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U.S. President Donald Trump speaks as he signs executive orders in the Oval Office of the White House on April 9, 2025.
(Photo: Jabin Botsford/The Washington Post via Getty Images)
Video of Trump Bragging About Enriching His Billionaire Pals Draws Outrage
"Donald Trump in a nutshell: doing everything he can to make the ultra-rich even richer," said Sen. Elizabeth Warren. "We need to find out if Trump's tariff chaos was used as cover for insider trading."
Apr 11, 2025
A video clip of U.S. President Donald Trump openly boasting about enriching his billionaire friends is drawing outrage as the administration faces growing scrutiny for possible market manipulation and insider trading in the aftermath of his partial tariff pause.
"He made two-and-a-half billion today," Trump said in the Oval Office on Wednesday, just hours after announcing the pause, "and he made $900 million."
"That's not bad," the president added.
Trump was referring to wealth gains that investor Charles Schwab and businessman Roger Penske—both billionaires—notched during a historic stock market rally sparked by the president's decision to pump the brakes on massive tariffs he imposed on most countries across the globe. (Trump left in place a 10% universal tariff on imports.)
The market surge added over $300 billion to the collective wealth of the world's top billionaires in a matter of hours, according to Bloomberg. Shortly before announcing the tariff pause, Trump posted to his social media platform that it is a "great time to buy" stocks, prompting accusations of market manipulation.
Watch the Oval Office video:
After rolling back many of his tariffs Trump had Charles Schwab and others in the Oval Office.
He pointed out that his guests had made fortunes on the stock market just one hour after his announcement.
“He made 2.5 billion today and he made $900 million. That’s not bad.” pic.twitter.com/HdtujIRvLN
— More Perfect Union (@MorePerfectUS) April 10, 2025
"Donald Trump in a nutshell: doing everything he can to make the ultra-rich even richer," Sen. Elizabeth Warren (D-Mass.) wrote Thursday in response to the clip. "We need to find out if Trump's tariff chaos was used as cover for insider trading."
Dean Baker, senior economist at the Center on Economic and Policy Research, wrote Thursday that it's not yet clear whether Trump tipped off any of his ultra-rich associates about the partial tariff pause ahead of time.
"But does anyone think that Trump would have any qualms about sharing such a secret?" Baker asked. "Does anyone think that the people around Trump would have any qualms about trading on the ultimate inside information? I leave that to your judgment."
On Thursday, a group of Democratic lawmakers led by Rep. Maxine Waters (D-Calif.) called on the U.S. Securities and Exchange Commission to investigate "possible insider trading and market manipulation violations that took place between Sunday, April 6, 2025, when U.S. Treasury Secretary Scott Bessent visited President Trump at his Florida resort, and Wednesday, April 9, 2025, when the president announced the pausing of the tariffs—and whether such unlawful activities are ongoing."
"Insider trading by federal officials and their friends or family is not only a breach of trust of the American people, but erodes the integrity of government institutions and raises concerns about corruption and fairness in the political system," the lawmakers wrote. "There should be zero tolerance for this kind of corruption in our society, let alone from those we entrust to lead us in the public sphere."
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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A video clip of U.S. President Donald Trump openly boasting about enriching his billionaire friends is drawing outrage as the administration faces growing scrutiny for possible market manipulation and insider trading in the aftermath of his partial tariff pause.
"He made two-and-a-half billion today," Trump said in the Oval Office on Wednesday, just hours after announcing the pause, "and he made $900 million."
"That's not bad," the president added.
Trump was referring to wealth gains that investor Charles Schwab and businessman Roger Penske—both billionaires—notched during a historic stock market rally sparked by the president's decision to pump the brakes on massive tariffs he imposed on most countries across the globe. (Trump left in place a 10% universal tariff on imports.)
The market surge added over $300 billion to the collective wealth of the world's top billionaires in a matter of hours, according to Bloomberg. Shortly before announcing the tariff pause, Trump posted to his social media platform that it is a "great time to buy" stocks, prompting accusations of market manipulation.
Watch the Oval Office video:
After rolling back many of his tariffs Trump had Charles Schwab and others in the Oval Office.
He pointed out that his guests had made fortunes on the stock market just one hour after his announcement.
