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Senator Richard Burr Sold a Fortune in Stocks as G.O.P. Played Down Coronavirus Threat Senator Richard Burr Sold a Fortune in Stocks as G.O.P. Played Down Coronavirus Threat
(1 day later)
WASHINGTON — Senator Richard M. Burr sold hundreds of thousands of dollars’ worth of stock in major companies last month, as President Trump and others in his party were still playing down the threat presented by the coronavirus outbreak and before the stock market’s precipitous plunge.WASHINGTON — Senator Richard M. Burr sold hundreds of thousands of dollars’ worth of stock in major companies last month, as President Trump and others in his party were still playing down the threat presented by the coronavirus outbreak and before the stock market’s precipitous plunge.
The stocks were sold in mid-February, days after Mr. Burr, Republican of North Carolina and the chairman of the Intelligence Committee, wrote an opinion article for Fox News suggesting that the United States was “better prepared than ever before” to confront the virus. At least three other senators sold major stock holdings around the same time, disclosure records show.The stocks were sold in mid-February, days after Mr. Burr, Republican of North Carolina and the chairman of the Intelligence Committee, wrote an opinion article for Fox News suggesting that the United States was “better prepared than ever before” to confront the virus. At least three other senators sold major stock holdings around the same time, disclosure records show.
Two weeks after Mr. Burr sold his stocks, he spoke at the Capitol Hill Club in Washington to a nonpartisan group called the Tar Heel Club, warning that the virus could soon cause a major disruption in the United States.Two weeks after Mr. Burr sold his stocks, he spoke at the Capitol Hill Club in Washington to a nonpartisan group called the Tar Heel Club, warning that the virus could soon cause a major disruption in the United States.
The gathering, which drew fewer than 100 people, included representatives from the North Carolina governor’s office, as well as staff members from other congressional offices in the state.The gathering, which drew fewer than 100 people, included representatives from the North Carolina governor’s office, as well as staff members from other congressional offices in the state.
“There’s one thing that I can tell you about this: It is much more aggressive in its transmission than anything we have seen in recent history,” Mr. Burr said, according to a recording obtained by NPR, which reported on his remarks on Thursday. “It’s probably more akin to the 1918 pandemic.”“There’s one thing that I can tell you about this: It is much more aggressive in its transmission than anything we have seen in recent history,” Mr. Burr said, according to a recording obtained by NPR, which reported on his remarks on Thursday. “It’s probably more akin to the 1918 pandemic.”
He added: “Every company should be cognizant of the fact that you may have to alter your travel. You may have to look at your employees and judge whether the trip they’re making to Europe is essential or whether it can be done on video conference.”He added: “Every company should be cognizant of the fact that you may have to alter your travel. You may have to look at your employees and judge whether the trip they’re making to Europe is essential or whether it can be done on video conference.”
Mr. Burr has long pushed for the United States to better prepare for the threat presented by pandemics, including sponsoring legislation that Congress passed in 2006 called the Pandemic and All-Hazards Preparedness Act.Mr. Burr has long pushed for the United States to better prepare for the threat presented by pandemics, including sponsoring legislation that Congress passed in 2006 called the Pandemic and All-Hazards Preparedness Act.
“His message has always been, and continues to be, that we must be prepared to protect American lives in the event of a pandemic or bio-attack,” Caitlin Carroll, a spokeswoman for Mr. Burr, said in a statement. “Since early February, whether in constituent meetings or open hearings, he has worked to educate the public about the tools and resources our government has to confront the spread of coronavirus.”“His message has always been, and continues to be, that we must be prepared to protect American lives in the event of a pandemic or bio-attack,” Caitlin Carroll, a spokeswoman for Mr. Burr, said in a statement. “Since early February, whether in constituent meetings or open hearings, he has worked to educate the public about the tools and resources our government has to confront the spread of coronavirus.”
In a series of posts on Twitter, Mr. Burr accused NPR of twisting his comments into a “tabloid-style hit piece.” He argued that the report made him look duplicitous for sharing information at a publicly advertised event that was consistent with the message members of the Trump administration were then trying to promulgate. He did not address his stock sales.In a series of posts on Twitter, Mr. Burr accused NPR of twisting his comments into a “tabloid-style hit piece.” He argued that the report made him look duplicitous for sharing information at a publicly advertised event that was consistent with the message members of the Trump administration were then trying to promulgate. He did not address his stock sales.
As the Intelligence Committee chairman, Mr. Burr receives regular briefings on threats to the United States, including the coronavirus. He is also a member of the Senate health committee, which in January hosted a briefing with top Trump administration officials open to all senators.As the Intelligence Committee chairman, Mr. Burr receives regular briefings on threats to the United States, including the coronavirus. He is also a member of the Senate health committee, which in January hosted a briefing with top Trump administration officials open to all senators.
