“When it’s serious, you have to lie… or call the CEOs of the nation’s biggest banks.”
Amid the drop in US equity markets on Wednesday – culminating in a ‘Markets In Turmoil’ special on CNBC – President Trump appears to have hit the panic button and grabbed the big red Plunge Protection Team bat-phone.
As The Dow dropped 800 points, the 4th largest point drop in history, Bloomberg reports that Trump held a conference call with three of Wall Street’s top executives – JPMorgan Chase & Co.’s Jamie Dimon, Bank of America Corp.’s Brian Moynihanand Citigroup Inc.’s Michael Corbat.
The three chief executives were in Washington for a previously scheduled meeting with Treasury Secretary Steven Mnuchin on banking secrecy and money laundering, according to people familiar with the matter. On a conference call, they briefed the president, who was at his resort in Bedminster, New Jersey.
So Trump panicked with stocks a mere 5% below all-time-highs? What happens when we enter a bear market?