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Sen. Elizabeth Warren (D-Mass.) questions John Stumpf, chairman and CEO of the Wells Fargo & Company, during a hearing of the Senate Banking, Housing and Urban Affairs Committee September 20, 2016 in Washington, D.C. (Photo by Win McNamee/Getty Images)
Warren and Wyden Call for Insider Trading Probe After Trump's "Reckless" Jobs Report Tweet
"We must determine the extent of the president's leaking, its impact on the financial markets, and whether Trump's friends benefited from it."
Jun 08, 2018
After President Donald Trump's tweet last week touting the May jobs report before it was officially unveiled--triggering speculation that he may have tipped off his rich pals about strong employment numbers--three Democratic senators on Friday demanded an investigation into whether any of Trump's "Wall Street cronies" obtained the numbers in advance and used them for personal enrichment.
"President Trump recklessly violated federal rules and years of precedent by telegraphing financial data that has the power to move our markets."
--Sen. Elizabeth Warren
"We are concerned in particular that pre-release data may have been disclosed beyond the very small group authorized to see them before their official release by the president or other White House staff," Sens. Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), and Michael Bennet (D-Colo.) wrote in letters sent to several federal agencies on Friday. "A wider dissemination increases the possibility that this inside information could be used to unlawful advantage in the market."
While Trump--who, as per tradition, was briefed on the employment numbers the night before their release--didn't reveal any specifics of the jobs report in his tweet, he did say he was "looking forward" to its official rollout--signaling that the numbers were favorable.
As the senators note in a press release, markets "immediately" rose in response to the president's tweet.
"President Trump recklessly violated federal rules and years of precedent by telegraphing financial data that has the power to move our markets," Warren said in a statement released alongside the new letter. "The Trump administration is swarming with people who have secret financial holdings and conflicts of interest a mile long."
In his own statement, Wyden said the questions asked in the senators' letter "will determine whether the president knowingly used our country's most sensitive economic data to enrich himself" and his friends in the financial sector.
"Trump was reckless and irresponsible enough to disclose this information ahead of time, stacking the deck in favor of hedge funds and high-speed traders," Wyden concluded. "We must determine the extent of the president's leaking, its impact on the financial markets, and whether Trump's friends benefited from it."
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After President Donald Trump's tweet last week touting the May jobs report before it was officially unveiled--triggering speculation that he may have tipped off his rich pals about strong employment numbers--three Democratic senators on Friday demanded an investigation into whether any of Trump's "Wall Street cronies" obtained the numbers in advance and used them for personal enrichment.
"President Trump recklessly violated federal rules and years of precedent by telegraphing financial data that has the power to move our markets."
--Sen. Elizabeth Warren
"We are concerned in particular that pre-release data may have been disclosed beyond the very small group authorized to see them before their official release by the president or other White House staff," Sens. Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), and Michael Bennet (D-Colo.) wrote in letters sent to several federal agencies on Friday. "A wider dissemination increases the possibility that this inside information could be used to unlawful advantage in the market."
While Trump--who, as per tradition, was briefed on the employment numbers the night before their release--didn't reveal any specifics of the jobs report in his tweet, he did say he was "looking forward" to its official rollout--signaling that the numbers were favorable.
As the senators note in a press release, markets "immediately" rose in response to the president's tweet.
"President Trump recklessly violated federal rules and years of precedent by telegraphing financial data that has the power to move our markets," Warren said in a statement released alongside the new letter. "The Trump administration is swarming with people who have secret financial holdings and conflicts of interest a mile long."
In his own statement, Wyden said the questions asked in the senators' letter "will determine whether the president knowingly used our country's most sensitive economic data to enrich himself" and his friends in the financial sector.
"Trump was reckless and irresponsible enough to disclose this information ahead of time, stacking the deck in favor of hedge funds and high-speed traders," Wyden concluded. "We must determine the extent of the president's leaking, its impact on the financial markets, and whether Trump's friends benefited from it."
After President Donald Trump's tweet last week touting the May jobs report before it was officially unveiled--triggering speculation that he may have tipped off his rich pals about strong employment numbers--three Democratic senators on Friday demanded an investigation into whether any of Trump's "Wall Street cronies" obtained the numbers in advance and used them for personal enrichment.
"President Trump recklessly violated federal rules and years of precedent by telegraphing financial data that has the power to move our markets."
--Sen. Elizabeth Warren
"We are concerned in particular that pre-release data may have been disclosed beyond the very small group authorized to see them before their official release by the president or other White House staff," Sens. Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), and Michael Bennet (D-Colo.) wrote in letters sent to several federal agencies on Friday. "A wider dissemination increases the possibility that this inside information could be used to unlawful advantage in the market."
While Trump--who, as per tradition, was briefed on the employment numbers the night before their release--didn't reveal any specifics of the jobs report in his tweet, he did say he was "looking forward" to its official rollout--signaling that the numbers were favorable.
As the senators note in a press release, markets "immediately" rose in response to the president's tweet.
"President Trump recklessly violated federal rules and years of precedent by telegraphing financial data that has the power to move our markets," Warren said in a statement released alongside the new letter. "The Trump administration is swarming with people who have secret financial holdings and conflicts of interest a mile long."
In his own statement, Wyden said the questions asked in the senators' letter "will determine whether the president knowingly used our country's most sensitive economic data to enrich himself" and his friends in the financial sector.
"Trump was reckless and irresponsible enough to disclose this information ahead of time, stacking the deck in favor of hedge funds and high-speed traders," Wyden concluded. "We must determine the extent of the president's leaking, its impact on the financial markets, and whether Trump's friends benefited from it."
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