Trump brags in Oval Office that his billionaire pals made a killing in stocks after he pulled the plug on tariffs

[pnwmom]

Source: The Independent

Stocks jumped more than 7 percent Wednesday within minutes of his announcement suspending the tariff for 90 days. The market ultimately closed more than 9 percent higher.

At the White House Oval Office that day, Trump pointed to a pair of billionaire visitors.

“He made $2.5 million, and he made $900 million! That’s not bad!” Trump said, pointing to financial investor Charles Schwab and then NASCAR team owner Roger Penske. The men were part of a visiting guest contingent of mostly racing notables.

Schwab is estimated to be worth $12.9 billion and Penske $5.6 billion.

Read more: https://www.independent.co.uk/news/world/americas/us-politics/trump-billionaire-profits-dropped-tariffs-b2731386.html

[Bernardo de La Paz]

1. This should be looked into. . . . nt

[thesquanderer]

2. If that's all they made, I guess they're not very invested in the market (or poorly invested)

$2.5 million is less than .02% of $12.9 billion.

[GoreWon2000]

4. Sounds like insider trading to me.

[SWBTATTReg]

5. Yeah, go ahead and brag about this. These profits were made off the backs of everyday Americans, who had

held onto their stocks as usual, while his thugs made a killing off of us.

No wonder the SEC frowns really down on this blatant disregard for using facts that no one else has privy to, to manipulate markets.