Senator Kelly Loeffler (R-GA) has been accused by various media outlets of profiting off of inside government knowledge of the virus. Profitable trades were made on her investments after hearing a Senate briefing on the virus earlier in the year.
On Wednesday Loeffler issued a statement defending herself, “Amid this health crisis, the temptation to circulate lies and misinformation is too great for the media and my political opponents. That is why I’m taking steps to remove this temptation so that we can turn our focus back to where it belongs: on combating COVID-19 and restoring our country to health and economic recovery.” To get ahead of the controversy, she has decided to liquidate all of her stocks.
She continued.
“Let me be clear: I do not have to do this. I’ve done everything at or above the requirements for complying with the STOCK Act, SEC regulations, Senate Ethics rules, and US law, and of course, will continue to do so. I’m doing this because this transparency is being abused for political gain, and the steps I’ve taken to distance myself from these accounts are being ignored. I left the private sector to serve the people of Georgia, not make a profit, and in fact donate my Senate pay to Georgia charities.”
She explained that her investments have long been managed by independent investment advisers, “They make their investment decisions for our accounts, including buying and selling securities like stocks and options —without our input, direction or knowledge.”
She concluded saying she “won’t let politics get in the way of public service and keeping our state and our country strong.”
All that is fine and also irrelevant. Loeffler is married to the chairman of the New York Stock Exchange. Combine that with the fact that the trades were made on her account, thus netting her a financial gain, and the perception is deadly to her political standing. And politics is all about perception.
This scandal will only embolden Rep. Doug Collins (R-GA), GOP star of the impeachment hearings, who has announced a challenge to her in the 2022 GOP U.S. Senate primary in Georgia.
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