President Jimmy Carter putting his peanut farm in a trust to avoid a conflict of interest feels like a long time ago.
Financial disclosures submitted to the Office of Government Ethics and dissected by CBS News show that accounts owned by President Donald Trump made 3,642 stock trades from January to March this year.
Trump and Israel began a war in Iran during this period. There was civil unrest, too, as two American citizens were killed on the street and others died in custody during Trump’s violent immigration crackdown. Many of Trump’s trades coincided with White House policy directives and Trump making public statements about the companies.
While the monetary value of the trades depend on how each stock is valued now and in the future, CBS puts the minimum valuation of Trump’s trades at $212 million, and the maximum at a whopping $695 million. The disclosures show that Trump’s favorite place to buy and sell stocks is the technology sector, followed by exchange-traded funds and the industrial industry. Microsoft, Amazon, Meta, Netflix, Advanced Micro Devices, and Oracle were Trump’s most-traded stocks.
Politicians trading stocks while in office has been a questionable practice for a long time. Conflicts of interest can easily arise, as politicians can profit by supporting legislation that benefits their investments. The American people, for one, are clear in their opinion: 86 percent think politicians should be banned from trading stocks while in office. Online tools tracking politicians’ trades have also become popular.
The most powerful person in the nation trading at such a massive scale presents even more opportunity for corruption. An investment professional told CBS he had “never seen a strategy out there that would warrant that amount of trading.” Another expert said the trading looked to be an attempt to lower Trump’s tax bill. Senator Elizabeth Warren called for an investigation into “potential insider trading” by the president in response to the disclosures.
Trump verbally supported a congressional stock trading ban in February and bashed high-profile Democrats who trade stocks, such as former Speaker of the House Nancy Pelosi. But presumably the president thinks he himself should still get to trade as much as he wants.
Such insider trading scandals could plague the president once he departs office. Even before then, Democrats could embrace a stronger anti-corruption stance and open investigations into some of his shady dealings if they can snag congressional majorities in November.
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