Insider trading inquiry
Sen. Adam Schiff of California is calling for an investigation into whether Wall Street insiders may have known in advance what Donald Trump was going to do with respect to tariffs and therefore were able to profit. Schiff says that an investigation needs to find out whether some people knew in advance when Trump was going to announce tariffs and thereby were able to dump stocks before the market downturn, and whether they knew when Trump was going to reverse himself and pause the tariffs so they could buy when stock prices were down.
Stock market opens down again on Thursday
Although the Dow Jones Industrial Stock Average rose by almost 3,000 points on Wednesday, the Dow was down by more than 800 points at the opening on Thursday morning, following futures trading indicating that the market would be down today. Many traders, after reacting to Trump announcing a pause in tariffs for 90 days, realized that the tariffs against China would remain active as would tariffs on automobiles and auto parts and the 10% base tariff on most countries. Economists point to the U.S. bond market being hurt by the on-again-off-again tariffs as a sign of additional economic damage that has been done.
Musk’s people reported drawing government salaries while dismantling government
The publication WIRED says it has learned that Elon Musk’s people in the Department of Government Efficiency, which has been shutting down government agencies, are drawing salaries from the government. Musk had said that what they are doing would not cost taxpayers anything. WIRED reported details of a number of Musk’s employees being put on the payrolls of various federal agencies. WIRED asked the White House for details but the White House refused to comment. A report by ProPublica said that as of Feb. 20, Musk’s operation had received $40 million from the government.
Kash Patel secretly removed as head of ATF
Several sources have revealed that Donald Trump’s head of the FBI, Kash Patel, was secretly removed as head of the Bureau of Alcohol, Tobacco and Firearms (ATF) just days after having been named to that post. Secretary of the Army Daniel Driscoll was appointed to replace Patel. Driscoll will also remain as Secretary of the Army. Although the White House announced Patel’s appointment, it kept silent about his replacement. The Trump Administration reportedly is planning to combine ATF with the Drug Enforcement Administration.
Death toll in Dominican roof collapse rises
Officials in the Dominican Republic said today that the death toll in the collapse of a nightclub roof in Santo Domingo has risen to 218. In addition, eight of the approximately 20 people in hospitals were in critical condition. There were about 150 survivors. Survivors have reported that dust from the ceiling began falling into people’s drinks a couple of minutes before the roof of the Jet Set nightclub collapsed.
Prada to acquire Versace
One iconic Italian fashion house has announced a deal to acquire another iconic Italian fashion house. Prada today announced that it has entered into a definitive agreement to acquire 100% of Versace from Capri Holdings. Prada said that the deal is valued at more than $1.3 billion and the price may be adjusted at closing. Versace was founded in 1978 in Milan. The transaction has been approved by both company’s boards of directors and is expected to close during the second half of this year.
