Schiff Points out President's Insider Trading

[ProudLib72]

Link to tweet

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President Trump’s close friend and former advisor dumped millions in stock of a steel-dependent company just a week before Trump announced his trade war. That’s an impressive bit of clairvoyance, don’t you think?https://thinkprogress.org/trump-ichan-st

I call it "Operation Cheeseburger!" says The Donald, who hopes the extra loot will keep him well stocked with delicious Big Macs.

[Eliot Rosewater]

1. Nothing to see here, sure if it was a Democrat a fortress on Venus would not

be safe enough place for that Democrat, but this is a republican.

Move along, nothing to see here.

[ProudLib72]

7. Not until we get all these people will we be safe

How long has Icahn been running around screwing people? And he's just one of thousands. Shit, subpoena tRump's Rolodex and we'd be off to a good start!

[trof]

2. Icahn is a slug.

He bankrupted my company and made millions from it.

[FSogol]

20. Icahn is the "business genuis" who saw no value in Marvel Comics Movies and tried

to sell the company off.

[ProudLib72]

26. I just googled that because I felt sorry for Stan Lee

I hate these assholes who come along, buy up debt, have no interest in product, and screw over those who've dedicated themselves to the business.

[FSogol]

32. There's a good book on the topic by Dan Raviv called

"Comic Wars: How Two Tycoons Battled Over the Marvel Comics Empire--And Both Lost"

Stan Lee was pretty much just a face of Marvel by that time. He made 1 million a year and only had promotional duties. The other tycoon besides Carl Icahn was Revlon CEO, Ron Pearlman.

Description here:

https://www.amazon.com/Comic-Wars-Tycoons-Battled-Empire/dp/0767908309#productDescription_secondary_view_div_1520080360127

[OnDoutside]

3. Icahn screw whoever I want.

[BigmanPigman]

4. Erin Burnett CNN

just informed Wilbor Ross about this and he seemed like he didn't know of this at all.

[ProudLib72]

9. tRump likes Wilbur

Wilbur is thinking about all the steel companies he can buy and sell now.

[BigmanPigman]

10. Did you see his Soup Can explanation on TV?

I think Andy Warhol would've done a more convincing job of it.
https://www.cnbc.com/2018/03/02/wilbur-ross-tariffs-are-nbd-but-campbells-says-cans-will-cost-more.html

[ProudLib72]

11. Very tricky old man!

Who's going to be concerned about a minuscule price rise that amounts to 0.05 cents per can? Well, anyone who buys and sells in quantities larger than a few cans. That includes one Wilbur Ross.

You know, from time to time I buy steel for welding. I'll buy 100-200 lbs at a time, and that's a very small quantity in reality. Some metal fabricators/artists will buy thousands of pounds at a time. I can't imagine the quantities construction companies purchase in.

[BigmanPigman]

12. Car sales will go down as prices go up...

even his cult/base buys cars. I wonder if they will put 2 and 2 together when they vote in the midterms. The Moron owns this one.

[ProudLib72]

13. Wooden cars are the solution!

Ford and GM better get on the ball!

[BigmanPigman]

14. That looks like furniture

or the interior of an old manor in England. It won't rust, but could get dry rot, warping and termites.

[magicarpet]

15. Are the joints and seams...

.... held together with screws or glue ? You must be diligent about avoiding pot holes in the pavement.

[ProudLib72]

16. But those are minor concerns when you are boycotting the steel industry

Think about how many horse drawn carriages were built out of wood. It is interesting to contemplate what transportation will be like in another fifty years. They will be talking about how steel rusts and gets dented, while carbon fiber is stronger, lighter, and corrosion proof.

[Bernardo de La Paz]

19. Wilbur Ross used deceitful deceptive argument to defend Trump Tariff

CommSec Ross said there are 2/10 cent steel in a soup can and 3/10 cent aluminum in a coke can.

“All this hysteria is a lot to do about nothing,” he said. The cost of items such as Campbell’s Soup cans and Coke cans will increase by less than a cent, he added.

