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Sen. Kelly Loeffler Denies Insider Trading Allegations, Fails Again To Name Stock Manager

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Screenshot 2020 04 08 09.57.03

Senator Kelly Loeffler, R-GA, is continuing to deny allegations of insider trading surrounding stocks she sold before the coronavirus hit the U.S. markets and failed to answer questions regarding who manages those stocks, during an interview Wednesday with Fox Business host Maria Bartiromo.

Related:

Sen. Loeffler’s ‘peek-a-boo trust’ Raising Speculation As She Refuses To Name Broker

“I have not profited. I never sought to profit from my position at the Senate. I’m here to serve all Georgians. In fact, I donate my paycheck to good charities around Georgia doing hard work serving our citizens,” Loeffler told Bartiromo.

She added, “I went to the Senate after a nearly three-decade career in the private sector, in financial services, where I conducted myself with the highest levels of integrity. Third party managers manage all of our investments. I have no communication with them. And this is cherry-picking for dates and times around events that are completely unrelated to my investment manager’s decisions or any meetings or communications I have had.”

Loeffler recently sold $46,027 worth of stock in the online travel company Booking Holdings just before President Donald Trump banned travel to most of Europe, according to Sara A. Carter’s reporting. That sale was in addition to what she sold $18.7 million in stocks she sold during February and March.

Allegations of insider trading began to surface when Loeffler purchased stocks that would perform well in a pandemic. For example, she invested in DuPont, which manufactures COVID-19 protective garments and Citrix, a telecom company.

Of her purchases, Loeffler told Bartiromo that the decisions were made by third party managers and that she “had no involvement in and had nothing to do with any meetings I’m in.”

Dan McLagan, the spokesman for Rep. Doug Collins’ campaign, Loeffler’s opponent in the upcoming Senate race, told Sara A. Carter that Loeffler’s inability to answer key questions, including answering to the identity of her stock broker, is concerning.

“Loeffler apparently has a ‘peek-a-boo trust’ rather than a blind one,” said McLagan. “She’s more concerned about her personal profit than the little people she represents with their petty worries about illness, late mortgages and cratered retirement plans.”

When asked by Carter, Loeffler denied any knowledge of the transactions and said that she’s only “notified of transactions after they occur.” Loeffler, however, failed to answer the following questions Carter sent to her office:

  • What type of third party broker does Sen. Loeffler have?
  • Who is the broker? Is there a an advisor between the broker and Sen. Loeffler?
  • Why not a ‘qualified blind trust?’
  • Questions regarding her shares of Booking Holdings are now public – according to her report of shares sold and purchased- On March 6 purchased Booking Holding -she was with President Trump at the CDC when it purchased. Then days later March 10-11, Sen. Loeffler sold off $46,027 (this was just before President Trump restricted Travel from Europe to the United States? Can you explain why these shares were sold so soon after?
  • What is a general comment you can provide to constituents about the situation that you are now in and what can be done to prevent this from happening again?
  • Would you have done anything differently?

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Nation

White House Confirms It Is Looking Into Shutting Down Oil Pipeline Amid Fuel Crisis

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Gas Pipeline

The Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan despite the ongoing fuel crisis in the country.

“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”

Fox News reporter Peter Doocy asked about the report during Monday’s press briefing, asking, “why is the administration now considering shutting down the Line 5 pipeline from Canada to Michigan?”

“So, Peter, that is inaccurate,” Deputy Press Secretary Karine Jean-Pierre claimed. “That is not right. So, any reporting indicating that some decision has been made, again, is not accurate. … So, again, I would — it is inaccurate what you just stated, but —”

“What’s inaccurate?” Doocy asked.

“The reporting about us wanting to shut down the Line 5,” Jean-Pierre said.

“I didn’t say ‘wanting.’  I said, is it being studied right now?  Is the administration studying the impact of shutting down the Line 5?”

“Yeah. Yes, we are. We are,” Jean-Pierre admitted.

 

The news comes as gas prices have reached their highest since 2014, when Biden was vice president, and are currently about 50% higher than they were when Biden entered office.

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