19 Mar

Another Controversy Hits Trump as 2020 Elections Approach

WRITTEN BY Mark O'Hara FEATURED IN Macroeconomic Analysis

Trump

US President Donald Trump, who has been facing a probe for the alleged collusion with Russia to manipulate the 2016 elections, is now in the midst of another controversy. Trump has now come under scrutiny for his ties with Deutsche Bank. Last week, the New York Attorney General’s office issued subpoenas to Deutsche Bank and Investors Bank.

Another Controversy Hits Trump as 2020 Elections Approach

Now, a New York Times report has cited instances of alleged malpractice on Trump’s behalf including exaggerating his wealth to get loans and also rewarding bankers with a stay at his Mar-a-Lago resort. Notably, the proposed meeting between Trump and Chinese President Xi Jinping was being planned at the same resort.

Trump’s tweets

Meanwhile, Trump, who has frequently taken credit for a strong economy and rising markets (SPY), tweeted yesterday, “GDP growth during the four quarters of 2018 was the fastest since 2005. This Administration is the first on record to have experienced economic growth that meets or exceeds its own forecasts in each of its first two years in office. GROWTH is beating MARKET EXPECTATIONS!”

Warren Buffett

Interestingly, in his 2018 annual shareholder letter, Berkshire Hathaway (BRK-B) chair Warren Buffett seemed to take potshots at Trump without actually naming him. Buffett said, “It is beyond arrogance for American businesses or individuals to boast that they have ‘done it alone’.” Buffett also said, “Americans will be both more prosperous and safer if all nations thrive.” The comments were seen in the context of Trump taking credit for a strong US economy as well as China’s slowdown.

Read Warren Buffett and the Problem with Elephants for a detailed analysis of Buffett’s 2018 shareholder letter.

Yesterday, Apple (AAPL), Amazon (AMZN), General Electric (GE), and Alibaba (BABA) gained 0.97%, 1.7%, 2.4%, and 0.48%, respectively. However, Facebook (FB), NVIDIA (NVDA), Advanced Micro Devices (AMD), and Alphabet (GOOG) lost 3.5%, 0.51%, 0.15%, and 0.12%, respectively.

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24 Apr

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WRITTEN BY Rachel Gunter

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