NEW: Financial disclosures reveal USPS chief Louis DeJoy's business entanglements, which experts say are likely a major conflict of interest. He has a $30m stake in a USPS contractor, and he bought Amazon stock options after joining Trump's administration. cnn.com/2020/08/12/pol…
According to federal records, when he became postmaster general, DeJoy still owned a large equity stake in XPO, totaling between $30 million and $75 million. Federal ethics officials recently approved his decision to keep these assets, but outside experts are raising red flags.
DeJoy owned $100K-$250K in Amazon stock when he joined the administration. He divested on 6/24 but then bought new stock options for Amazon on the same day, worth $50K-$100K. Experts say this is a problem, given Trump's longtime interest in meddling in USPS prices for Amazon.
Federal records also show that DeJoy owned between $265,000 and $550,000 in UPS stock, but divested them after becoming postmaster general in June. Experts praised this move, because it eliminated a conflict of interest, as UPS is a direct competitor to the postal service.
USPS maintains that DeJoy's finances are all above-board and there are no conflicts. In a statement provided to CNN, DeJoy said: "I take my ethical obligations seriously, and I have done what is necessary to ensure that I am and will remain in compliance with those obligations."
