Private White House briefings led investors to short market and stock up on toilet paper, report says

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Private briefings from two senior White House aides to a conservative institution at the outset of the coronavirus outbreak led investors to short the stock market and even load up on toilet paper, the New York Times reports.

Private briefings from two senior White House aides to a conservative institution at the outset of the coronavirus outbreak led investors to short the stock market and even load up on toilet paper, according to a published report.

That led William Callanan, a Hoover board member, to write a memo to David Tepper, the founder of the hedge-fund firm Appaloosa Management, and a Tepper aide, the report said. Callanan allegedly wrote that he found it striking that they both mentioned these concerns, unprovoked. The email was circulated to other Appaloosa employees, who discussed the memo with other investors. The report said the memo helped convince investors to short the stock market.

“We have contained this. I won’t say [it’s] airtight, but it’s pretty close to airtight,” Kudlow said on CNBC.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Anybody surprised?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines