With all the agonizing about whether the Enfant Terrible’s actions rise to an impeachable level, let us not forget that he is a common criminal as well. A new ProPublica story documents the extent to which Trump inflated the value of his assets when he was trying to borrow money, and deflated the values when he was paying taxes. Both would constitute criminal fraud.
And this Vanity Fair piece strongly suggests that, since the start of his presidency, Trump has been running a massively profitable larcenous insider trading scheme. The story examines massive pattern of suspicious late-day trades in financial markets that seemed to anticipate public policy pronouncements or events and earned the mysterious traders millions in profits. For example
“In the last 10 minutes of trading on Friday, August 23, as the markets were roiling in the face of more bad trade news, someone bought 386,000 September e-minis. Three days later, Trump lied about getting a call from China to restart the trade talks, and the S&P 500 index shot up nearly 80 points. The potential profit on the trade was more than $1.5 billion…”
“Traders in the Chicago pits have been watching these kinds of wagers with an increasing mixture of shock and awe since the start of the Trump presidency …. Are the people behind these trades incredibly lucky, or do they have access to information that other people don’t have about, say, Trump’s or Beijing’s latest thinking on the trade war or any other of a number of ways that Trump is able to move the markets through his tweeting or slips of the tongue? Essentially, do they have inside information?”
Federal market watchdogs, who are supposed to keep an eye on corrupt market manipulation, are doing nothing despite ongoing concerns about this pattern of activity.