Sep 17, 2020
Kodak stock rises after investigation clears company of insider trading accusations
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Shares of Kodak rallied on Wednesday after executives of the company were found to have not taken personal advantage of prior knowledge regarding a major loan from the U.S. government announced in late July.
Kodak was up more than 80% in morning trading after Akin Gump, an international law firm headquartered in Washington, cleared the company of insider trading accusations.
Akin Gump investigated the company after shares rocketed to more than 2,750% in the days following the blockbuster deal, which provided a lifeline for the struggling camera manufacturer.
Kodak's $765 million deal with the government has been placed on hold by the U.S. International Development Finance Corporation until the Securities and Exchange Commission investigates the dramatic rise in valuation the company saw on the back of the government deal.
The actions of Kodak CEO Jim Continenza and other company executives were placed under scrutiny following the surge in valuation, but investigators at Akin Gump found no evidence of insider trading.
In a statement released Wednesday, Kodak officials said the company is committed to the "highest levels of governance and transparency."
"Kodak is committed to the highest levels of governance and transparency, and it is clear from the review's findings that we need to take action to strengthen our practices, policies, and procedures," Kodak said in a statement.News Business Loan Economy Manufacturing
News Source: washingtonexaminer.com
DeVos is under investigation for Hatch Act violation—and its probably raising her stock with Trump
Education Secretary Betsy DeVos is the latest top Trump administration official under investigation for violating the Hatch Act, the ethics law that prohibits political activity by federal employees in their official capacity. DeVos used a Fox News appearance to attack former vice president and Democratic presidential nominee Joe Biden, and the Education Department promoted the appearance on its YouTube channel and via an email list.
DeVos attacked Biden, predictably, for not wanting to privatize public education. Or, in her words, for having “turned his back on the kids that we’re talking about and he’s turned his face in favor of the teachers union and what they have to say and what they have to demand and it’s really shameful.” How dare he not want to send public education money to private schools!
The Office of the Special Counsel is investigating DeVos’ well-documented violation, but, according to the Checks and Balances Project, the investigator has said that the COVID-19 pandemic may affect the timing of any decision. But in any case, the Trump administration gets to make decisions about discipline for Hatch Act violators, and as we’ve repeatedly seen, Team Trump not only doesn’t care about the law, but sees it as a badge of honor to break it.
That was most aggressively on display during the Republican National Convention, which centered on some massive Hatch Act violations in the form of Donald and Melania Trump’s speeches from the White House. But there's a long list of other incidents—that did lead to Office of Special Counsel reprimands—involving Kellyanne Conway, former United Nations Ambassador Nikki Haley, Dan Scavino, and many more.
Trump claims to be running on a law and order platform, but his contempt for the law—at least as it applies to him and his inner circle—is glaring. DeVos’ standing with him probably rose as a result of this obvious violation of the law.