It is apparently not the first time Mr. Burr has acted decisively to shield his assets from financial turmoil after hearing from government officials. In 2009, he recounted in a speech how after he heard Treasury Secretary Henry M. Paulson discuss a major company’s difficulty moving money between banks, he called his wife and instructed her to withdraw as much cash as possible from their own accounts out of fear there would be a run on funds.It is apparently not the first time Mr. Burr has acted decisively to shield his assets from financial turmoil after hearing from government officials. In 2009, he recounted in a speech how after he heard Treasury Secretary Henry M. Paulson discuss a major company’s difficulty moving money between banks, he called his wife and instructed her to withdraw as much cash as possible from their own accounts out of fear there would be a run on funds.
Three other senators also sold major holdings around the time Mr. Burr did, according to the disclosure records: Dianne Feinstein, Democrat of California, who is also a member of the Intelligence Committee; James M. Inhofe, Republican of Oklahoma; and Kelly Loeffler, Republican of Georgia.Three other senators also sold major holdings around the time Mr. Burr did, according to the disclosure records: Dianne Feinstein, Democrat of California, who is also a member of the Intelligence Committee; James M. Inhofe, Republican of Oklahoma; and Kelly Loeffler, Republican of Georgia.
The record of Mr. Burr’s stock transaction shows he and his wife sold 33 different stocks on Feb. 13 that were collectively worth $628,000 to $1.7 million, according to the disclosures filed with the secretary of the Senate. Those sales include as much as $150,000 worth of stock in two hotel chains, Wyndham Hotels and Resorts and Extended Stay America. The values of both companies have declined significantly in recent weeks. He also sold as much as $65,000 worth of stock in Park Hotels & Resorts.The record of Mr. Burr’s stock transaction shows he and his wife sold 33 different stocks on Feb. 13 that were collectively worth $628,000 to $1.7 million, according to the disclosures filed with the secretary of the Senate. Those sales include as much as $150,000 worth of stock in two hotel chains, Wyndham Hotels and Resorts and Extended Stay America. The values of both companies have declined significantly in recent weeks. He also sold as much as $65,000 worth of stock in Park Hotels & Resorts.
Ms. Feinstein and her husband sold $1.5 million to $6 million worth of stock in Allogene Therapeutics, a California-based biotech company, in transactions that took place on Jan. 31 and Feb. 18.Ms. Feinstein and her husband sold $1.5 million to $6 million worth of stock in Allogene Therapeutics, a California-based biotech company, in transactions that took place on Jan. 31 and Feb. 18.
Mr. Inhofe sold a large amount of stock — all on Jan. 27 — including holdings in PayPal, Apple and Brookfield Asset Management, a real estate company, with the overall value of the sales totaling as much as $400,000, a disclosure report shows.Mr. Inhofe sold a large amount of stock — all on Jan. 27 — including holdings in PayPal, Apple and Brookfield Asset Management, a real estate company, with the overall value of the sales totaling as much as $400,000, a disclosure report shows.
Ms. Loeffler and her husband, Jeffrey C. Sprecher, who is the chairman of the New York Stock Exchange, reported 27 stock sales worth millions of dollars starting on Jan. 24. On that day, Ms. Loeffler tweeted about attending the Senate briefing on the coronavirus. The stocks the couple sold were in companies including Exxon Mobil, Ross Stores and AutoZone.Ms. Loeffler and her husband, Jeffrey C. Sprecher, who is the chairman of the New York Stock Exchange, reported 27 stock sales worth millions of dollars starting on Jan. 24. On that day, Ms. Loeffler tweeted about attending the Senate briefing on the coronavirus. The stocks the couple sold were in companies including Exxon Mobil, Ross Stores and AutoZone.
“Appreciate today’s briefing from the President’s top health officials on the novel coronavirus outbreak,” she wrote about the briefing. “These men and women are working around the clock to keep our country safe and healthy.”“Appreciate today’s briefing from the President’s top health officials on the novel coronavirus outbreak,” she wrote about the briefing. “These men and women are working around the clock to keep our country safe and healthy.”
Ms. Loeffler’s office issued a statement early on Friday that said she did not even know the trades had taken place until weeks after they were made.Ms. Loeffler’s office issued a statement early on Friday that said she did not even know the trades had taken place until weeks after they were made.
“Sen. Loeffler does not make investment decisions for her portfolio,” the statement said. “Investment decisions are made by multiple third-party advisers without her or her husband’s knowledge or involvement.”“Sen. Loeffler does not make investment decisions for her portfolio,” the statement said. “Investment decisions are made by multiple third-party advisers without her or her husband’s knowledge or involvement.”
