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Kelly Loeffler and Richard Burr Were Briefed on Coronavirus. Then They Sold Stocks. What Now? Kelly Loeffler and Richard Burr Were Briefed on Coronavirus. Then They Sold Stocks. What Now?
(3 days later)
Senator Richard M. Burr, Republican of North Carolina, and Senator Kelly Loeffler, Republican of Georgia, have come under fire for selling off stocks collectively worth millions of dollars ahead of the economic downturn that has coincided with the coronavirus pandemic.Senator Richard M. Burr, Republican of North Carolina, and Senator Kelly Loeffler, Republican of Georgia, have come under fire for selling off stocks collectively worth millions of dollars ahead of the economic downturn that has coincided with the coronavirus pandemic.
Senators are allowed to buy and sell stocks. But they are, as of a 2012 law known as the STOCK Act, prohibited from using nonpublic information to turn a private profit.Senators are allowed to buy and sell stocks. But they are, as of a 2012 law known as the STOCK Act, prohibited from using nonpublic information to turn a private profit.
Records of Mr. Burr’s stock transactions show that he and his wife sold stocks collectively worth $628,000 to $1.7 million on Feb. 13, according to his financial disclosures. They sold 33 different stocks, including as much as $150,000 in two hotel chains, Wyndham Hotels and Resorts and Extended Stay America.Records of Mr. Burr’s stock transactions show that he and his wife sold stocks collectively worth $628,000 to $1.7 million on Feb. 13, according to his financial disclosures. They sold 33 different stocks, including as much as $150,000 in two hotel chains, Wyndham Hotels and Resorts and Extended Stay America.
Ms. Loeffler and her husband reported 27 stock sales beginning on Jan. 24 worth up to millions of dollars. Her husband is Jeffrey C. Sprecher, the chairman of the New York Stock Exchange. She has said she does not manage her own portfolio.Ms. Loeffler and her husband reported 27 stock sales beginning on Jan. 24 worth up to millions of dollars. Her husband is Jeffrey C. Sprecher, the chairman of the New York Stock Exchange. She has said she does not manage her own portfolio.
The Senate had received a coronavirus briefing the day her stock sales began. Ms. Loeffler tweeted about the briefing that day. “Appreciate today’s briefing from the President’s top health officials on the novel coronavirus outbreak,” she wrote. “These men and women are working around the clock to keep our country safe and healthy.”The Senate had received a coronavirus briefing the day her stock sales began. Ms. Loeffler tweeted about the briefing that day. “Appreciate today’s briefing from the President’s top health officials on the novel coronavirus outbreak,” she wrote. “These men and women are working around the clock to keep our country safe and healthy.”
Other senators have also sold holdings in recent weeks and before the major economic downturn, including Senators Dianne Feinstein, Democrat of California, and James M. Inhofe, Republican of Oklahoma. Those transactions have drawn far less scrutiny.Other senators have also sold holdings in recent weeks and before the major economic downturn, including Senators Dianne Feinstein, Democrat of California, and James M. Inhofe, Republican of Oklahoma. Those transactions have drawn far less scrutiny.
Ms. Feinstein’s office said her assets were in a blind trust and she was not involved in her husband’s financial decisions. Mr. Inhofe said in a statement that he did not attend the Jan. 24 briefing and that his transactions were part of a sell off that his financial adviser had begun in late 2018, when he became chairman of the Senate Armed Services Committee.Ms. Feinstein’s office said her assets were in a blind trust and she was not involved in her husband’s financial decisions. Mr. Inhofe said in a statement that he did not attend the Jan. 24 briefing and that his transactions were part of a sell off that his financial adviser had begun in late 2018, when he became chairman of the Senate Armed Services Committee.
Both Mr. Burr and Ms. Loeffler have claimed no wrongdoing.Both Mr. Burr and Ms. Loeffler have claimed no wrongdoing.
“This is a ridiculous and baseless attack,” Ms. Loeffler wrote on Twitter early Friday morning. “I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband’s knowledge or involvement.”“This is a ridiculous and baseless attack,” Ms. Loeffler wrote on Twitter early Friday morning. “I do not make investment decisions for my portfolio. Investment decisions are made by multiple third-party advisors without my or my husband’s knowledge or involvement.”
She linked to her financial disclosure report and said, “I was informed of these purchases and sales on February 16, 2020 — three weeks after they were made.”She linked to her financial disclosure report and said, “I was informed of these purchases and sales on February 16, 2020 — three weeks after they were made.”
Mr. Burr, who as chairman of the Senate Intelligence Committee receives regular briefings on threats to the United States, said in a statement on Friday that he “relied solely on public news reports to guide my decision regarding the sale of stocks.”Mr. Burr, who as chairman of the Senate Intelligence Committee receives regular briefings on threats to the United States, said in a statement on Friday that he “relied solely on public news reports to guide my decision regarding the sale of stocks.”
“Specifically, I closely followed CNBC’s daily health and science reporting out of its Asia bureau at the time,” he said.“Specifically, I closely followed CNBC’s daily health and science reporting out of its Asia bureau at the time,” he said.
He requested an investigation by the Senate Ethics Committee, a typically long and secretive process run by a bipartisan group of senators, writing in a letter to the committee that “an independent review is warranted.”He requested an investigation by the Senate Ethics Committee, a typically long and secretive process run by a bipartisan group of senators, writing in a letter to the committee that “an independent review is warranted.”
