President Donald Trump allegedly used hype about a potential takeover to lift the price of stocks he recently purchased until investors worked out what he was up to.
During his business career, President Donald Trump pretended to be a corporate raider, using debt to buy shares in a company while suggesting he might soon become a majority owner to boost its value before he sold the holdings quietly to pocket the gains, it is claimed.
During that period, Trump’s debt-laden businesses, including casinos and hotels, struggled to survive. Several ventures collapsed. The report comes as Congress battles with Trump to obtain his tax returns from the past few years. Trump is the first president since Richard Nixon to not release his tax returns publicly, breaking with a post-Watergate convention.
The issue may end up in the courts. Ways and Means Chairman Richard Neal, a Democrat from Massachusetts, said in a statement he will consult with the committee’s counsel and “determine the appropriate response.” “This case involves congressional subpoenas that have no legitimate or lawful purpose,” Trump’s suit, filed in Manhattan’s federal court, alleges.
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