New reporting last night revealed unelected “political mega-donor” Senator Kelly Loeffler and her husband purchased stock in a company that “makes COVID-19 protective garments” after a senators-only coronavirus briefing. The purchase was one of several transactions under scrutiny, and follows earlier reports about up to millions of dollars in stocks she previously dumped. Loeffler’s trades were made as she downplayed the economic threat coronavirus posed, saying in a video “the economy is strong, & jobs are growing.”
Loeffler’s stock selloff scandal continues to spiral. Last week, independent watchdog groups called for investigations into Loeffler’s transactions and the SEC issued a “sharp warning” against trading on nonpublic information related to the coronavirus pandemic. The Department of Justice and SEC have launched an inquiry into senators’ suspicious selloffs, drawing more scrutiny of Loeffler’s “timely trades.” Already embroiled in a divisive and bitter intraparty feud with top Trump ally Congressman Doug Collins to keep her seat, Loeffler is now watching support from deep-pocketed conservative groups dry up as Georgia Republicans publicly fret about her scandal causing down-ticket damage with one even going as far as calling for her resignation.
“Georgia hospitals are at their breaking point and Georgians are losing their jobs, their businesses, and their retirement savings, yet apparently all Senator Loeffler could think about was her stock portfolio,” said DSCC spokesperson Helen Kalla. “Her appointment is proving to be a disaster for Republicans as they struggle to explain the actions of an appointed Senator who is becoming more of a liability by the day.”
IN CASE YOU MISSED IT:
Atlanta Journal-Constitution: Loeffler reports more stock sales amid insider trading allegations
By Tia Mitchell
March 31, 2020
Key Points:
Read the full story here.
Wall Street Journal: Senator Reports $1.4 Million in Stock Trades During Coronavirus Panic
By James V. Grimaldi, Lindsay Wise and Tom McGinty
March 31, 2020
Key Points:
Read the full story here.
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