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Insider trading on debt deal?

Discussion in 'Too Hot for Swamp Gas' started by G8trGr8t, Jun 4, 2023.

  1. Jun 4, 2023 #1
    G8trGr8t

    G8trGr8t Premium Member

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    Unidentified trader made big, and lucrative, bet on the pipeline that was unexpectedly included in the debt deal. Hopefully this gets prosecuted

    A Wall Street trader made a $7.5 million windfall on a suspiciously-timed investment ahead of a surprise debt limit deal concession (msn.com)

    As part of the debt ceiling deal, one surprise concession that made it into the bill was the approval of the Mountain Valley Pipeline, a 304-mile natural gas connection from northwest West Virginia to southern Virginia.

    A pet project of West Virginia Sen. Joe Manchin that had been mired in Congress, the law forces action on permits that should push the project forward.

    However, there was no public reason to believe that the pipeline was in the deal at all, which makes the actions of one mystery trader — who made a killing on its inclusion — somewhat suspicious, according to a Bloomberg analysis of trading data.
     
    • Informative Informative x 2
  2. Jun 4, 2023 #2
    l_boy

    l_boy 5500

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    Well Manchin has been publicly complaining about it over the last month or more and probably positioning this to get into the deal, so it isn’t a stretch that it happened.

    You can’t blame Manchin this was supposedly in the IRA legislation but for some reason (likely opposition from environmentalists ) parties seemed to be dragging their feet.
     
  3. Jun 4, 2023 #3
    OklahomaGator

    OklahomaGator Jedi Administrator Moderator VIP Member

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    I can see where someone following Congress pretty closely could make that prediction. Although it still should be looked into pretty closely.
     
    • Agree Agree x 2
  4. Jun 4, 2023 #4
    Sohogator

    Sohogator GC Hall of Fame

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    Manchin is pretty corrupt and is in bed with the coal industry in particular making over $5M in the past decade on energy related investments. Not a stretch to saw he made people aware of the deal.

    Joe Manchin, who just torpedoed Democrats' climate agenda, has long ties to coal industry | CNN Politics.


    Between 2011 and 2020, the Democrat made between $4.9 million and $5.1 million from coal-related enterprises, according to an analysis by Open Secrets, a nonprofit that tracks money in politics.

    The organization also estimates Manchin’s net worth at anywhere from $4.3 million to $12.8 million. Lawmakers are only required to disclose their assets and liabilities in broad ranges, making it impossible to determine precise values.

    Manchin’s Senate campaign also benefited from of a flood of political contributions from the energy industry in recent months. He took more than $400,000 from energy interests during the July-to-September 2021 fundraising quarter, according to a CNN review of that filing with the Federal Election Commission.

    Donors in that period included billionaire oil tycoons Harold Hamm, the chairman of Continental Resources; Richard Kinder, the executive chairman of energy infrastructure company, Kinder Morgan; and Trevor Rees-Jones, who founded Chief Oil and Gas.
     
  5. Jun 4, 2023 #5
    l_boy

    l_boy 5500

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    Nothing you quoted pointed to corruption. Yes he’s in bed with energy and coal interests, which are popular in his state. The fact that he favors fossil fuel interests in a wildly red state where fossil fuels are popular isn’t in itself scandalous.
     
    • Agree Agree x 1
  6. Jun 4, 2023 #6
    Sohogator

    Sohogator GC Hall of Fame

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    It’s his ties with energy lobbyists and billionaire. He flaunts them because he is beholden to them. Fun to use that word…
     
  7. Jun 4, 2023 #7
    GatorFanCF

    GatorFanCF Premium Member

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    “He flaunts them because he is beholden to them“

    Oh, okay Heads up TooHot:“Flaunting“ now equals “corruption“

    Hope no one flaunts
    Their sexual identity
    Their ESG status
    How much they spent on political races for local prosecutors Oh, wait, flaunting is only unacceptable on conservative positions i knew Clarence Thomas shouldnt have sunbathed in a thong while on a billionaires yacht Freaking flaunting