Federal officials working on the government response to COVID-19 made well-timed financial trades when the pandemic began-both as the markets plunged and as they rallied-a Wall Street Journal investigation found. It seems that as federal officials were first getting word of some 'new virus' spreading across the globe, they dumped stocks ahead of a Wall Street-slamming economic shutdown.
January 2021:
- By March of that year, a number of agencies within the federal government were developing broad measures to help prop up the markets and the economy in general
- Transportation Secretary Elaine Chao bought more than $600,000 in a pair of stock funds
- 240 federal staffers and officials at health agencies and the Defense Department, which would also play a key role in the vaccine rollout, reported having between $9 million and $28 million worth of stocks in drug, biotech, and manufacturing companies that were awarded federal contracts related to the pandemic in 2020 and 2021
COVID-19
- Ordinary Americans had no such luxury of advance notice, so they watched as their 401(k) retirement accounts, their jobs, and their livelihoods were destroyed.
- Scores of federal officials across a wide swath of federal agencies had to unload or buy key stocks they knew would be affected negatively or positively by the pandemic and the policies being devised and implemented to combat it.
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