Insider trading by esteemed member of congress
- Thread starter zdreg
- Start date
https://www.nytimes.com/2020/05/06/us/politics/kelly-loeffler-compensation.html
Loeffler Got Lucrative Parting Gift From Public Company en Route to the Senate
The parent company of the New York Stock Exchange, which her husband runs, changed compensation terms to give Kelly Loeffler, a top executive, awards worth millions of dollars as she left for Congress.
When Kelly Loeffler accepted an appointment to be a United States senator from Georgia, she left behind a high-paying job as a senior executive at the parent company of the New York Stock Exchange. But on her way to Washington, her old employer gave her a lucrative parting gift.
Ms. Loeffler’s financial disclosure form and interviews with compensation and accounting experts. That was on top of her 2019 salary and bonus of about $3.5 million.
The additional compensation came in the form of shares, stock options and other instruments that Ms. Loeffler had previously been granted but was poised to forfeit by leaving the company. Intercontinental Exchange altered the terms of the awards, allowing her to keep them. The largest component — which the company had previously valued at about $7.8 million — was a stake in an Intercontinental Exchange subsidiary that Ms. Loeffler had been running.
“It looks, feels and has the sweet aroma of a pure windfall,” said Brian T. Foley, the managing director of Brian Foley & Company, an executive compensation consulting firm in White Plains, N.Y.
Loeffler Got Lucrative Parting Gift From Public Company en Route to the Senate
The parent company of the New York Stock Exchange, which her husband runs, changed compensation terms to give Kelly Loeffler, a top executive, awards worth millions of dollars as she left for Congress.
When Kelly Loeffler accepted an appointment to be a United States senator from Georgia, she left behind a high-paying job as a senior executive at the parent company of the New York Stock Exchange. But on her way to Washington, her old employer gave her a lucrative parting gift.
Ms. Loeffler’s financial disclosure form and interviews with compensation and accounting experts. That was on top of her 2019 salary and bonus of about $3.5 million.
The additional compensation came in the form of shares, stock options and other instruments that Ms. Loeffler had previously been granted but was poised to forfeit by leaving the company. Intercontinental Exchange altered the terms of the awards, allowing her to keep them. The largest component — which the company had previously valued at about $7.8 million — was a stake in an Intercontinental Exchange subsidiary that Ms. Loeffler had been running.
“It looks, feels and has the sweet aroma of a pure windfall,” said Brian T. Foley, the managing director of Brian Foley & Company, an executive compensation consulting firm in White Plains, N.Y.
https://thehill.com/homenews/senate...n-sen-richard-burr-amid-stock-trading-scandal
FBI serves search warrant on Sen. Richard Burr amid stock trading controversy: report
The FBI served a search warrant on Sen. Richard Burr (R-N.C.) Wednesday as an investigation pushes forward on whether or not the senator violated a law that prevents members of Congress from trading on insider information they learn from their work, The Los Angeles Times reported.
Federal agents seized Burr’s cellphone after they served a search warrant on the Republican at his residence in the Washington area, a law enforcement official told the Times.
FBI serves search warrant on Sen. Richard Burr amid stock trading controversy: report
The FBI served a search warrant on Sen. Richard Burr (R-N.C.) Wednesday as an investigation pushes forward on whether or not the senator violated a law that prevents members of Congress from trading on insider information they learn from their work, The Los Angeles Times reported.
Federal agents seized Burr’s cellphone after they served a search warrant on the Republican at his residence in the Washington area, a law enforcement official told the Times.
https://www.marketwatch.com/story/d...ther-senators-burr-probe-continues-2020-05-26
Justice Department ends insider-trading probe into Sen. Kelly Loeffler; investigation of Sen. Richard Burr’s prepandemic trades continues
Two months ago, members of Congress and their advisers sold hundreds of thousands of dollars in stock after attending a closed-door briefing about the new coronavirus
https://www.wsj.com/articles/justic...ators-11590520934?mod=mktw&mod=article_inline
Justice Department Closing Insider-Trading Investigations Into Three U.S. Senators
Probe continues into stock trades that GOP Sen. Richard Burr of North Carolina made earlier this year
Justice Department ends insider-trading probe into Sen. Kelly Loeffler; investigation of Sen. Richard Burr’s prepandemic trades continues
Two months ago, members of Congress and their advisers sold hundreds of thousands of dollars in stock after attending a closed-door briefing about the new coronavirus
https://www.wsj.com/articles/justic...ators-11590520934?mod=mktw&mod=article_inline
Justice Department Closing Insider-Trading Investigations Into Three U.S. Senators
Probe continues into stock trades that GOP Sen. Richard Burr of North Carolina made earlier this year
All US senators were briefed on January 24 by the Trump administration in a top secret meeting. Following the meeting, politicians, wealthy constituents, and executives of impacted multinational corporations were notified and began dumping their shares from January 24 into mid February. The money we're talking is a LOT, way more than a million here and there.
The thread title should really be changed to reflect how far reaching and corrupt this was. The magnitude of corruption is astounding.
The thread title should really be changed to reflect how far reaching and corrupt this was. The magnitude of corruption is astounding.
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Interesting topic. Haven’t really read the laws(Canadian anyway) but I always thought insider trading was based off having non public info on a company.
If your a senator with private information on government action plan, what’s the law?
Covid-19 is public info, we all knew about it. Knowing the governments plan to shut everything down if it gets here is a nice to know piece of information.
If your a senator with private information on government action plan, what’s the law?
Covid-19 is public info, we all knew about it. Knowing the governments plan to shut everything down if it gets here is a nice to know piece of information.