Murphy on ‘$1.5BILLION’ stock trade before Trump Iran announcement: ‘Mind blowing corruption’
Sen. Chris Murphy (D-Conn.) on Monday drew attention to an unusually large oil stock trade that occurred moments before President Trump announced a five-day pause on previously threatened energy infrastructure strikes in Iran, indicating it appeared be a case of insider trading.
In an X post highlighted by Murphy, a stock market watcher said, “In one move, $1.5 billion in S&P 500 (ES) futures was bought while $192 million in oil (CL) futures was sold.”
“$1.5 BILLION. Let me say it again – a $1.5 BILLION BET. Bigger than any futures purchases made at the time. 5 minutes before Trump’s post,” Murphy wrote in his own post.
“Who was it? Trump? A family member? A White House staffer? This is corruption. Mind blowing corruption,” he added.
At least 6 million barrels of Brent and West Texas Intermediate were sold between 6:49 a.m. and 6:51 a.m. on Monday, according to Bloomberg.
Trump’s post was made at 7:05 a.m.
International markets including Germany’s DAX Index Futures and the Euro Stoxx 50 Index Futures also saw an unusual spike in trades, Bloomberg reported.
Oil and gasoline prices had been rising globally since the U.S. and Israel began their strikes on Iran, but they dropped quickly in the wake of Trump’s Monday announcement.
Murphy’s post draws attention to a broader concern among lawmakers about politicians and their families using their access to to make more informed trades.
Earlier this year, House Administration Committee Chair Bryan Steil (R-Wis.) introduced a bill seeking to ban members of Congress from buying new stock but allow them to keep what they already own.
It would also require lawmakers to file a public notice with the clerk of the House at least seven days before they choose to sell an existing stock.
Last year, Reps. Chip Roy (R-Texas) and Seth Magaziner (D-R.I.) introduced a bill that would prohibit lawmakers, their spouses, dependent children and trustees from owning, buying or selling individual stocks.
Democrats have also pushed specifically for legislation that would prevent the president and vice president from insider trading.
President Trump urged Congress to pass legislation on the matter during his State of the Union address.
On Monday, Kalshi and Polymarket said they will roll new insider trading restrictions that preemptively “block politicians, athletes, and other relevant people from trading in certain politics and sports markets.”
No comments:
Post a Comment