In the US, money and politics are intrinsically tied together. Most of the wealth that politicians in the US have today is amassed through legal means, but there have also been cases of insider trading within the ranks of Congress. We’re going to take a deep dive into the insider trading scandal that occurred at the start of the 2020 Coronavirus pandemic, which involved Kelly Loeffler, David Perdue, Dianne Feinstein, and Richard Burr.
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Timestamps
Intro – 00:00
Kelly Loeffler – 01:53
David Perdue – 02:54
Dianne Feinstein – 03:40
Richard Burr – 04:22
January 23rd – 05:28
January 24th – 06:01
February 7th – 9:37
February 13th – 10:49
February 27th – 11:16
May 13th – 12:58
May 26th – 13:40
Wrap Up – 14:13
Outro – 15:22
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Read the article for yourself:
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THE SCRIPT:
If you’re looking to get rich, there are a handful of ways to do it. You could:
– Create a successful business
– Invest in a successful business
– Commit a crime
– Become a politician
In the United States, money and politics are intrinsically tied together. Now, don’t get me wrong, most of the wealth that politicians in the US have today is amassed through legal means. I’m talking book deals, speeches, appearances, interviews, or using their public image to help market successful products. But there have also been cases of insider trading within the ranks of Congress. Doing so is illegal, but only since 2012, when the STOCK act was first enacted to halt the practice. Since that act was passed, there haven’t been any convictions of insider trading for US politicians, but there have been some scandals.
One scandal in particular I’ve been following quite closely, as it happened just earlier this year. At the start of the Coronavirus pandemic, several members of congress made some incredibly well-timed trades, just before the stock market was ready to tank due to widespread shutdowns. The trades these individuals made have come under incredible scrutiny, but before I get ahead of myself, let’s meet our players, the individuals at the center of this scandal.
[Kelly Loeffler – Intro]
First, we have Kelly Loeffler, a Republican congress woman from Georgia. Kelly’s total net worth is estimated to be a whopping $500 million dollars. Now, most of this wealth she amassed during her time in the business world. She worked for some pretty major labels, such as Citibank, Intercontinental Exchange, and Bakkt, where she held the position as CEO before she left for Congress in 2019. She was appointed to congress by Georgia governor Brian Kemp after another republican senator resigned due to health reasons. She’s also married to the CEO of Intercontinental Exchange and the chairman of the New York Stock Exchange, Jeffrey Sprecher. So you can probably tell why this power couple is absolutely loaded. But Kelly’s actions as congress woman might not be all that noble.
[David Perdue – Intro]
Next up, we have David Perdue, a Republican congressman also from Georgia. David’s net worth is estimated at nearly $15 million dollars, and similarly to Kelly, his net worth was achieved in the business world through his time in management consulting. David has held senior positions at Reebok, PillowTex and Dollar General, where he was actually the CEO.
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