Let's first get to the news.
Sen. Richard Burr, R-N.C., and Sen. Kelly Loeffler, R-Ga., dumped stock holdings worth millions ahead of the market plunge that began in February after they received briefings on the coronavirus, according to published reports Thursday.
Burr, the chairman of the Senate Select Committee on Intelligence, sold the stocks on Feb. 13, ProPublica reported, citing disclosure filings.
Loeffler, who is married to New York Stock Exchange Chairman Jeffrey Sprecher, began dumping shares Jan. 24, after a private briefing for senators from administration officials, including the CDC director and Anthony Fauci, the head of the National Institutes of Health, the Daily Beast reported.
Jim Cramer said that he had actually learned a lesson from Al Gore.
Watch the full video above for more.
Jim, over the past day or two, we'd gotten headlines that Senator Richard Burr and Senator Kelly Loefflers sold holdings after they were in coronavirus briefings. And the average American is now expecting the government to step in and help us before we see a complete economic shutdown. Does this kind of headline erode the trust that the average American is putting in Congress's coronavirus efforts?
In 1984, I met with then Senator Gore at work, and he wanted me to help with his portfolio. I was at Goldman. And I said, he should be in this stock, that stock, this stock. And he said, "No, no, I can't buy FedEx. I'm on the committee that regulates transportation. I can't buy this. I'm on the committee, blah, blah, blah." I said, "So let's just buy treasuries." He said, "Yeah, that's really right. I should just buy treasuries." I said, "I feel badly. I think we're going to be in this incredible bull market." That was before they were really focused on S&P baskets. "I would love you to be in the market." And he goes, "I'm representing the American people. Just make sure I don't get hurt. Put me in treasuries."
And I remember thinking, darn it all, I thought he'd be a really good client. I really wanted to be able to talk to him a lot. I really liked him. I ended up being a speechwriter for him in the 2000 election, I'm sorry, in '96 where he failed. And what happens is, well, the view that he had, which is that they should be focused on their business, is the one that the Senate has to have. And it's kind of embarrassing that they don't have.
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