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NEW: The Justice Department is specifically looking into Sen. Burr& #39;s statements around the time of his stock market sell-off, NPR can report https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
Media outlets including CNN, The Wall Street Journal and The Associated Press have also reported that the FBI has reached out to Burr directly to assess whether he made stock sales based on nonpublic information. https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
Insider trading probes hinge on:
1) Was it non-public info?
2) Was it material?
"Was [that information] something that you and I, if we were shareholders of that company, would have reasonably expected it to be considered significant at the time?" https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
1) Was it non-public info?
2) Was it material?
"Was [that information] something that you and I, if we were shareholders of that company, would have reasonably expected it to be considered significant at the time?" https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
As a lawmaker, Sen. Burr has two distinct and unusual advantages in an insider trading investigation.
First: As chair of intel cmte, he may have received classified info, which would complicate any investigation. https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
First: As chair of intel cmte, he may have received classified info, which would complicate any investigation. https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
As a lawmaker, Sen. Burr has two distinct advantages in an insider trading investigation.
Second: as a senator, Burr may be able to cite the Speech or Debate Clause of the Constitution, which gives lawmakers protections related to their official duties. https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
Second: as a senator, Burr may be able to cite the Speech or Debate Clause of the Constitution, which gives lawmakers protections related to their official duties. https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
The speech or debate clause of the constitution, which conveys privileges on lawmakers, could be used by Burr as a shield against providing some info to investigators:
https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
Another advantage Burr has: most insider trading probes center around specific nonpublic info about a single company.
In this case, Burr sold off stocks from a variety of sectors and may have received broad non-public info.
That complicates probe: https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
In this case, Burr sold off stocks from a variety of sectors and may have received broad non-public info.
That complicates probe: https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
"It& #39;s not prohibitive in terms of making a case, but it certainly is harder when it is generalized information like that," said Joon Kim, the former acting U.S. attorney for the Southern District of New York. https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
There are ways around these challenges: investigators can avoid Speech or Debate Clause/classified info by seeking texts/emails/phone calls/testimony from people that Burr spoke to.
And they& #39;re doing just that, NPR is now reporting https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
And they& #39;re doing just that, NPR is now reporting https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
"The law is clear that any American — including a Senator — may participate in the stock market based on public information, as Senator Burr did," Burr& #39;s lawyer said, saying the senator welcomed a "thorough review of the facts" and would be vindicated https://www.npr.org/2020/03/31/824958381/justice-department-looking-into-senators-stock-selloff">https://www.npr.org/2020/03/3...
& #39;Why the focus on Burr?& #39; a colleague asked.
Any many others ask: what about Senator So-and-So?
I wrote a list of why investigators might be most inclined to probe Burr& #39;s stock transactions specifically and why the public facts are more suspicious:
Any many others ask: what about Senator So-and-So?
I wrote a list of why investigators might be most inclined to probe Burr& #39;s stock transactions specifically and why the public facts are more suspicious:
Burr& #39;s stock trades were made on a single day, they were an unusually high volume of transactions based on his previous trading activity, were focused on the hospitality sector, and his personal acknowledgement that he was behind the sales.
