‘Fraud on the American public’: Trump insider trading investigation sought by Dems
Global News
Before Trump put a pin in his hefty reciprocal tariffs on Wednesday, he wrote on Truth Social, 'THIS IS A GREAT TIME TO BUY!!!'
A group of senior Democrats has penned a letter to the U.S. Securities and Exchange Commission (SEC) asking it to investigate whether Donald Trump violated securities laws, participated in insider trading and manipulated global markets after making a breakneck U-turn on his global reciprocal tariff policy.
“We urge the SEC to investigate whether the tariff announcements, which caused the market crash and subsequent partial recovery, enriched administration insiders and friends at the expense of the American public and whether any insiders, including the president’s family, had prior knowledge of the tariff pause that they abused to make stock trades ahead of the president’s announcement,” the letter, led by Massachusetts senator and former presidential candidate Elizabeth Warren, says.
Senators Chuck Schumer, Mark Kelly, Ruben Gallego, Adam B. Schiff and Ron Wyden co-signed the written plea.
They argue that the president has, in recent days, “announced a series of erratic, reckless tariffs, leading to significant market turmoil,” that may equate to insider trading and other unlawful activity.
“As a direct result of this chaos, the U.S. financial markets have experienced dramatic declines over the course of just a few days,” the letter continued, citing staggering losses on the American stock exchange, including a $5.6-trillion tumble in S&P 500 market value.
At about 9:30 a.m. on Wednesday, before Trump put a pin in his hefty reciprocal tariffs, he wrote on Truth Social, “THIS IS A GREAT TIME TO BUY!!!”
Hours after he seemingly urged people to purchase stocks, the president took to Truth Social again, this time to announce an abrupt 90-day pause on the sweeping reciprocal levies he imposed on 90 countries less than 24 hours prior.
“I have authorized a 90-day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately. Thank you for your attention to this matter!” He wrote shortly after 1:00 p.m. on Wednesday.
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