1. Assume these facts as true: Sen. Burr chaired the Senate Intelligence Committee. At a closed confidential hearing in late January, he heard dramatic evidence that the corona virus was likely to heavily impact the United States and its economy (which is what happened). The following day, Sen. Burr called his stockbroker and told him to sell all of his $2 million worth of stock holdings. Two weeks later, the danger of the corona virus became known to the public, and the stock market lost much value. Sen Burr saved $400,000. By selling his stock when he did. Was Sen Burr an "insider". Did he violate the insider trading laws? Argue one way or the other but support your argument.

Assume these facts as true. Sen Loeffler attended the above described hearing chaired by Sen. Burr. When she returned home that evening, she told her husband about the hearing. Her husband is Chairman of the New York Stock Exchange. The next day, without telling his wife, he sold $3.5 million worth of stock jointly owned with his wife. He saved $600,000.00 in losses by selling his stock then. Was Sen Loeffler or her husband an "insider"? Did either of them violate the insider trading laws? Argue one or the other but support your argument.