Mr. Burr, 64, would next be up for re-election in 2022, but he said during his 2016 campaign that it would be his last run for office. “It’s real simple: I’m beginning to get old,” he said at the time.Mr. Burr, 64, would next be up for re-election in 2022, but he said during his 2016 campaign that it would be his last run for office. “It’s real simple: I’m beginning to get old,” he said at the time.
He could come under pressure to leave office sooner, as the stock sales are not the only reason Mr. Burr has drawn scrutiny.He could come under pressure to leave office sooner, as the stock sales are not the only reason Mr. Burr has drawn scrutiny.
On Feb. 7, days before his stock sell off, Mr. Burr argued in an opinion piece for Fox News that “the United States today is better prepared than ever before to face emerging public health threats, like the coronavirus.”On Feb. 7, days before his stock sell off, Mr. Burr argued in an opinion piece for Fox News that “the United States today is better prepared than ever before to face emerging public health threats, like the coronavirus.”
Then, NPR reported on Thursday that Mr. Burr had spoken to a smaller gathering on Feb. 27 and warned of dire potential consequences from the virus. “It is much more aggressive in its transmission than anything that we have seen in recent history,” he said, according to NPR’s recording. “It is probably more akin to the 1918 pandemic.”Then, NPR reported on Thursday that Mr. Burr had spoken to a smaller gathering on Feb. 27 and warned of dire potential consequences from the virus. “It is much more aggressive in its transmission than anything that we have seen in recent history,” he said, according to NPR’s recording. “It is probably more akin to the 1918 pandemic.”
Tucker Carlson, a prominent Fox News personality, accused Mr. Burr of privately profiting while failing to use his platform to properly warn the public. Mr. Carlson said on Thursday evening’s program that if Mr. Burr was unable to explain himself sufficiently, he should resign and face prosecution. “There is no greater moral crime than betraying your country in a time of crisis,” he said.Tucker Carlson, a prominent Fox News personality, accused Mr. Burr of privately profiting while failing to use his platform to properly warn the public. Mr. Carlson said on Thursday evening’s program that if Mr. Burr was unable to explain himself sufficiently, he should resign and face prosecution. “There is no greater moral crime than betraying your country in a time of crisis,” he said.
Updated June 12, 2020Updated June 12, 2020
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.
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.
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.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.
President Trump declined to criticize the stock transactions on Friday, saying he did not “know too much what it is.”President Trump declined to criticize the stock transactions on Friday, saying he did not “know too much what it is.”
“But I find them all to be honorable people,” he said of the senators. “They said they did nothing wrong.”“But I find them all to be honorable people,” he said of the senators. “They said they did nothing wrong.”
Ms. Loeffler, 49, is new to the Senate. Previously a major G.O.P. donor, she was appointed in December to replace Johnny Isakson, who resigned because of health concerns, and took office in January. The stock sales came weeks into her tenure.Ms. Loeffler, 49, is new to the Senate. Previously a major G.O.P. donor, she was appointed in December to replace Johnny Isakson, who resigned because of health concerns, and took office in January. The stock sales came weeks into her tenure.
Unlike Mr. Burr, she claimed no personal knowledge of the sales on Friday, suggesting they had been executed by her broker. “I do not make investment decisions for my portfolio,” she said.Unlike Mr. Burr, she claimed no personal knowledge of the sales on Friday, suggesting they had been executed by her broker. “I do not make investment decisions for my portfolio,” she said.
Also unlike Mr. Burr, Ms. Loeffler will soon face voters. A special election is currently scheduled for Nov. 3, the same day as the general election. There will be no primary, but if no candidate receives a majority in November, a runoff will take place.Also unlike Mr. Burr, Ms. Loeffler will soon face voters. A special election is currently scheduled for Nov. 3, the same day as the general election. There will be no primary, but if no candidate receives a majority in November, a runoff will take place.
Ms. Loeffler already faces a strong Republican challenger in Representative Doug Collins, a conservative whose Senate candidacy was immediately opposed by the Republican establishment aligned with Ms. Loeffler.Ms. Loeffler already faces a strong Republican challenger in Representative Doug Collins, a conservative whose Senate candidacy was immediately opposed by the Republican establishment aligned with Ms. Loeffler.
He quickly seized on her stock sales on Friday, writing on Twitter: “People are losing their jobs, their businesses, their retirements, and even their lives and Kelly Loeffler is profiting off their pain? I’m sickened just thinking about it.”He quickly seized on her stock sales on Friday, writing on Twitter: “People are losing their jobs, their businesses, their retirements, and even their lives and Kelly Loeffler is profiting off their pain? I’m sickened just thinking about it.”
Ms. Loeffler will have Democratic opponents in the special election as well, including the Rev. Raphael Warnock, the leader of Atlanta’s Ebenezer Baptist Church; Ed Tarver, a former federal prosecutor; and Matt Lieberman, the son of former Senator Joseph I. Lieberman, the 2000 Democratic vice-presidential nominee.Ms. Loeffler will have Democratic opponents in the special election as well, including the Rev. Raphael Warnock, the leader of Atlanta’s Ebenezer Baptist Church; Ed Tarver, a former federal prosecutor; and Matt Lieberman, the son of former Senator Joseph I. Lieberman, the 2000 Democratic vice-presidential nominee.
The Democratic Senatorial Campaign Committee has endorsed Mr. Warnock.The Democratic Senatorial Campaign Committee has endorsed Mr. Warnock.