Sens. Kelly Loeffler and David Perdue keep self-righteously telling voters that they were exonerated of insider trading. That doesn't mean a whole lot when that supposed exoneration is coming from the Senate Ethics Committee.
Loeffler And Perdue Brag That Toothless Senate Ethics Committee Cleared Them Of Insider Trading
Credit: DonkeyHotey
December 10, 2020

Sens. Kelly Loeffler and David Perdue keep self-righteously telling voters that they were exonerated of insider trading after their stock trades suspiciously timed to make the coronavirus pandemic profitable for them. What exactly does it mean to say that the Senate Ethics Committee cleared them, though?

Not much, according to an Atlanta Journal-Constitution investigation. Between 2007 and 2019, public records show not a single disciplinary sanction coming out of the committee, despite 1,189 complaints of alleged violations. Just six cases led to letters of admonition. Most complaints didn’t even get a staff investigation.

“A senator saying he or she has been cleared by the Senate Ethics Committee should be taken with a grain of salt,” said Meredith McGehee, executive director of the watchdog group Issue One, told the newspaper. “The Senate Ethics Committee manages to find ethics violations about as often as an NBA referee manages to call a traveling or palming violation.”

Perdue followed an early coronavirus briefing by buying stocks in personal protective equipment companies, while Loeffler responded to being briefed by selling off a lot of stocks, a decision that looked interesting when the market crashed in the early days of the pandemic. Perdue also recently made news as the senator who’s carried out the most stock trades in recent years—2,596 of them—including on companies he oversees in his Senate work.

Loeffler and Perdue are also very proud of having avoided charges from the Donald Trump-William Barr Justice Department.

Maybe Georgia could do better than “not indicted on insider trading”?

Posted with permission from Daily Kos.

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. When registering you will also be presented with the option to tie all your old Disqus comments to your new Insticator account. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.