During the course of Thursday evening it was discovered that multiple Republican Senators attended a closed door briefing last month about just how ugly the coronavirus crisis was going to be, and then promptly sold off their own personal stock market holdings in the expectation of a crash. This is the definition of insider trading, and it’s specifically a violation of the Stock Act of 2012.
This is of course bad news for Donald Trump. It’s a major scandal for his Republican Party. It could help cost his party the Senate majority. It could also whet the public’s appetite for prosecuting politicians who commit financial crimes, at a time when Trump is in danger of losing the election and then facing fraud charges of his own. Not surprisingly, Trump began panicking a bit on Thursday night.
Donald Trump hadn’t tweeted any endorsements in the 2020 Senate elections in quite some time. But shortly after the insider trading news broke, he suddenly began tweeting endorsements of multiple Republican Senators who are up for reelection in November. He then began frantically retweeting dozens of other Republican Senators.
Notably, none of the retweets or endorsements were for the Republican Senators who now stand accused of insider trading. It appears Donald Trump has suddenly decided that he needs to align himself with with Republican Senators who are going to be left standing once the dust clears from this scandal. It’s yet another problem that Trump now has to worry about.
Bill Palmer is the publisher of the political news outlet Palmer Report