Did the Trump administration enable a "pump and dump" with our tax dollars?
A "Pump-and-dump" is a scheme that artificially boosts the price of a stock long enough for the stock owners to dump their stock at a higher price.
From https://billmoyers.com/story/a-terrible-kodak-moment/
"The Securities and Exchange Commission (SEC) is investigating potential insider trading over the late July launch of Kodak Pharmaceuticals, a new branch of the old camera and film company intended to begin the process of bringing the production of drugs back to the United States.
Under the Defense Production Act, the Trump administration provided a $765 million loan to support the launch of Kodak Pharmaceuticals. The deal shot Kodak stock upward by more than 2,757%. But there was suspicious activity around this deal. The day before Trump’s announcement of it, the Eastman Kodak Company gave its CEO, Jim Continenza, 1.75 million stock options. Indeed, since May, when talks with the administration about manufacturing the ingredients for pharmaceuticals began, Kodak handed out 240,000 stock options to board members.
Kodak says the timing of the options was a coincidence: the board’s compensation committee meeting happened to fall on the day before the announcement. When asked by a reporter about what had happened at Kodak, Trump says he “wasn’t involved in the deal.” This afternoon, the co-director of the SEC’s Division of Enforcement Steve Peikin announced he is stepping down. He did not give a reason."
Also on the subject:
https://reason.com/2020/08/05/the-trump-administrations-765-million-kodak-deal-is-more-proof-that-economic-nationalism-is-a-scam/
= new reply since forum marked as read
