In the midst of her ongoing stock trading scandal, new revelations show Loeffler’s company made changes to give her a payout — and create more conflicts of interest
Corporate governance expert: ICE shareholders “should not view this arrangement to have been on the up-and-up.”
ATLANTA — Today, a bombshell New York Times investigation revealed that unelected “political mega-donor” Senator Kelly Loeffler received a “lucrative parting gift” in the form of a “seven-figure windfall” from her and her husband’s company ICE — a company whose regulator she now works to oversee in Congress.
Loeffler was “poised to forfeit” this compensation by leaving ICE, but the company “altered the terms of the awards, allowing her to keep them.” One consultant on executive compensation noted that the package “looks, feels and has the sweet aroma of a pure windfall.”
These revelations are all the more shocking not only in light of Loeffler’s stock trading scandal but also her assignments to a Senate committee that’s “an overseer of the overseers of the company that made her rich” and its sub-committee that has “direct jurisdiction” over ICE’s industry. On the potential for these payouts to create “the appearance that the company is trying to curry political favor” with Loeffler, one corporate governance expert noted that ICE shareholders “should not view this arrangement to have been on the up-and-up.”
“This latest news about Senator Kelly Loeffler’s overlapping conflicts of interest and ‘lucrative parting gift’ from a company whose regulator she now has oversight jurisdiction over in the Senate present even more reasons why she must submit to an ethics investigation,” said Alex Floyd, spokesman for the Democratic Party of Georgia. “Loeffler should be focused on representing Georgians in the Senate — not looking out for the company that made her rich after they changed terms to give her millions when she left.”
Read more about Loeffler’s latest conflict of interest: