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Sen. Loeffler Reports Additional Millions Of Dollars In Stock Sales

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Senator Kelly Loeffler’s recent financial disclosures, obtained Tuesday by The Atlanta Journal-Constitution, show that she sold millions of dollars in stocks in addition to her mid-February sales.

The recent sale included three separate transactions amounting to a whopping 18.7 million in Intercontinental Exchange stock, according to the report. Notably, her husband, Jeff Sprecher is the CEO of Intercontinental Exchange, Inc. (ICE) and Chairman of the New York Stock Exchange.

Additionally, the filings revealed that the Senator sold stocks she had in two major retailers, Lululemon and T.J. Maxx, and invested in COVID-19 protective gear.

The news of the recent transactions comes as the lawmaker faces scrutiny for alleged insider trading that occurred in the first few weeks of 2020. The earlier financial decisions were made after Loeffler received a private briefing just before the coronavirus shut down the American economy. However, Loeffler, who is a former investment professional, has denied those claims saying she didn’t have knowledge of the sale.

“Senator Loeffler filed another Periodic Transaction Report (PTR) and the facts are still the same. These transactions are consistent with historical portfolio activity and include a balanced mix of buys and sells. Her stock portfolio is managed independently by third-party advisors and she is notified, as indicated on the report, after transactions occur,” a Spokesperson for Sen. Loeffler told SaraACarter.com on Wednesday.

The comment continued, “Sen. Loeffler continues to operate with integrity and transparency – following both the spirit and the letter of the law. While some will continue to make baseless accusations devoid of facts, Senator Loeffler will continue working to keep Americans safe and provide much-needed relief to Georgia families and businesses impacted by COVID-19.”

Sens. Dianne Feinstein, D-CA, Richard Burr, R-NC, James Inhofe, R-OK face similar fire for making stock sales after receiving the same briefing. Earlier this week, Burr’s lawyers said he would be willing to participate in an “inquiry” into the stock sales as the Justice Department prepares for an investigation, according to reports.

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WSJ: Corporate Dirty Pool in Washington’s Senate Race

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The Wall Street Journal’s,  Kimberly A. Strassel wrote a piece identifying how the Democrats are so worried about Washington Senator Patty Murray’s re-election “that Seattle’s corporate heavyweights are playing dirty pool on her behalf.”

Murray, a leftwing progressive, has faced little competition while in office; until now. Tiffany Smiley, a Republican nurse and entrepreneur “is pummeling Ms. Murray from every direction and laying out her own detailed reform agenda” adds the WSJ.

A RealClearPolitics average has Ms. Murray winning by 8 points. Another poll has Smiley within 2 points. Regardless, It’s close enough that “Majority Leader Chuck Schumer recently transferred $500,000 of his own campaign cash to Ms. Murray’s campaign.”

Money from Schumer isn’t the only liberal panic dough. “Starbucks, the Seattle Times and the Seattle Seahawks—are actively attempting to sabotage the Smiley campaign, albeit in a distinctly underhanded fashion” writes the WSJ. “Their targets are two effective Smiley campaign ads.”

At the center of the fight are two of Smiley’s ads: “Game Day” and “Cup of Coffee.”

Strassel reports:

In “Game Day” the Republican is in a kitchen preparing to watch a football game, hitting Ms. Murray and Democrats for the spiraling cost of food. In “Cup of Coffee,” she stands in front of a derelict building. Barely visible at the top, and seen backward, is the store’s faded Starbucks sign. Ms. Smiley hits Ms. Murray for rising crime, while the ad flashes two Seattle Times headlines, one of which reads: “Starbucks to Close 5 Seattle Stores Over Safety Concerns.”

“Game Day” hit the airwaves Sept 1. Five days later, according to documents I obtained, the Smiley campaign received a terse email from the Seahawks claiming a trademark violation. The ad briefly shows Ms. Smiley’s husband, Scotty—a retired U.S. Army Ranger who was blinded by shrapnel in Iraq—expressing alarm that “even beer” prices are rising. You only see his shoulders above a tall couch—and if you get a magnifying glass you might make out a letter or two from the word “Seahawks.” The letter insisted the Smiley campaign “immediately cease” its “unauthorized commercial use.” Nothing like your local sports franchise dumping cease-and-desist orders on wounded veterans.

“Cup of Coffee” went live on Sept. 20. The next day, the Seattle Times sent an email to the “Jane Smiley” campaign—apparently without running it past its fact-checking desk—accusing it of “unauthorized use of The Seattle Times logo and two headlines” in violation of the paper’s “copyright and trademark.” It demanded the campaign remove any references to the paper not only in its own ad, but in an NBC News article about the ad’s launch.

Two days later, Starbucks sent a certified letter saying the campaign was appropriating its intellectual property, and complaining it might “create an unfounded association in the minds of consumers between Starbucks and your campaign.” It insisted the campaign either pull the ad or alter it to strip both the (barely visible, backward) sign and the Seattle Times headline referencing Starbucks.

One such letter may be the product of an overzealous lawyer, but three in a row looks like more than a coincidence. One might even wonder if some Murray staffer was putting bugs in Seattle business leaders’ ears. And while corporate political-action committees routinely play politics by making donations, it’s something else for individual companies to go to bat for a candidate via behind-the-scenes threats based on tenuous legal claims. These letters were bound to cost the Smiley campaign money and headaches and might have pushed it off the airwaves.

The campaign didn’t roll over. It made a painless accommodation to the “Game Day” ad, blurring the jersey colors to obscure anything distinct. In a legal letter sent Thursday to Starbucks, the campaign rebutted the company’s infringement claims, running through political speech protections and noting that no reasonable person would ever think a factual ad about shuttered Starbucks stores amounted to a coffee-chain endorsement. It suggested Starbucks focus on its own problems, like its recent union woes.

The Seattle Times also received a letter refuting its claims, but it got something in addition. The Smiley campaign on Thursday filed a Federal Election Commission complaint, charging the paper with providing the Murray campaign a prohibited in-kind contribution. It turns out that Ms. Murray has also used a Seattle Times headline in her ads. Her “First 2016 Ad” sports the newspaper’s logo under the headline: “Patty Murray’s and Paul Ryan’s Teamwork Is a Model for Congress.” It seems the Times has a different legal standard for candidates it endorses.

As the FEC complaint notes, the Smiley campaign would have to spend an estimated $5,000 to remove and update the ad—“costs that Patty Murray does not have to accrue.” It cites FEC regulations that provide “if a corporation makes its resources available for free, it must do so for all candidates.”

Don’t expect the Seattle corporate set to do anything on behalf of Ms. Smiley soon. But it shouldn’t be too much to ask that they do their politicking straight—and out in the open.

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