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It’s absolutely insider trading. But it’s not illegal for them. Remember what country you live in.
@ EY1 fun fact, one of the people caught here was also one of the only three votes against the STOCK Act
From my understanding, they were told in that meeting that this Virus could be bad as the 1918 Spanish Flu. After that they mislead the American public saying there is nothing to worry about while they were selling their stocks.
Even so, what was happening in China was public knowledge since January. So I feel it would be very difficult to prove they had nonpublic information about the virus.
Yes, it was trading on non public information. That information had an effect on the stock price. They gained, by not incurring losses, when they performed the trade(s).
And subsequently buying Cisco afterwards too.
Burr and one of the others were briefed on the virus and then immediately sold stock. Coincidence? I think not. In addition, Burr told members of the exclusive Tar Heel Circle how bad the virus was and that schools and businesses would probably be shut down while telling the public that it was no big deal. His talk was recorded by someone at the luncheon.
As far as being hard to prove this was based on insider knowledge and not public knowledge — Loeffler’s documents show her sale was the same day as a closed door all-Senate health briefing.
PWC: That is not true that any health expert would just magically know that. The US government and CDC has data that other experts are not privy too without that data being publicly disclosed. Doctors don’t just magically know the statistics of a novel virus by virtue of having a medical degree or a PhD in virology. They have to have access to those stats to be able to adequately interpret them.
As an accountant analogy, saying the above is kind of akin to certain clients who just want us to magically give them a tax return of audit without providing us any data or PBC requests. We can’t just pull numbers and data out of our “expertise” a**.
Members of Congress are excluded from insider trading laws. The general public is not.
While the bill does prohibit the use of non-public information for private profit, including insider trading by Members of Congress.
It would be quite easy to argue that Members didn’t receive the information through other sources the economy was going to go down that is indeed public. The trading on the aggression of public information presented in a secret briefing to Members by the security agencies generally doesn’t trigger a STOCK Act violation.
Now if a forecast was built that said this where the economy will land in this range. Then you could do a STOCK act violation.