By Ryan Cooper | Yahoo News
Control of the United States Senate hinges on two January 5 runoff elections in Georgia, where incumbent Republicans David Perdue and Kelly Loeffler are facing Democrats Jon Ossoff and Raphael Warnock respectively. Most immediately, the race is a contest over whether President-elect Joe Biden and the Democratic Party will be able to govern — especially by passing another big coronavirus rescue package.
However, Loeffler and Perdue are also excellent examples of what interests the Republican Party serves — namely, the ultra-rich, which includes both Loeffler and Perdue personally. These are two people who were rich before they got into politics, and leveraged their power as senators to make themselves even more rich — by profiteering off the pandemic. It is government of, by, and for the top 0.1 percent.
Let me consider their cases in turn. David Perdue is a longtime businessman who served as CEO of Dollar General in the mid-2000s, where he worked diligently to source more products from China. According to his financial disclosures, he is worth between $15 million and $43 million.
As Michela Tindera writes at Forbes, Kelly Loeffler and her husband Jeffrey Sprecher own a big stake in International Exchange, a financial clearinghouse company that Sprecher founded and where he remains CEO and chairman. (That company also owns the New York Stock Exchange, where Sprecher is again chairman.) After closely examining Loeffler’s financial disclosure forms and other information, Tindera estimates that the couple is worth at least $800 million, and likely over $1 billion — or roughly quadruple the wealth of the second-richest member of Congress, Senator Mitt Romney (R-Utah).
Here’s how the pandemic profiteering worked. On January 24, there was a private all-Senate briefing about the looming disaster — long before there was a broad public understanding that the U.S. was going to get slammed by COVID-19. Immediately afterward, both Loeffler and Perdue started trading strategic stocks. As The Daily Beast reported at the time, Loeffler executed 29 transactions valued between $1.275 and $3.1 million in the following days before the market crashed, almost all of them sales — one exception was a purchase of Citrix, which sells teleworking software. (Also, Loeffler recently violated the legal prohibition on soliciting campaign funds in a Senate office building.)
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