Sen. Kelly Loeffler Denies Reports of Insider Trading

Sen. Kelly Loeffler (D-Ga.) appeared on Fox News’ “America’s Newsroom” where she faced some tough questions.

Loeffler is facing allegations that both she and her husband sold stocks knowing that the markets were going downhill amid the coronavirus outbreak, as IJR previously reported.

She originally denied the allegations claiming it was only the third party advisers who knew of the immediate transactions.

Host Ed Henry asked Loeffler “were you trading on inside information about what was coming?”

Loeffler pointed out she was there to set the record straight.

“It’s absolutely false and it could not be true,” Loeffler said, adding, “If you actually look at the personal transaction reports that were filed, it notices at the bottom that I’m only informed of my transactions after they occur several weeks.”

Watch her comments below:

Henry pressed Loeffler on who these third party advisers are and how they had a good understanding of where the market was going.

She responded to the question claiming she is not involved in certain decisions.

“Well certainly I’m not involved in the decisions around buying and selling,” Loeffler commented, adding, “There’s a range of different decisions made every day with regard to my savings and 401(k) portfolios that I’m not involved in.”

Loeffler responded to a question that Henry asked regarding her husband Jeffrey Sprecher, the chairman of the New York Stock Exchange. He asked if there was a “conflict here.”

“When we acquired the New York Stock Exchange back when I was part of the company, we actually put the first set of rules in that prohibited discretionary trading,” Loeffler said, adding, “That’s why it’s outsourced to third-party investment managers.”

The conversation came to a close as Loeffler was asked if she would cooperate if entities wanted to look into the allegations.

“Absolutely,” Loeffler said.

Sens. Dianne Feinstein (D-Calif.), Richard Burr (R-N.C.), and Jim Inhofe (R-Okla.). are also facing allegations of insider trading.

Published in IJR

Responses

  1. OK. I have and had “blind trusts”, which were visually-impaired at best since I still exercised some control.

    Whether Sen. Loeffler or the others are guilty or not, without direct evidence, it still looks “swampish”. Especially considering the timing of the sales.

    There’s coincidence, then there’s dumb (i.e. selling stocks just AFTER the meeting.

    Then there’s coincidence vs. dumb AND greedy, for those who purchased stocks AFTER the meeting.

    Two coincidences in a row? By persons attending the meeting? That’s some pretty high-odds (like impossible)

    Maybe Loeffler and the others should start by selling off ALL stocks purchased and re-purchasing the ones they sold. It won’t still will not wash the stink of impropriety or the swamp away.

      1. They would also manage that they blindly gave total control to those managers.

        “Here’s my money. Do with it what you want.” is only for the credulous or future victims of embezzlement. “I needed to support the economy of a small, Carribean island without extradition.”