If Sen. Richard Burr (R-NC) is not prosecuted by the Department of Justice for insider trading, then the Stock Act is “meaningless,” warned Peter Schweizer, senior contributor to Breitbart News and author of Profiles in Corruption: Abuse of Power by America’s Progressive Elite.
Schweizer joined Friday’s edition of SiriusXM’s Breitbart News Tonight with host Rebecca Mansour and special guest host John Hayward to discuss Burr’s selling of between $628,000 and $1.72 million in stock ahead of coronavirus-related market declines.
Listen:
“Richard Burr’s [stock sell-off] is a classic case of insider trading,” determined Schweizer. “If Richard Burr was an executive at a corporation and he had received a closed door briefing that said a company’s sales were going to go down dramatically, and he sold pretty much all of his stock, it would be insider trading.”
“The Intelligence Committee got closed door briefings about the coronavirus that were pretty apocalyptic, and on February the 13th, [Richard Burr] decided to unload stock,” noted Schweizer, highlighting Burr’s role as chair of the Senate Intelligence Committee. “I believe there were 33 transactions, all of them sales, none of them were buys, and the part that is particularly troubling is the sales amount to at least half of his entire net worth.”
Schweizer continued, In other words, [Richard Burr] is almost liquidating all the stock that he owns. So it’s a dramatic move, and yet, he is publicly telling people — he wrote an op-ed for Fox News, he was telling people in interviews — that this is really not a big deal.”
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