The $1.5B Insider Trade Before Trump’s Iran Post — ft. Anthony Scaramucci
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Welcome to Profiteer Markets. I'm Ed Elson. It is March 26th. Let's check in on yesterday's market vitals. The major indices swung through the day but ended the session in the green. Oil declined, treasury yields fell, and finally, Meta and Google shares were little changed after the companies were found liable of negligence in the social media addiction trial. Okay, what else is happening? The Iran war is shining a spotlight on insider trading, and Washington may be at the center of it. On Monday morning, roughly $1.5 billion in S&P futures were purchased, and $192 million in oil futures were sold. That was five minutes before President Trump announced that productive conversations with Tehran were underway.
The position netted $60 million minutes after the Truth Social post, Senator Chris Murphy called it, quote, mind-blowing corruption and asked publicly whether Trump, a family member or a White House staffer, was behind the trade. Meanwhile, the FT separately flagged $580 million in crude oil futures that traded 14 minutes before the announcement. Okay. Here to help us untangle what is going on here, we're speaking with Anthony Scaramucci, the founder and managing partner of SkyBridge Capital. Anthony, thank you for joining us. Please, I know you have thoughts.
Well, first of all, it's great. It's great to be on. So I want to add to that, if you don't mind. So April 2nd, 2025, Liberation Day, they put trades on that got short the market prior to the announcement. You know, when Trump came down from Mount Evil, like Orange Moses with the big tablets, okay, they got short the market prior to that divulgement. A week later, prior to Trump saying he's pulling back the tariffs, there's going to be a 90-day moratorium, they got long the market. OK, on October the 10th, about an hour before the tweet went out related to the rare earth minerals and the fight that we started with China to get short the market, they got short the crypto market. So this is another example of it.
But it's been very consistent throughout the administration, tens of millions, if not hundreds of millions of dollars. are being made. And, you know, so much so that the head of the enforcement area that's supposed to police this stuff, she resigned last week because she said she can't get the agency focused on this. Now, we sent Martha Stewart And so you're young, Ed. I think you know who she is. I watched the documentary, so I know. Okay, so for your younger viewers, she had $45,000 of profits that she had to disgorge, and she spent five months in a federal prison because they caught her, quote-unquote, insider trading. This is hundreds of millions of dollars. Okay, but there's a bigger problem here for the American people, and that is this is rampant.
Trump has taken it exponential with his team, but do you know who a Democratic representative is? Kelly Morrison. So Kelly Morrison bought Saronic Technologies, a name I didn't know, but she bought Saronic Technologies, which is an autonomous warship company, nine days after the beginning of the war with Iran. right as the Navy was awarding seronic contracts. Her office said that her portfolio is managed by a blind trust and an investment manager, and she had no prior knowledge.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–6:39
2
What insider trading events are linked to Trump's Iran announcement?
6:39–10:32
3
How did Anthony Scaramucci describe the corruption surrounding insider trading?
10:32–20:01
4
What political consequences could arise from insider trading allegations?
20:01–39:24
Speakers
4 identifiedMore from Prof G Markets
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