The sales by Ms. Loeffler were initially reported by The Daily Beast.The sales by Ms. Loeffler were initially reported by The Daily Beast.
A spokesman for Ms. Feinstein said that she played no role in the decision to sell the stock. “All of Senator Feinstein’s assets are in a blind trust,” a spokesman, Tom Mentzer, said in a statement. “She has no involvement in her husband’s financial decisions.”A spokesman for Ms. Feinstein said that she played no role in the decision to sell the stock. “All of Senator Feinstein’s assets are in a blind trust,” a spokesman, Tom Mentzer, said in a statement. “She has no involvement in her husband’s financial decisions.”
In a statement on Friday, Mr. Inhofe said he had not attended the Jan. 24 briefing and does not have “any involvement” in his investment decisions. He said that when he became chairman of the Armed Services Committee in late 2018, he had instructed his financial adviser to begin selling off all equities in favor of mutual funds and that the January sales were a part of that transition.In a statement on Friday, Mr. Inhofe said he had not attended the Jan. 24 briefing and does not have “any involvement” in his investment decisions. He said that when he became chairman of the Armed Services Committee in late 2018, he had instructed his financial adviser to begin selling off all equities in favor of mutual funds and that the January sales were a part of that transition.
Updated June 12, 2020 Updated June 16, 2020
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
Congress began requiring its members to disclose their stock sales in 2012, when it passed a law called the Stop Trading on Congressional Knowledge Act, which was intended to prevent lawmakers from using inside information to profit. The forms do not require lawmakers to record their actual earnings from those sales, just a range of the value of each transaction.Congress began requiring its members to disclose their stock sales in 2012, when it passed a law called the Stop Trading on Congressional Knowledge Act, which was intended to prevent lawmakers from using inside information to profit. The forms do not require lawmakers to record their actual earnings from those sales, just a range of the value of each transaction.
Details of Mr. Burr’s stock sales were first reported by ProPublica and the Center for Responsive Politics, which maintains a database of congressional stock transactions.Details of Mr. Burr’s stock sales were first reported by ProPublica and the Center for Responsive Politics, which maintains a database of congressional stock transactions.
The sales by Mr. Burr appear to be a significant share of his holdings, according to his most recent annual financial report.The sales by Mr. Burr appear to be a significant share of his holdings, according to his most recent annual financial report.
The coronavirus first surfaced in December in the Chinese city of Wuhan. By mid-February, Mr. Trump continued to play down the threat.The coronavirus first surfaced in December in the Chinese city of Wuhan. By mid-February, Mr. Trump continued to play down the threat.
“I think the numbers are going to get progressively better as we go along,” the president said on Feb. 19.“I think the numbers are going to get progressively better as we go along,” the president said on Feb. 19.
Aides to Mr. Burr said that the decision to sell the stocks was a private one that was made long before the stock market plunged and evidence of a widespread health threat emerged in the United States.Aides to Mr. Burr said that the decision to sell the stocks was a private one that was made long before the stock market plunged and evidence of a widespread health threat emerged in the United States.
Liberal groups quickly sought to capitalize on the sales, suggesting Mr. Burr should give up his office and advancing unsupported claims that he may have broken the law.Liberal groups quickly sought to capitalize on the sales, suggesting Mr. Burr should give up his office and advancing unsupported claims that he may have broken the law.
“Senator Burr needs to resign immediately,” said Zach Hudson, a spokesman for American Bridge, a Democratic advocacy group. “His conduct as detailed by this report represents a gross violation of the public’s trust and he must be held accountable for his behavior that appears criminal.”“Senator Burr needs to resign immediately,” said Zach Hudson, a spokesman for American Bridge, a Democratic advocacy group. “His conduct as detailed by this report represents a gross violation of the public’s trust and he must be held accountable for his behavior that appears criminal.”
Criticism came from the conservative side as well, with Tucker Carlson, a Fox News host, also calling for Mr. Burr’s resignation.Criticism came from the conservative side as well, with Tucker Carlson, a Fox News host, also calling for Mr. Burr’s resignation.
“He dumped his shares in hotel stocks so he wouldn’t lose money, and then he stayed silent,” Mr. Carlson said during his show on Thursday night. “Maybe there is an honest explanation for what he did. If there is, he should share it with us immediately. Otherwise, he must resign from the Senate and face prosecution for insider trading.”“He dumped his shares in hotel stocks so he wouldn’t lose money, and then he stayed silent,” Mr. Carlson said during his show on Thursday night. “Maybe there is an honest explanation for what he did. If there is, he should share it with us immediately. Otherwise, he must resign from the Senate and face prosecution for insider trading.”