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Trump's deputy chief of staff unloaded Trump Media stock the day before tariff announcement
Trump's deputy chief of staff unloaded Trump Media stock the day before tariff announcement

USA Today

time10-07-2025

  • Business
  • USA Today

Trump's deputy chief of staff unloaded Trump Media stock the day before tariff announcement

Documents reveal that Dan Scavino, Donald Trump's deputy White House chief of staff, sold off up to $5 million worth of Trump Media stock just before the president announced tariffs in April Dan Scavino had months to sell off up to $5 million worth of Trump Media stock after he joined President Donald Trump's administration as a deputy chief of staff in January. But the top Trump advisor picked April 1, the day before Trump announced sweeping tariffs, to make the sale, according to disclosure reports obtained by USA TODAY. After markets closed on April 2, Trump announced tariffs on imports from countries worldwide. Markets plunged on the news, dropping 12% by April 9, when Trump paused the tariffs. Trump Media stock, too, fell 11%. The disclosure filings also show that Sergio Gor, Director of the White House Presidential Personnel Office, sold Trump Media securities valued between $15,001 and $50,000 on March 27, just days before the tariffs were announced. In response to USA TODAY's questions about the timing of the divestments, White House Assistant Press Secretary Taylor Rogers said, 'White House senior staff, including Deputy Chief of Staff Scavino and PPO Director Gor, fully comply with the executive branch ethics rules, attending required ethics briefings and complying with conflict of interest and financial reporting obligations.' After Trump's announcement on what he called "Liberation Day," there was a widespread market sell-off that lasted until April 9, when the tariffs were paused. Since then, the markets have rallied, recouping those losses and hitting record highs. However, Trump Media stock is still down from its April 1 price of $20.26 per share. The stock closed at $19.25 a share on July 8. The 2012 Stop Trading on Congressional Knowledge, or STOCK, Act prohibits officials in the federal government and Congress from trading securities based on nonpublic information. Officials are required to disclose their trading activity if they buy or sell securities worth more than $1,000. More: Trump brought in $57 million from crypto venture, millions from sneakers and bibles 'Any stock trades by senior White House staff in the time period immediately preceding the Liberation Day announcement have to be viewed with suspicion,' said Virginia Canter, chief counsel at State Democracy Defenders Action, a group co-founded by former Obama ethics official Norman Eisen. 'The facts and circumstances surrounding the trades will determine if an investigation for insider trading is merited,' said Canter, a former White House Associate Counsel to Presidents Barack Obama and Bill Clinton. USA TODAY found no evidence that Scavino or Gor had beforehand knowledge of the tariff announcement. But ethics experts say that when trades are placed in proximity to a major news event from the White House, they raise ethical questions as well as concerns of wrongdoing. "White House officials are supposed to avoid even the appearance of a conflict of interest, but owning or selling shares in the sitting president's media company does just the opposite," said Cynthia Brown, Senior Ethics Counsel at Citizens for Responsibility and Ethics, a progressive watchdog nonprofit. Typically, a well-timed trade allows an individual to cut losses and reinvest the proceeds in less risky investments. More: Stocks close higher despite go-slow Fed, poor Prime Day showing Ethics experts have long advocated for stricter rules around stock trading by government officials, including requirements to place holdings in blind trusts or allowing officials to only hold highly diversified index funds. Because of their positions, officials are constantly privy to nonpublic information, but experts say it's difficult to prove whether that knowledge informs their trading moves. An Office of Government Ethics spokesman said the office cannot comment specifically on transactions by Scavino, Gor, or other officials. 'OGE publishes ethics disclosures, associated documents, and oversight correspondence to its website as soon as practicable,' said Patrick Shepherd, the spokesman. With the divestments by Scavino and Gor, three senior Trump administration officials have divested from the president's social media company just before the tariff announcement triggered a broader stock market selloff. Attorney General Pam Bondi previously disclosed an up to $5 million divestment in Trump Media on April 2. The tariff announcement came after the markets closed that day. ProPublica first reported the divestiture in May. The Justice Department did not respond to requests for comment from multiple media outlets at the time. In Bondi's case, she was obligated to sell her stake within 90 days of her Senate confirmation, according to the terms of her ethics agreement with the Office of Government Ethics. The financial disclosures by these officials also confirmed that the president brought in people to his administration who worked for his publicly listed company. For example, Scavino worked as a consultant for the company from 2021 through January 2025, receiving $860,000 in consulting fees, his financial disclosures show. More: A court just canceled 'click to cancel.' How the ruling affects you. 'These disclosures show that Trump's senior advisors' investments are tied into their boss's media company,' said Brown, ethics counsel at Citizens for Responsibility and Ethics. 'While that may not be prohibited by law by itself, when coupled with the extent to which Trump's media outlets are being integrated into the Administration's agenda, it begs the question of whether this is another mechanism for the President and his advisors to financially benefit personally from their government agenda,' Brown said. The President himself has billions in the equity market through his cryptocurrency ventures and social media company, Truth Social. Bloomberg News reported in May that the President's net worth has more than doubled to about $5.4 billion since his re-election. His recent financial disclosure revealed that he is earning millions from his crypto ventures and royalties from the sales of Bibles and watches.

