Trump’s Former COS Made Suspiciously Timed Stock Sales As Pandemic Surged
The Daily Beast reports that former acting White House Chief of Staff Mick Mulvaney sold hundreds of thousands of dollars in publicly traded securities in early March just as the market began to tank, even as President Donald Trump and other administration officials continued to reassure Americans that all was well.
- Mulvaney “sold between $215,000 and $550,000 in holdings in three mutual funds on March 4, according to ethics paperwork he submitted late last month.”
- Those holdings were all composed almost entirely of U.S. stocks, the report states, and “represented the vast majority of Mulvaney’s holdings in publicly traded funds.”
- The same day that Mulvaney made the transactions, Trump went on Fox News to tell Sean Hannity: “Our economy is doing fantastically. Numbers are coming out very well. The consumer in the United States is unbelievably strong, stronger than ever before, I believe.”
- The coronavirus pandemic had already begun driving down the stock market, The Daily Beast notes, adding: “The day after Mulvaney sold those holdings, the values of all three of the mutual funds he offloaded plummeted, though they have since regained much or all of their lost value.”
The report states that there is no indication that Mulvaney acted on information obtained through his position in the White House but “nevertheless show a striking divergence in the White House’s official position on the strength of the U.S. economy at the time and the private investment decisions of the president’s top aide.”