INSIDER TRADING
“President” Donald J. Trump often tells the nation that we are so close to a deal with China. The markets tend to react and believe him fully and completely. The latest statement he made was on Friday, when he noted from the West Lawn: “We’re doing very well. We’re moving along nicely. We’re dealing with them right now. They want to make a deal very badly.”
Yet, his advisor, Peter Navarro, the guy who just got caught making up an imaginary expert in his book, has been trying to fight any trade deal. And in what has been reported a bit, but not extensively, someone is making a ton of money on Trump’s continued statements and random actions when it comes to China and other world events. The chaos is making someone some big money.
Vanity Fair reported a number of “lucky” trades, which are suspicious for their timing. He or she bought S&P e-minis and made $180 million overnight on September 13, trading just before drones dropped bombs on Saudi oil fields; $190 million overnight on September 10, when the next day Trump announced removal of tariffs on some Chinese goods; and, $1.8 billion by making a large trade in the last few minutes of June 10, and after the market closed, Trump announced that his talks with Xi were on track.
One will have to check about subsequent trades, but someone is making a boatload of money on what appear to be humongous bets. Whether they are bets, or someone is “lucky” because of access to people in high places is still an open question. If you are a betting person, and awake, you can imagine what might be taking place. Like many things in the current administration, the Corruptus Maximus is all around.
Daniel is a lawyer writing and teaching about SCOTUS, and is the author of the book “The Chief Justices” about the SCOTUS as seen through the center seat.