• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Friday, May 9
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»A Wall Street trader made a $7.5 million windfall on a suspiciously-timed investment ahead of a surprise debt limit deal concession
Finance

A Wall Street trader made a $7.5 million windfall on a suspiciously-timed investment ahead of a surprise debt limit deal concession

June 5, 2023No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
A Wall Street trader made a $7.5 million windfall on a suspiciously-timed investment ahead of a surprise debt limit deal concession
Share
Facebook Twitter LinkedIn Pinterest Email
Biden and Kevin McCarthy

U.S. President Joe Biden and Speaker of the House Kevin McCarthy (R-CA)Drew Angerer/Getty Images

  • A debt ceiling deal surprisingly green-lit the Mountain Valley Pipeline.

  • A trader bought 100,000 call options on the pipeline’s owner days before that was announced.

  • The identity of the mystery trader is unknown, and some think it’s an insider trading concern.

As part of the debt ceiling deal, one surprise concession that made it into the bill was the approval of the Mountain Valley Pipeline, a 304-mile natural gas connection from northwest West Virginia to southern Virginia.

A pet project of West Virginia Sen. Joe Manchin that had been mired in Congress, the law forces action on permits that should push the project forward.

However, there was no public reason to believe that the pipeline was in the deal at all, which makes the actions of one mystery trader — who made a killing on its inclusion — somewhat suspicious, according to a Bloomberg analysis of trading data.

Shares in Equitrans Midstream Corporation were down 35% last year. On May 24, a few days before an agreement was struck, a mystery trader bought 100,000 call options — essentially bets on a stock-price increase — on Equitrans Midstream. Then, on May 27, the debt deal including the Mountain Valley Pipeline was struck.

Following that announcement, Equitrans Midstream shares jumped 49%.

From the looks of it, the bet earned the trader $7.5 million as of last Friday, according to Bloomberg. The options are still outstanding, so that number could grow in the event that Equitrans Midstream continues to rally.

See also  Bank of England's next move divides economists as data paints a mixed picture

That kind of perfect timing is, needless to say, fishy. The deal on Mountain Valley was kept secret up until the debt deal was announced. Some are suspicious enough they want it investigated for potential insider trading.

Equitrans said neither they nor any executives were involved in the transactions. Manchin himself said he knew nothing about the options trade. The negotiations were played very close to the vest between House Speaker Kevin McCarthy and the White House. Ethics watchdogs want answers, according to Bloomberg.

Members of Congress are barred from trading on confidential information, though a 2021 Insider investigation found repeated violations of the STOCK Act among members.

Read the original article on Business Insider

ahead concession Deal debt Investment limit million Street surprise suspiciouslytimed trader Wall Windfall
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

‘Silver Lining’: Private Domestic Investment Soared In First Quarter Of 2025

April 30, 2025

‘They Came With Their A Game’: Donald Trump, Scott Bessent Reveal Which Country Could Be Close To Making Trade Deal

April 24, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Will & Grace’s Eric McCormack ‘Broken-Hearted’ After Costars Miss Broadway Event

August 13, 2023

‘Nudify’ Apps Using AI to Make Deepfake Porn of Women Skyrocket in Popularity

December 14, 2023

‘One Piece’ Manga Live Action Changes: Arlong And Don Krieg, More

September 2, 2023

Researchers find ‘weekend warrior’ physical activity provides similar heart-related benefits as more regular exercise

July 18, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Trump Just Made A Dangerous Anti-Democracy Filing In Jack Smith 1/6 Case

October 9, 2023

Paramount set to report Q2 earnings as advertising hurdles, cash flow issues mount

August 6, 2023

British digital bank Monzo hits profitability for first time

June 4, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.