Federal Investigation Over Stock Purchase Before Louis Dejoy Decision Requested

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Donald Trump jumped on the limping United States Postal Service (USPS) and tried to take it down with a chokehold. Republicans have been biting at the ankles of the USPS, trying to privatize it for decades, forcing employee benefit payments upfront, unlike any other federal agency. The country’s ex appointed Republicans to its board of governors and handed the plum postmaster job to Louis DeJoy, who owns a Post Office competitor.

Representative Tim Ryan (D-OH) requested the Securities and Exchange Commission (SEC) investigate the $54 million purchase of Oshkosh Corporation stock. That was right before DeJoy awarded the company a rich six-billion-dollar 10-year contract.

Former Capitol Hill staffer and Executive Director of the Zero Emission Transportation Association, Joe Britton tweeted:

Curious who got tipped off and bought $54.2 million in @OshkoshDefense stock in advance of Postmaster DeJoy’s decision to lock @USPS into decades of burning gas? @RepTimRyan is on the case…’

Screen-Shot-2021-03-09-at-10.07.59-AM Federal Investigation Over Stock Purchase Before Louis Dejoy Decision Requested Corruption Crime Featured Politics Top Stories Ohio Representative Marcy Kaptur (D-OH) and Senator Sherrod Brown (D-OH) joined Ryan in calling out the Oshkosh company due to ‘inappropriate political influence in the process.’ Their letter read:

‘This contract was awarded to Oshkosh Corporation and is worth up to $6 billion. I write to pass along reports of what might be unusual trading of Oshkosh stock that took place less than 24 hours before Postmaster General Louis DeJoy publicly announced the contract decision in front of a House panel on February 23rd.’

The Postal Service, under the leadership of DeJoy and Trump-appointed governors, selected Oshkosh for the contract over Workhorse, a truck-maker that had entered a bid for a contract to replace the Postal Service’s current delivery vehicles with an all-electric fleet, according to The New York Times.

Their letter continued:

‘Specifically, an over $54 million purchase of OSK, made 20 hours before Mr. DeJoy’s announcement, was brought to my attention on social media and in news reports. Additionally, it is my understanding that the OSK stock rose significantly prior to the announcement. Given the gravity and serious implications of this contract, I am writing to request that the Securities and Exchange Commission look into this issue as soon as possible.’

Workhorse was “the favorite” to win this contract Ryan said in an interview with The Bloomberg. However, Oshkosh won the bid:

‘[As the favorite to win] especially after President Joe Biden ordered the government to utilize emissions-free vehicles, Oshkosh won the bid last month with a fleet that will be mostly gasoline-powered.’

‘It definitely stinks and needs to be looked into at the highest levels. If that is not suspicious, I don’t know what is. Somebody clearly knew something.’

Brown, Kaptur, and Ryan’s letter continued:

‘[They were] troubled [USPS] “awarded an initial contract to provide up to 165,000 new postal vehicles over the next decade without any commitment to making these vehicles either hybrid or 100% electric.’

The Democrats called the contract “an investment in America workers and our domestic manufacturing:”

‘This contract is not only an investment in America workers and our domestic manufacturing sector, but it is an opportunity for our nation to regain its role as a leader in clean technology manufacturing. This contract will have consequences for decades to come and, as such, we have serious concerns it could be a wasted opportunity to address the climate crisis and the reindustrialization of our manufacturing sector.’

The legislators wrote that “DeJoy’s tenure has been a disaster:”

‘Postmaster General Louis DeJoy’s tenure has been a disaster for the American people and the USPS’s dedicated workforce. From ill-advised policies that have delayed the mail and life-saving medicines to seniors and veterans, to an utter disregard for the agency he leads. This week’s announcement further calls into question his judgment, his ability to effectively run the USPS, and his short-sightedness at this agency that plays a critical role in our nation.’

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