A Frightening Disease

This is not about Covid-19, although it is related. It is about Richard Burr Republican Senator from North Carolina and Kelly Loeffler Republican Senator from Georgia. Both were given a private Senate briefing on the seriousness of the coronavirus by the US government’s top scientific advisors. 

This happened on the same day as President Trump tweeted some inane comments including “It will all work out well.” Did these two Republicans contradict their President or even attempt to shade his comments with some serious concern about the possible consequences of the disease they had just been briefed on. No. Not a word.

Was this because they thought the scientific advisors were part of the deep state attempting to undermine their President. Did they think the advice was exaggerated or unduly pessimistic. Did they think it was plain wrong. No.

They thought it was almost certainly very accurate. How do we know this? Because they went out of the meeting and sold large portions of their shareholdings before the market collapsed when the likely economic impact of the virus became public. Senator Loeffler sold a minimum of $1.2m of shares and bought shares in Citrix, a provider of teleworking software. Senator Burr sold a minimum of $600k in hotel shares which have subsequently dived.

Hard times bring out the best and the worst in people.

Some work long hours without the right level of PPE in hospitals trying to save those with Covid-19. Some expose themselves to the disease as they sit on the tills in supermarkets serving hundreds of customers to ensure the food supply.

And some use inside information to protect their wealth and increase it. You would like to hope they feel ashamed but the worst thing is they probably do not. I hope their constituents hold them to account as they should.

Covid-19 is a frightening disease but so is greed. We urgently need a vaccine for Covid-19, but just as importantly we need a vaccine for greed, and my preference is the latter should be in the form of a suppository.