Lawmaker Demands SEC Probe of Huge Stock Buy Just Before DeJoy Announced USPS Vehicle Contract

[CousinIT]

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."

Ryan's letter comes after he joined two fellow Ohio Democrats—Rep. Marcy Kaptur and Sen. Sherrod Brown—in urging President Joe Biden to halt the Oshkosh contract over concerns about "inappropriate political influence in the process."

The USPS, under the leadership of DeJoy and Trump-appointed postal governors, selected Oshkosh for the contract over Workhorse, a truck-maker that had bid to replace the Postal Service's current delivery vehicles with an all-electric fleet.

https://www.commondreams.org/news/2021/03/09/it-definitely-stinks-lawmaker-demands-sec-probe-huge-stock-buy-just-dejoy-announced

[Irish_Dem]

1. GOP corruption continues.

Will they get away with it?

[drray23]

2. not to mention that for a new 10 year contract you dont want gasoline powered vehicles

The USPS is the perfect opportunity for using electric vehicles. Most of their needs are well adapted to electric, delivery routes gravitate around the local post office, the truck can be recharged every evening.
If this was to happen, it would be a major boost towards getting gasoline free vehicles past 2030 for everybody else.

[CousinIT]

3. I hope Biden listens to the senators and halts or cancels the contract.

According to the article, a couple of them asked him to.

Typical Republican thinking - backwards. We do need electric vehicles, not gasoline powered. WTF.