Tags: kelly loeffler | nyse | stocks | jeffrey sprecher | ice | bakkt

Sen. Loeffler Got $9 Million Paycheck From NYSE

kelly loeffler wearing pearl earrings doing a tv interview
Sen. Kelly Loeffler, R-Ga. (Drew Angerer/Getty Images)

By    |   Thursday, 07 May 2020 07:35 AM

Sen. Kelly Loeffler, R-Ga., received a payout of more than $9 million from the parent company of the New York Stock Exchange when she left to serve in the Senate after the company changed the terms of her financial options.

The New York Times reported that Loeffler received the money after Intercontinental Exchange exercised her stock options and other financial awards earlier than scheduled when she left in December. In 2018, Loeffler began serving as the CEO of Bakkt, a platform for trading cryptocurrencies and a subsidiary of Intercontinental Exchange.

In addition to her 2019 salary and bonus of $3.5 million, the Times reported that Loeffler got a roughly $7.8 million stake in Bakkt and also about $1.5 million in Intercontinental Exchange stock and options as a parting gift. According to the news outlet, Loeffler would have forfeited the financial benefits because they were not yet vested, but the company changed its rules and exercised a portion of them.

Loeffler is married to Jeffrey Sprecher, the CEO of Intercontinental Exchange and the chairman of the New York Stock Exchange.

The transactions are not illegal, even for an incoming senator, but they are raising eyebrows.

"It looks, feels and has the sweet aroma of a pure windfall," Brian Foley, managing director of executive compensation consulting firm Brian Foley & Company, told the Times.

Loeffler responded to the financial revelations by asking to be taken off the Senate Agriculture Subcommittee on Commodities, Risk Management, and Trade.

"Since taking office in January, Senator Loeffler has taken extraordinary steps to ensure transparency and comply both with the spirit and letter of the law," her spokesperson said in a statement. "Loeffler previously said she would recuse herself on a case by case basis, but it's now abundantly clear that the media and her adversaries will stop at nothing to attack her and take away from the important work taking place during this public health care crisis."

Loeffler is already in hot water for selling millions of dollars worth of stock after a closed-door briefing about the coronavirus in January. She dumped more stock in the weeks and months after that.

Loeffler's financial disclosure forms show she is worth between $62 million and $257 million, making her one of the richest people to ever serve in the U.S. Capitol. The Atlanta Journal-Constitution reported that the combined worth of Loeffler and her husband could be as high as $500 million.

© 2020 Newsmax. All rights reserved.


   
1Like our page
2Share
Politics
Sen. Kelly Loeffler, R-Ga., received a payout of more than $9 million from the parent company of the New York Stock Exchange when she left to serve in the Senate after the company changed the terms of her financial options. The New York Times reported that...
kelly loeffler, nyse, stocks, jeffrey sprecher, ice, bakkt
404
2020-35-07
Thursday, 07 May 2020 07:35 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved