[HN Gopher] Jerome Powell Sold More Than a Million Dollars of St...
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       Jerome Powell Sold More Than a Million Dollars of Stock as Market
       Was Tanking
        
       Author : paulpauper
       Score  : 8 points
       Date   : 2021-10-18 21:04 UTC (1 hours ago)
        
 (HTM) web link (prospect.org)
 (TXT) w3m dump (prospect.org)
        
       | luxuryballs wrote:
       | sounds like a great job perk, though if he directly caused the
       | market to tank then that would be kinda shady
        
         | dragontamer wrote:
         | He sold at the market bottom.
         | 
         | If this was an insider trade, it was the worst one I've ever
         | seen
        
         | [deleted]
        
       | blitzar wrote:
       | > Federal Reserve Chairman Jerome Powell sold between $1 million
       | and $5 million worth of stock from his personal account on
       | October 1, 2020
       | 
       | So he missed out on a ton of gainz. Why are they upset he missed
       | out on between $500,000 and $5mil ?
        
         | mrgordon wrote:
         | Thank you. Not sure why people are spreading this dumb
         | "scandal"
        
           | blitzar wrote:
           | S&P taken on a sensible interval around the time. Brutal
           | tanking of the markets.
           | 
           | Jun 1, 2020 3,104.66
           | 
           | Jul 1, 2020 3,207.62
           | 
           | Aug 1, 2020 3,391.71
           | 
           | Sep 1, 2020 3,365.52
           | 
           |  _Oct 1, 2020 3,418.70_
           | 
           | Nov 1, 2020 3,548.99
           | 
           | Dec 1, 2020 3,695.31
           | 
           | Jan 1, 2021 3,793.75
           | 
           |  _Oct 1, 2021 4,359.28_
        
       | mrgordon wrote:
       | Let's be clear:
       | 
       | 1. He sold index funds, not individual stocks like the other
       | officials.
       | 
       | 2. His "boss" (Trump) was holding up legislation to save the
       | economy so it's possible he was worried about the economy for
       | reasons outside his control
       | 
       | 3. The stock market went up drastically since then, so he would
       | have much more money if he had just held his Vanguard funds since
       | then. SPY went from what $330 to $450? So he missed a gain of
       | 33%.
       | 
       | This is a really dumb "scandal" that makes no sense. Leave the
       | dude alone. Go after the Senators like Richard Burr and probably
       | Kelly Loeffler who really were insider trading
        
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       (page generated 2021-10-18 23:02 UTC)