The cost of the can won't change much, but the PRICE on the shelf will go up noticeably.

The machinery that makes the cans and fills them will cost more. The machinery that prints the labels will cost more.

The farm machinery that plants and harvests the food materials will cost more.

The trucks that move the cans will cost more because of steel costs.

The tools that fix all that machinery will cost more.

The steel shelves will cost more.

The steel in the construction of the packing houses, the food factories, the distribution warehouses, and the supermarkets will cost more.

By time you dial in all the costs going into the products and getting them through the manufacturing and supply chains, the PRICE will add up because it is multiplicative, not merely additive. When the food is more expensive to produce, the food cost goes up which raises the cost from the food factory to the distributor by a percentage because it costs and prices and profits are calculated on dollar volumes, not unit counts. The cost to the retailer goes up when the distributor raises prices.

Until proven otherwise, we have to take the position that Ross knows this and was deceiving the public and using the taxpayers' dimes to do so while being paid salary.

[BigmanPigman]

22. Is there anything called reverse "trickle down economics"?

Trickle up economics? Pass the cost increase down to the consumer. Initially when the actual cost increases a few cents to the aluminum suppliers by the time it finally gets to the consumer it has multiplied several times more.

[ProudLib72]

24. Consumers always bear the burden of increased production costs

Just once I would like them to say that the company would bear the burden by cutting the CEO's annual paycheck in half.

[BigmanPigman]

25. ......

Surely you jest!

[ProudLib72]

27. I watch too many movies

That's where all these insane notions come from.

[BigmanPigman]

28. Impossible...film is art. You can never have too much art.

I saw this film when I was in art school and again a few years ago when I volunteered at my local art museum and they showed it one night. I think the CEOs need to watch this at their annual meetings as a reminder about capitalism and its perils.

[ProudLib72]

29. Anytime I watch a movie or TV show nowadays

and there are bad guys (usually selfish and morally corrupt), I point them out to my wife and tell her, "They are republicans". It doesn't matter where or when they are; any negative attributes are down to them being republicans.

My wife just nods her head and lets me rant....

[BigmanPigman]

30. My mom, dad, sister and brother in law all say that too.

The GOP is the current catch-all scapegoat for anything and everything evil. It works for me!
Someone posted this on DU many months ago and I find myself singing it while I am driving and someone cut me off, or does something selfish and thoughtless, etc.

[ProudLib72]

31. Oh I do that too with bad drivers!

If someone crosses three lanes without signalling or swerves in front of me or someone else, they are republicans! Those who run red lights, however, are deplorables. That's so funny that others are doing the same thing. Makes you wonder just how many of us are out there using "republican" or "deplorable" as swear words!

[Angry Dragon]

5. Shaking my head

[Ernesto]

6. Isn't this called "insider trading"?

Ask Martha Stewart about how this works!

snip FROM WIKIPEDIA: "After a highly publicized six-week jury trial, Stewart was found guilty in March 2004 of felony charges of conspiracy, obstruction of an agency proceeding, and making false statements to federal investigators, and was sentenced in July 2004 to serve a five-month term in a federal correctional facility and a two-year period of supervised release (to include five months of electronic monitoring)."

[ProudLib72]

8. I called it insider trading in the title

Yes, it definitely is. So what is the difference between Carl and Martha? Carl is connected... to tRumpy boy.

[Bernardo de La Paz]

17. Also, tRump's Russian oligarch (Deripaska via Manifort) exited the Aluminum industry a week ago.

https://www.democraticunderground.com/100210311018

[ProudLib72]

18. I can understand how Russians might not be as worried about prosectution for insider trading

But Icahn can surely be prosecuted, and that is just one more person who could flip on Donnie. It amazes me. Either they are extremely arrogant or extremely stupid or both. I'm going with "both".

[summer_in_TX]

21. What a coincidence!

[GeorgeGist]

23. I believe it's ...

pronounced 'I con'

[oasis]

33. "Drain the swamp"