The FBI in coordination with the Securities and Exchange Commission are investigating lawmakers who sold millions of dollars worth of stocks just before the market collapsed.
Just after the news broke about the stock sales, people were demanding resignations from all of the Republicans involved but hey curiously left out Dianne Feinstein and it’s not her first rodeo where finances are concerned.
When Feinstein was the chairperson of MILCON (Military Construction, her husband bought a stake in three companies who ended up getting no-bid contracts from Feinstein’s committee.
After she was forced to resign, her husband Richard Blum sold his stake in the three companies for a whopping $20 million dollar profit.
Later Blum was given a contract to sell old post offices. Real estate companies usually take a discounted commission on those sales but Blum charged more than the going rate.
Blum and Feinstein visited China and Blum was given some large contracts by the Chi Coms.
“The inquiry, which is still in its early stages and being done in coordination with the Securities and Exchange Commission, has so far included outreach from the FBI to at least one lawmaker, Sen. Richard Burr, seeking information about the trades, according to one of the sources,” CNN reported. “Public scrutiny of the lawmakers’ market activity has centered on whether members of Congress sought to profit from the information they obtained in non-public briefings about the virus epidemic.”
CNN added that there is “no indication that any of the sales, including Burr’s, broke any laws or ran afoul of Senate rules.”
Other senators who have come under scrutiny include Sens. Kelly Loeffler (R-GA), Dianne Feinstein (D-CA), and Jim Inhofe (R-OK).
“Congress passed the Stock Act in 2012, which made it illegal for lawmakers to use inside information for financial benefit,” CNN added. “Under insider trading laws, prosecutors would need to prove the lawmakers traded based on material non-public information they received in violation of a duty to keep it confidential.”
Steven is a syndicated columnist for DavidJHarrisJr.com, The Range and other news websites. He is also an author, whose books can be found on Amazon.com. All enjoy a 5 star rating. They are A Walk Through the Willows, Melissa’s Song, The Tangled Web, Innocent, The Calculating Corpse and It’s All About me.