The big story at the moment (and we can expect more of their kind to appear in the coming weeks) is that the chairman of the Senate Intelligence Committee, Richard Burr, dumped a serious amount of stock shortly before the crash and shortly after he "gave a VIP group at an exclusive social club a... dire preview of the economic impact of the coronavirus."
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NPR obtained a recording of that VIP talk...
He did not offer this view to his voters or the public in general.
Soon after he offered public assurances that the government was ready to battle the coronavirus, the powerful chairman of the Senate Intelligence Committee, Richard Burr, sold off a significant percentage of his stocks, unloading between $582,029 and $1.56 million of his holdings on Feb. 13 in 29 separate transactions.
NEW: After assuring the public about the government's coronavirus preparedness, Senate Intel chair Richard Burr, in one day, sold off up to $1.6 million is stock.
A week later, the market began its fall.
His committee was receiving daily briefings.https://t.co/LlMDnKnYoQ
— Robert Faturechi (@RobertFaturechi) March 19, 2020
What should outrage us is not what appears or is suspected to be Burr's insider trading, but that any representative of the US government, and in this case a particularly high-ranking one, is permitted to own stock. It is as if there is no relationship between government decisions and market developments. The fact that this is possible, that a powerful senator like Burr can be deep inside of the government and yet play the market, exposes the exceptionally high levels of corruption permitted in our political system.
I know this is serious, ought to be investigated and he should resign, but Burr's office response had me chuckling. Indeed your are correct, that was THE point of the story.— Susie C. Parks (@scparks70) March 20, 2020