Senator Kelly Loeffler Got $9 Million Exit Payout from Bakkt
- The company policies were altered to let her keep the full compensation.
Kelly Loeffler, the United States Republican senator for Georgia, has received more than $9 million as stocks and other compensations when she departed from the apex role of Bakkt, an Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ICE) subsidiary.
As reported by The New York Times, Loeffler's financials were disclosed with her recent filing with the Securities and Exchange Commission (SEC).
Before taking public service, Loeffler was the CEO of Bakkt and also held a leadership role at ICE before that.
The $9 million exit payout was in addition to her $3.5 million annual compensation, including bonus, for 2019.
The report highlighted that Loeffler received millions in restricted stocks and options, but they were not eligible for sale when she stepped down from her position at the company. Typically, with her exit, she had to forfeit her rights from them. However, the company altered its policies to let her keep the awards.
Notably, her husband Jeffrey Sprecher is the founder and CEO of Bakkt’s parent ICE.
The additional compensation came in the form of shares, stock options, and other instruments - the largest being a stake in Bakkt, valued at $7.8 million.
It is important to note that the compensation and also the sudden change of policy is legal, but it raised doubts on her credibility as she and her supporters often pointed out her exit from a well-paid job for public service.
“Kelly left millions in equity compensation behind to serve in public office to protect freedom, conservative values and economic opportunity for all Georgians,” the publication quoted Stephen Lawson, a spokesman for Loeffler. “The obsession of the liberal media and career politicians with her success shows their bias against private sector opportunity in favor of big government.”
Not maintaining a clean image
Earlier this year, the Republican senator also made headlines after being accused of insider trading. She and her husband offloaded millions in stocks after she attended a meeting called by the Senate Health Committee on the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term outbreak.
She, however, hit back at critics saying that the investment decisions were made by “multiple third-party advisors.”
Kelly Loeffler, the United States Republican senator for Georgia, has received more than $9 million as stocks and other compensations when she departed from the apex role of Bakkt, an Intercontinental Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (ICE) subsidiary.
As reported by The New York Times, Loeffler's financials were disclosed with her recent filing with the Securities and Exchange Commission (SEC).
Before taking public service, Loeffler was the CEO of Bakkt and also held a leadership role at ICE before that.
The $9 million exit payout was in addition to her $3.5 million annual compensation, including bonus, for 2019.
The report highlighted that Loeffler received millions in restricted stocks and options, but they were not eligible for sale when she stepped down from her position at the company. Typically, with her exit, she had to forfeit her rights from them. However, the company altered its policies to let her keep the awards.
Notably, her husband Jeffrey Sprecher is the founder and CEO of Bakkt’s parent ICE.
The additional compensation came in the form of shares, stock options, and other instruments - the largest being a stake in Bakkt, valued at $7.8 million.
It is important to note that the compensation and also the sudden change of policy is legal, but it raised doubts on her credibility as she and her supporters often pointed out her exit from a well-paid job for public service.
“Kelly left millions in equity compensation behind to serve in public office to protect freedom, conservative values and economic opportunity for all Georgians,” the publication quoted Stephen Lawson, a spokesman for Loeffler. “The obsession of the liberal media and career politicians with her success shows their bias against private sector opportunity in favor of big government.”
Not maintaining a clean image
Earlier this year, the Republican senator also made headlines after being accused of insider trading. She and her husband offloaded millions in stocks after she attended a meeting called by the Senate Health Committee on the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term outbreak.
She, however, hit back at critics saying that the investment decisions were made by “multiple third-party advisors.”