The richest politician on Capitol Hill is likely Georgia's recently appointed, controversial Senator Kelly Loeffler by mtindera07
n late March, with the stock market reeling from the effects of coronavirus, an explosive story took over the news: Members of the U.S. senate, who had received early briefings on the potential effects of the coronavirus, had dumped stock positions, allowing them to avoid massive losses. No one had ditched more than newly appointed Georgia Republican Kelly Loeffler, who got rid of more than $20 million of shares from late January to March.
In 2000 Sprecher took Continental and formed Intercontinental Exchange, also called ICE. He brought on companies like Goldman Sachs and Morgan Stanley as early shareholders, giving them equity in the business in exchange for promises to execute a minimum number of transactions through Sprecher’s platform each year. “I figured my own personal stake, or net worth, or reward that came out of it, would work out just fine as long as the company did well,” Sprecher said in a 2018 podcast. And it did.
Since 2014 the value of ICE stock has more than doubled. Loeffler and Sprecher have also bought three homes in Florida, a condo in Chicago and a $4.3 million pad along the Georgia coastline. They used their home base in Atlanta to host charity events and political fundraisers, like aEvents led to connections, and connections led to opportunities. When Georgia Senator Johnny Isakson retired at the end of 2019, Governor Brian Kemp appointed Loeffler to fill his seat.
In May, the Georgia senator stepped down from her position on the Senate Agriculture Subcommittee on Commodities, Risk Management, and Trade,as a move to “avoid potential attacks.” Still, Loeffler remains on the overarching committee, which as recently as last year held a full committee hearing on reauthorizing the Commodities Future Trading Commission, a government agency that regulates her husband’s business.
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