Sen. Kelly Loeffler’s is under federal investigation for insider trading. John Iadarola and Jayar Jackson break it down on The Damage Report. Follow The Damage Report on Facebook: https://www.facebook.com/TheDamageReportTYT/
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Read more here: https://www.axios.com/kelly-loeffler-stock-trades-coronavirus-pandemic-b12e7ed7-ef14-4ede-9a33-758d4e9cdf51.html
"Sen. Kelly Loeffler (R-Ga.) and her husband, Jeffrey Sprecher, purchased and sold about $1.4 million in stock during the market panic set off by the coronavirus pandemic, the Wall Street Journal reports.
Why it matters: Though the couple still lost money, they were able to limit the financial blow from the stock market’s worst month since October 2008.
Details: Loeffler reported that she and her husband bought $590,000 worth of stock and sold about $845,000 from Feb. 18 through March 13, according to WSJ’s review of the senator’s financial disclosure.
– If they held the shares they sold until March 31, they would have been valued at $86,000 less than what they sold them for.
– The stocks they bought declined after they purchased them and resulted in losses of $102,000 through March 31.
Loeffler and her husband sold stocks in retail stores, such as Lululemon and T.J. Maxx, and invested a company that makes COVID-19 protective garments for medical workers, according to a review by the Atlanta Journal-Constitution.
Of note: Sprecher is the CEO of Intercontinental Exchange, which owns the New York Stock Exchange."
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