White House abruptly fires career Justice Department prosecutors in latest norm-shattering move
White House abruptly fires career Justice Department prosecutors in latest norm-shattering move

Associated Press

time31-03-2025

  • Politics
  • Associated Press

White House abruptly fires career Justice Department prosecutors in latest norm-shattering move

WASHINGTON (AP) — The recent firings of career Justice Department lawyers by the White House is a sign of President Donald Trump's tightening grip over the law enforcement agency known for its long tradition of political independence. On Friday, an assistant U.S. attorney in Los Angeles was fired without explanation in an terse email from the White House Presidential Personnel Office shortly after a right-wing activist posted about him on social media, according to a person familiar with the matter. The person spoke on the condition of anonymity because they were concerned about potential retribution. That followed the White House's firing last week of a longtime career prosecutor who had been serving as acting U.S. attorney in Memphis. The terminations marked an escalation of norm-shattering moves that have embroiled the Justice Department in turmoil and have raised alarm over a disregard for civil service protections for career lawyers and the erosion of the agency's independence from the White House. That one of them was fired on the same day a conservative internet personality called for his removal adds to questions about how outside influences may be helping to shape government personnel decisions. The Trump loyalists installed to lead the Justice Department have fired employees who worked on the prosecutions against the president and demoted a slew of career supervisors in an effort to purge the agency of officials seen as insufficiently loyal. The latest firings of the U.S. attorney's office employees, however, were carried out not by Justice Department leadership, but by the White House itself. A Justice Department spokesperson declined to comment Monday. White House press secretary Karoline Leavitt said in a statement that the White House 'in coordination with' the Justice Department has dismissed more than 50 U.S. attorneys and deputies in recent weeks. 'The American people deserve a judicial branch full of honest arbiters of the law who want to protect democracy, not subvert it,' Leavitt said. The Justice Department is an executive branch agency. Justice Department political appointees typically turn over with a new administration, but rank-and-file career prosecutors remain with the department across presidential administrations and have civil service protections designed to shield them from termination for political reasons. The breadth of terminations this year far outpaces the turnover typically seen inside the Justice Department. Adam Schleifer, who was part of the corporate & securities fraud strike force at the U.S. attorney's office in Los Angeles, received an email Friday morning saying he was being terminated 'on behalf of President Donald J. Trump,' according to the person familiar with the matter. The email came exactly an hour after right-wing activist Laura Loomer called for him to be fired in a social media post that highlighted Schleifer's past critical comments about Trump while Schleifer was running in a Democratic primary for a congressional seat in New York. Loomer described Schleifer as a 'Trump hater' and Biden administration 'holdover.' Schleifer, however, re-joined the U.S. attorney's office in California at the end of the first Trump administration after losing the primary to Mondaire Jones. At the time of his firing on Friday, Schleifer was prosecuting a fraud case against Andrew Wiederhorn, the former CEO of Fat Brands Inc., who donated during the presidential campaign to groups supporting Trump. The email to Schleifer came from the White House Presidential Personnel Office, which recruits, screens and manages political appointees and has no role in the hiring or firing of career civil servants. Meanwhile, Reagan Fondren, a longtime career prosecutor in Tennessee, was fired Thursday in a one-line email from the White House, she told The Daily Memphian. Fondren became acting U.S. attorney in the Western District of Tennessee in September after the Biden appointee stepped down. Fondren did not respond to a request for comment. While it was expected that her position as acting U.S. attorney would be temporary, acting U.S. attorneys usually return to their old jobs when a new politically appointed leader has been chosen. She was not just removed as acting leader of the office but fired from the Justice Department entirely, the newspaper reported. Shortly after the Trump administration took over in January, the Justice Department fired more than a dozen employees who worked on the criminal cases against Trump, which the department abandoned in light of his electoral victory. Days later, then-acting Deputy Attorney General Emil Bove ordered the firings of a group of prosecutors who were involved in the cases against the more than 1,500 people charged in the Jan. 6, 2021, U.S. Capitol riot. Leavitt is one of three administration officials who face a lawsuit from The Associated Press on First- and Fifth-amendment grounds. The AP says the three are punishing the news agency for editorial decisions they oppose. The White House says the AP is not following an executive order to refer to the Gulf of Mexico as the Gulf of America.

What 130-day cap? Musk is ‘here to stay' in the Trump admin, adviser says
What 130-day cap? Musk is ‘here to stay' in the Trump admin, adviser says

Politico

time01-03-2025

  • Business
  • Politico

What 130-day cap? Musk is ‘here to stay' in the Trump admin, adviser says

For six weeks, members of the Trump White House who have grown weary of Elon Musk's disruptive style have taken solace in the fact that he serves as a temporary government employee, with a 130-day cap. But a White House official now says there is no known end date on Musk's tenure. 'No one here at the White House is tired of winning. The president has tasked Elon Musk with eliminating waste, fraud, and abuse in the federal government, a mission that will continue until completed,' said deputy press secretary Harrison Fields. Musk's 'special government employee' designation as leader of the Department of Government Efficiency means he isn't subject to the same financial disclosures as full-time government employees. But it also comes with a work limit: 130 days out of a 365-day year. Because of that time limit, questions have swirled around how long Musk can and will serve at DOGE, which has dramatically reshaped the federal government by firing thousands of government workers and demanding others justify the job performance via email. But it's become increasingly clear inside the White House that Musk will blow past the 130-day limit and stay around as long as President Donald Trump lets him. 'There are likely people who are counting the days until 130 days are up and will push against keeping him around, but I just think that's a losing battle,' said an outside political adviser close to the president, granted anonymity to discuss internal dynamics. Musk, the person said, is 'here to stay.' There has been no talk of 'limits' around Musk's role as head of DOGE, said a person closely involved in conversations at the White House granted anonymity to speak candidly about the exchanges. Everything discussed about Musk and his work going forward is done so in the long term, the person said. Among those counting down the days and hoping for Musk's departure are chief of staff Susie Wiles, deputy chief of staff James Blair, and director of the White House Presidential Personnel Office, Sergio Gor, according to the outside political adviser. Press secretary Karoline Leavitt denied that characterization and called it 'fake news.' There have been hints suggesting Musk is on a short-term timetable. During a speech to the Munich Security Conference earlier this month, Vice President JD Vance acknowledged Musk's timeline in a tongue-and-cheek remark about criticism Musk has faced. 'I say this with all humor: If American democracy can survive 10 years of Greta Thunberg's scolding, you guys can survive a few months of Elon Musk.' But how long Musk stays on board may be up to one man only. And despite the chafing from senior staff, there's no clear signs of Musk-fatigue from Trump just yet. One of the most consistent frustrations top White House staffers face with Musk is his sweeping and sporadic executive decision-making. Most recently, Wiles and her deputies were irritated and in the dark on Musk's 'five things' email that sent reverberating shock waves through government agencies. Musk issued the ultimatum to government employees without first notifying core White House staff — something he's now done a handful of times, said the person closely involved in conversations at the White House. Musk said this week that he got the president's approval beforehand. Wiles is a believer in people being 'team players,' which directly conflicts with the approach Musk is taking, the person said. The temporary employee status that Musk holds was designed to allow the government to bring on specialized employees on a short-term basis. During the Obama administration, Huma Abedin was designated as a temporary State Department adviser and faced scrutiny from Sen. Chuck Grassley (R-Iowa) for allegedly serving more than the 130-day limit. During Trump's first term, Scott Atlas was given the status to advise Trump on pandemic-related issues. 'The concept of a special government employee is an expert consultant that comes in to give advice, but it sounds like what he is doing is far more than advice,' said Richard Briffault, a professor at Columbia Law School who has done work in government ethics. 'If he's saying to people, 'Send me your five bullet points or you're fired,' that strikes me as going beyond giving advice.' At a White House press briefing earlier this week, Leavitt dodged the question of whether the White House would attempt to 'work around' the 130-day limit. 'I think we've been here about 35 days roughly, so ask me in another 100 days,' Leavitt said. Exactly how Trump's White House would circumvent the 130-day rule remains an open question, but Trump's outside political adviser expects the administration will seek a justification. A 2024 legal advisory from the United States Office of Government ethics details one possibility. A temporary employee who works beyond the 130-day limit due to 'unforeseen circumstances' could receive approval to continue serving in the same capacity the following year if the employee's circumstances were 'unique and unlikely to occur,' according to the document. The effect of a potential legal challenge to Musk working past his 130-day limit is untested and remains unclear. But it is unlikely Musk or Trump would be stopped by anyone in the executive branch. 'Given the fact that there is currently no head of government ethics, it's not clear [the department] would be able to enforce a policy that says if you've overstayed once we doubt that you would be within the limits the next time,' Briffault said. Trump ousted

What 130-day cap? Musk is ‘here to say' in the Trump admin, adviser says
What 130-day cap? Musk is ‘here to say' in the Trump admin, adviser says

Politico

time28-02-2025

  • Business
  • Politico

What 130-day cap? Musk is ‘here to say' in the Trump admin, adviser says

For six weeks, members of the Trump White House who have grown weary of Elon Musk's disruptive style have taken solace in the fact that he serves as a temporary government employee, with a 130-day cap. But a White House official now says there is no known end date on Musk's tenure. 'No one here at the White House is tired of winning. The president has tasked Elon Musk with eliminating waste, fraud, and abuse in the federal government, a mission that will continue until completed,' said deputy press secretary Harrison Fields. Musk's 'special government employee' designation as leader of the Department of Government Efficiency means he isn't subject to the same financial disclosures as full-time government employees. But it also comes with a work limit: 130 days out of a 365-day year. Because of that time limit, questions have swirled around how long Musk can and will serve at DOGE, which has dramatically reshaped the federal government by firing thousands of government workers and demanding others justify the job performance via email. But it's become increasingly clear inside the White House that Musk will blow past the 130-day limit and stay around as long as President Donald Trump lets him. 'There are likely people who are counting the days until 130 days are up and will push against keeping him around, but I just think that's a losing battle,' said an outside political adviser close to the president, granted anonymity to discuss internal dynamics. Musk, the person said, is 'here to stay.' There has been no talk of 'limits' around Musk's role as head of DOGE, said a person closely involved in conversations at the White House granted anonymity to speak candidly about the exchanges. Everything discussed about Musk and his work going forward is done so in the long term, the person said. Among those counting down the days and hoping for Musk's departure are chief of staff Susie Wiles, deputy chief of staff James Blair, and director of the White House Presidential Personnel Office, Sergio Gor, according to the outside political adviser. Press secretary Karoline Leavitt denied that characterization and called it 'fake news.' There have been hints suggesting Musk is on a short-term timetable. During a speech to the Munich Security Conference earlier this month, Vice President JD Vance acknowledged Musk's timeline in a tongue-and-cheek remark about criticism Musk has faced. 'I say this with all humor: If American democracy can survive 10 years of Greta Thunberg's scolding, you guys can survive a few months of Elon Musk.' But how long Musk stays on board may be up to one man only. And despite the chafing from senior staff, there's no clear signs of Musk-fatigue from Trump just yet. One of the most consistent frustrations top White House staffers face with Musk is his sweeping and sporadic executive decision-making. Most recently, Wiles and her deputies were irritated and in the dark on Musk's 'five things' email that sent reverberating shock waves through government agencies. Musk issued the ultimatum to government employees without first notifying core White House staff — something he's now done a handful of times, said the person closely involved in conversations at the White House. Musk said this week that he got the president's approval beforehand. Wiles is a believer in people being 'team players,' which directly conflicts with the approach Musk is taking, the person said. The temporary employee status that Musk holds was designed to allow the government to bring on specialized employees on a short-term basis. During the Obama administration, Huma Abedin was designated as a temporary State Department adviser and faced scrutiny from Sen. Chuck Grassley (R-Iowa) for allegedly serving more than the 130-day limit. During Trump's first term, Scott Atlas was given the status to advise Trump on pandemic-related issues. 'The concept of a special government employee is an expert consultant that comes in to give advice, but it sounds like what he is doing is far more than advice,' said Richard Briffault, a professor at Columbia Law School who has done work in government ethics. 'If he's saying to people, 'Send me your five bullet points or you're fired,' that strikes me as going beyond giving advice.' At a White House press briefing earlier this week, Leavitt dodged the question of whether the White House would attempt to 'work around' the 130-day limit. 'I think we've been here about 35 days roughly, so ask me in another 100 days,' Leavitt said. Exactly how Trump's White House would circumvent the 130-day rule remains an open question, but Trump's outside political adviser expects the administration will seek a justification. A 2024 legal advisory from the United States Office of Government ethics details one possibility. A temporary employee who works beyond the 130-day limit due to 'unforeseen circumstances' could receive approval to continue serving in the same capacity the following year if the employee's circumstances were 'unique and unlikely to occur,' according to the document. The effect of a potential legal challenge to Musk working past his 130-day limit is untested and remains unclear. But it is unlikely Musk or Trump would be stopped by anyone in the executive branch. 'Given the fact that there is currently no head of government ethics, it's not clear [the department] would be able to enforce a policy that says if you've overstayed once we doubt that you would be within the limits the next time,' Briffault said. Trump ousted the director of the Office of Government Ethics earlier this month. It is currently under the leadership of acting Director Shelley K. Finlayson.

White House official: No known end date for Musk's tenure at DOGE
White House official: No known end date for Musk's tenure at DOGE

Yahoo

time28-02-2025

  • Business
  • Yahoo

White House official: No known end date for Musk's tenure at DOGE

For six weeks, members of the Trump White House who have grown weary of Elon Musk's disruptive style have taken solace in the fact that he serves as a temporary government employee, with a 130-day cap. But a White House official now says there is no known end date on Musk's tenure. 'No one here at the White House is tired of winning. The president has tasked Elon Musk with eliminating waste, fraud, and abuse in the federal government, a mission that will continue until completed,' said deputy press secretary Harrison Fields. Musk's 'special government employee' designation as leader of the Department of Government Efficiency means he isn't subject to the same financial disclosures as full-time government employees. But it also comes with a work limit: 130 days out of a 365-day year. Because of that time limit, questions have swirled around how long Musk can and will serve at DOGE, which has dramatically reshaped the federal government by firing thousands of government workers and demanding others justify the job performance via email. But it's become increasingly clear inside the White House that Musk will blow past the 130-day limit and stay around as long as President Donald Trump lets him. 'There are likely people who are counting the days until 130 days are up and will push against keeping him around, but I just think that's a losing battle,' said an outside political adviser close to the president, granted anonymity to discuss internal dynamics. Musk, the person said, is 'here to stay.' There has been no talk of 'limits' around Musk's role as head of DOGE, said a person closely involved in conversations at the White House granted anonymity to speak candidly about the exchanges. Everything discussed about Musk and his work going forward is done so in the long term, the person said. Among those counting down the days and hoping for Musk's departure are chief of staff Susie Wiles, deputy chief of staff James Blair, and director of the White House Presidential Personnel Office, Sergio Gor, according to the outside political adviser. Press secretary Karoline Leavitt denied that characterization and called it 'fake news.' There have been hints suggesting Musk is on a short-term timetable. During a speech to the Munich Security Conference earlier this month, Vice President JD Vance acknowledged Musk's timeline in a tongue-and-cheek remark about criticism Musk has faced. 'I say this with all humor: If American democracy can survive 10 years of Greta Thunberg's scolding, you guys can survive a few months of Elon Musk.' But how long Musk stays on board may be up to one man only. And despite the chafing from senior staff, there's no clear signs of Musk-fatigue from Trump just yet. One of the most consistent frustrations top White House staffers face with Musk is his sweeping and sporadic executive decision-making. Most recently, Wiles and her deputies were irritated and in the dark onMusk's 'five things' email that sent reverberating shock waves through government agencies. Musk issued the ultimatum to government employees without first notifying core White House staff — something he's now done a handful of times, said the person closely involved in conversations at the White House. Musk said this week that he got the president's approval beforehand. Wiles is a believer in people being 'team players,' which directly conflicts with the approach Musk is taking, the person said. The temporary employee status that Musk holds was designed to allow the government to bring on specialized employees on a short-term basis. During the Obama administration, Huma Abedin was designated as a temporary State Department adviser and faced scrutiny from Sen. Chuck Grassley (R-Iowa) for allegedly serving more than the 130-day limit. During Trump's first term, Scott Atlas was given the status to advise Trump on pandemic-related issues. 'The concept of a special government employee is an expert consultant that comes in to give advice, but it sounds like what he is doing is far more than advice,' said Richard Briffault, a professor at Columbia Law School who has done work in government ethics. 'If he's saying to people, 'Send me your five bullet points or you're fired,' that strikes me as going beyond giving advice.' At a White House press briefing earlier this week, Leavitt dodged the question of whether the White House would attempt to 'work around' the 130-day limit. 'I think we've been here about 35 days roughly, so ask me in another 100 days,' Leavitt said. Exactly how Trump's White House would circumvent the 130-day rule remains an open question, but Trump's outside political adviser expects the administration will seek a justification. A 2024 legal advisory from the United States Office of Government ethics details one possibility. A temporary employee who works beyond the 130-day limit due to 'unforeseen circumstances' could receive approval to continue serving in the same capacity the following year if the employee's circumstances were 'unique and unlikely to occur,' according to the document. The effect of a potential legal challenge to Musk working past his 130-day limit is untested and remains unclear. But it is unlikely Musk or Trump would be stopped by anyone in the executive branch. 'Given the fact that there is currently no head of government ethics, it's not clear [the department] would be able to enforce a policy that says if you've overstayed once we doubt that you would be within the limits the next time,' Briffault said. Trump ousted the director of the Office of Government Ethics earlier this month. It is currently under the leadership of acting Director Shelley K. Finlayson.

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