Lawmaker demands investigation of huge stock buy just before DeJoy announced USPS vehicle contract

[DonViejo]

'It definitely stinks': Lawmaker demands investigation of huge stock buy just before DeJoy announced USPS vehicle contract

Jake Johnson, Common Dreams
March 09, 2021

A Democratic congressman is demanding that the Securities and Exchange Commission investigate a shady $54 million purchase of Oshkosh Corporation stock just hours before scandal-ridden Postmaster General Louis DeJoy announced the decision to award that company with a lucrative 10-year contract to produce a new, largely gasoline-powered fleet of U.S. Postal Service delivery trucks.

"This contract was awarded to Oshkosh Corporation and is worth up to $6 billion," Rep. Tim Ryan (D-Ohio) wrote in a letter to Acting SEC Chair Allison Herren Lee on Monday. "I write to pass along reports of what might be unusual trading of Oshkosh stock that took place less than 24 hours before Postmaster General Louis DeJoy publicly announced the contract decision in front of a House panel on February 23rd."

"It definitely stinks and needs to be looked into at the highest levels. If that is not suspicious, I don't know what is. Somebody clearly knew something."
—Rep. Tim Ryan

"Specifically, an over $54 million purchase of OSK, made 20 hours before Mr. DeJoy's announcement, was brought to my attention on social media and in news reports," Ryan continued. "Additionally, it is my understanding that the OSK stock rose significantly prior to the announcement. Given the gravity and serious implications of this contract, I am writing to request that the Securities and Exchange Commission look into this issue as soon as possible."

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https://www.rawstory.com/usps-contract/

[Karadeniz]

1. Gasoline-powered fleet... that won't pass muster under Biden!

[jaxexpat]

14. Just how much authority does the POTUS have over the budget of the USPS?

(Asking for friends with mail boxes)

[SleeplessinSoCal]

18. Thanks for the giggle.

The White House is aware of the PG corruption. I guess the DOJ under Garland has a full mail box.

[Karadeniz]

22. He could stipulate that vehicles used by the govt meet certain standards.

[lagomorph777]

2. DeLiver DeJoy to DeJail

[Ilsa]

7. Amen. Clever! nt

[ashredux]

10. Perfect 👌

[spooky3]

12. +1

[NJCher]

15. heh

bumpersticker material

[usaf-vet]

19. Without DeLay

[lagomorph777]

20. Zing!

[sarcasmo]

3. I mailed something UPS last week because I didn't trust the USPS. Nojoy needs to go.

[GemDigger]

13. I mailed something to the next town over (8 miles).

And because USPS is under such horrid management I decided to make it easy for them but safer for the package. I drove to the post office where it was going to and told the guy to hand deliver it. He did, right to the PO Box 25 feet behind him. If I had mailed it, it would have taken at least 5 days, if not more.

[BComplex]

4. I hope they put dejoy underneath the jail for all he did to try to destroy our democracy.

Crook, grifter, cheater, election saboteur, destroyer of government property.

[Chainfire]

5. I didn't think that insider trading was a crime any more.

It is just good business.......

[Walleye]

6. DeJoy Talks like a mobster, walks like a mobster, and was appointed by a mobster

[NJCher]

16. that's it

I knew there was a reason I loathed his personal demeanor. I can't stand to watch him.

[Marcuse]

8. The perp is still at the scene of his crime

[bucolic_frolic]

9. Information leaks

It's not rare to see movement in the 4-24 hours before earnings, for example, and the direction is often confirmed after the actual event. Perhaps some of that is due to employees knowing whether the company is doing well or not, or the PR's scheduled.

But events like big contracts are something else. It's not a background event.

[Blue Owl]

11. The corrupt Repukes can't control themselves

Blinded by greed and lust for money and power

[BobTheSubgenius]

17. The intentional, and almost certainly self-serving, damage he did to USPS wasn't enough?

He also made gigantic purchases, as well? Great. No crony capitalism here, folks. Move along.

How many vehicles did he get for that $6B? Fifty?

[ProfessorGAC]

21. While Suspicion Is Warranted...

...DumJoy didn't buy $54 million of stock.
He doesn't have that much money.
When XPO bought his piddly company, he got $27 million, half in cash (taxable) & half in XPO stock. They were assiduous in their efforts to keep him a minor shareholder. After the merger, all they wanted to see of him was his back walking out the door.
If it was invested well, he might(!) have a net worth of $45 million.
But, we need to know who he knows that could have made that convenient buy.