Smelly Swamp Cashed In On Covid?

WSJ reports “As Covid Hit, Washington Officials Traded Stocks With Exquisite Timing,” i.e., when gov’t began mobilizing against threat or as market-rescue plan took hold. Even if legal, it STINKS like a SWAMP, is all …

This is the latest in the paper’s series on federal employees’ penchant for picking investment winners on the very companies or industries they regulate or legislate … and with the uncanny instincts of Nancy Pelosi’s husband. This time, for instance, the reporters note: “In January 2020, the US public was largely unaware of the threat posed by the virus spreading in China, but health officials were on high alert & girding for a crisis. A deputy to top health official Anthony Fauci reported 10 sales of mutual funds & stocks totaling between $157,000 & $480,000 that month. Collectively, officials at another health agency, Health & Human Services, reported 60% more sales of stocks & funds in January than the average over the previous 12 months., driven by a handful of particularly active traders. By March, agencies across the government were working on wide-reaching measures to prop the economy & markets. Then-Transportation Sec. Elaine Chao purchased more than $600,000 in two stock funds while her agency was involved in the pandemic response & her husband, Sen. Mitch McConnell, was leading negotiations over a giant, market-boosting stimulus bill.”

The story goes on to detail how HUNDREDS of federal officials In “every major agency was drawn into the pandemic response”. And, how they responded by buying and/or trading MILLIONS in affected stocks. It was all disclosed as required by law. But, it STINKS, no?

Davd Soul