 2011, but it has risen to be the 7th most popular movie for rental on itunes. And it's actually a really good movie. It's not like anyone is going to work anymore.

#45 | Posted by madbomber at 2020-03-22 11:57 AM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2020 World Readable

Drudge Retort