October 15, 2020 at 2:47 PM EDT
Trump financial advisers warned GOP donors of coronavirus in February, sparking inventory sell-off, report says
By Hannah Denham and Jeff Stein
President Trump’s public downplaying of the novel coronavirus in late February contrasted with what senior financial advisers informed Republican donors on the time, sparking a inventory sell-off based mostly on a warning signal that solely elite buyers have been aware about, the New York Times reported Wednesday.
The Instances says it obtained and independently confirmed parts of a doc written by a hedge fund advisor who attended classes in February with Hoover Establishment board members, lots of whom have been Republican Occasion donors, and the president’s financial advisers.
Larry Kudlow, director of the Nationwide Financial Council, informed the board on Feb. 25, in line with that doc, that the coronavirus was “contained within the U.S., to this point, however now we simply don’t know.” The day earlier than, Tomas J. Philipson, senior financial adviser to the president, informed these board members he couldn’t but estimate the results of the virus on the American financial system, in line with the Instances.
The hedge fund advisor’s doc unfold to pick merchants, launching a sell-off as buyers parsed by means of the contradiction of the president minimizing the contagious nature of the coronavirus whereas rich celebration donors have been warned in any other case by his aides, the Instances reported.
“To most of the buyers who obtained or heard in regards to the memo, it was the primary important signal of skepticism amongst Trump administration officers about their means to comprise the virus,” the Instances story says. “It additionally supplied a touch of the fallout that was to return, stated one main investor who was briefed on it: the upending of day by day life for the complete nation.”
In an electronic mail Thursday, Philipson described the Instances’s reporting as “extremely deceptive at finest” and “journalistic malpractice at worse.”
White Home spokesman Judd Deere commented briefly on the story in an electronic mail Thursday: “It’s complete fabrication.” He declined to touch upon behalf of Kudlow.