this post was submitted on 12 Apr 2025
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Wouldn't "I know exactly what tariffs are going to be imposed and when" be privileged information? Especially when everyone knows that the market will crash as soon as they do it?
It isn't technically privileged information - that's generally understood to mean confidential information that is legally protected so that it does not have to be given to the public. What we're working with is information about the actions the manipulator is taking to illegally manipulate the market.
It's called insider trading as the trading is being informed by someone on "the inside" who knows something about (typically) legitimate business, generally for one company or an industry, the general public does not. Examples are new developments, earnings results, impending lawsuits, etc.
Edit: it's early, I bungled the first paragraph so it got a rewrite.
If Trump knew he was going to do that and told people so that they could buy/sell in a manner that was financially advantageous, that is most certainly insider trading. It may not be what is the most common form or the most commonly prosecuted form, but it is trading based on information others do not have. Having it be protected information may add a layer when it comes to prosecution. I would offer that whether tariffs will be levied or paused is protected information, as well.
Edit: It's also market manipulation, but they used market manipulation to conduct insider trading.
You make a great point, I completely agree. While the Orange Bumblefuck absolutely engaged in market manipulation, profiting by acting on non-public information is at the heart of insider trading, which I'm certain his accomplices did.
From what I've been reading Trump manipulated the market (illegal) and his "friends" were let in on the scheme with "insider" information and then used that information to buy and sell stocks (illegal). What recourse do we have in this situation? Everybody involved is either in a position of power or has enough money to further bankrupt anybody who wasn't in the know...
Given the unpredictability of Trump's recent behavior (particularly surrounding the tariffs and whether or not they'll go into effect or be delayed) absolutely makes that info privileged imo.
At the very least, there is a legitimate argument for it.
I corrected my first paragraph - it's not "privileged information" as information on illegal activities isn't legally protected nor legitimate business.