“He made 2.5 billion today and he made $900 million. That’s not bad.” pic.twitter.com/HdtujIRvLN
— More Perfect Union (@MorePerfectUS) April 10, 2025
"Donald Trump in a nutshell: doing everything he can to make the ultra-rich even richer," Sen. Elizabeth Warren (D-Mass.) wrote Thursday in response to the clip. "We need to find out if Trump's tariff chaos was used as cover for insider trading."
Dean Baker, senior economist at the Center on Economic and Policy Research, wrote Thursday that it's not yet clear whether Trump tipped off any of his ultra-rich associates about the partial tariff pause ahead of time.
"But does anyone think that Trump would have any qualms about sharing such a secret?" Baker asked. "Does anyone think that the people around Trump would have any qualms about trading on the ultimate inside information? I leave that to your judgment."
On Thursday, a group of Democratic lawmakers led by Rep. Maxine Waters (D-Calif.) called on the U.S. Securities and Exchange Commission to investigate "possible insider trading and market manipulation violations that took place between Sunday, April 6, 2025, when U.S. Treasury Secretary Scott Bessent visited President Trump at his Florida resort, and Wednesday, April 9, 2025, when the president announced the pausing of the tariffs—and whether such unlawful activities are ongoing."
"Insider trading by federal officials and their friends or family is not only a breach of trust of the American people, but erodes the integrity of government institutions and raises concerns about corruption and fairness in the political system," the lawmakers wrote. "There should be zero tolerance for this kind of corruption in our society, let alone from those we entrust to lead us in the public sphere."
A video clip of U.S. President Donald Trump openly boasting about enriching his billionaire friends is drawing outrage as the administration faces growing scrutiny for possible market manipulation and insider trading in the aftermath of his partial tariff pause.
"He made two-and-a-half billion today," Trump said in the Oval Office on Wednesday, just hours after announcing the pause, "and he made $900 million."
"That's not bad," the president added.
Trump was referring to wealth gains that investor Charles Schwab and businessman Roger Penske—both billionaires—notched during a historic stock market rally sparked by the president's decision to pump the brakes on massive tariffs he imposed on most countries across the globe. (Trump left in place a 10% universal tariff on imports.)
The market surge added over $300 billion to the collective wealth of the world's top billionaires in a matter of hours, according to Bloomberg. Shortly before announcing the tariff pause, Trump posted to his social media platform that it is a "great time to buy" stocks, prompting accusations of market manipulation.
Watch the Oval Office video:
After rolling back many of his tariffs Trump had Charles Schwab and others in the Oval Office.
He pointed out that his guests had made fortunes on the stock market just one hour after his announcement.
“He made 2.5 billion today and he made $900 million. That’s not bad.” pic.twitter.com/HdtujIRvLN
— More Perfect Union (@MorePerfectUS) April 10, 2025
"Donald Trump in a nutshell: doing everything he can to make the ultra-rich even richer," Sen. Elizabeth Warren (D-Mass.) wrote Thursday in response to the clip. "We need to find out if Trump's tariff chaos was used as cover for insider trading."
Dean Baker, senior economist at the Center on Economic and Policy Research, wrote Thursday that it's not yet clear whether Trump tipped off any of his ultra-rich associates about the partial tariff pause ahead of time.
"But does anyone think that Trump would have any qualms about sharing such a secret?" Baker asked. "Does anyone think that the people around Trump would have any qualms about trading on the ultimate inside information? I leave that to your judgment."
On Thursday, a group of Democratic lawmakers led by Rep. Maxine Waters (D-Calif.) called on the U.S. Securities and Exchange Commission to investigate "possible insider trading and market manipulation violations that took place between Sunday, April 6, 2025, when U.S. Treasury Secretary Scott Bessent visited President Trump at his Florida resort, and Wednesday, April 9, 2025, when the president announced the pausing of the tariffs—and whether such unlawful activities are ongoing."
"Insider trading by federal officials and their friends or family is not only a breach of trust of the American people, but erodes the integrity of government institutions and raises concerns about corruption and fairness in the political system," the lawmakers wrote. "There should be zero tolerance for this kind of corruption in our society, let alone from those we entrust to lead us in the public sphere."
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