As Lawmakers Fretted Over Banking Turmoil, They Also Shed Shares
Congressional stock trading continues, most recently with members who were bailing out of bank shares during the March crisis (or making a well-timed purchase). My latest, via @NYTimes nytimes.com/2023/04/19/us/…
BREAKING NEWS: The New York Times has just reported on Congressional members trading during the banking crisis. They showed how members traded during the crisis, while the public worried. Here is the list of members highlighted:
Representative Jared Moskowitz sold shares of Seacoast Banking Corporation worth $65,000 to $150,000 on March 10th. $SBCF fell 20% afterwards.
Representative Dan Goldman, a Democrat, sold shares of First Republic Bank, $FRC, on March 15. Dan Goldman has been making hundreds of stock trades since he started his congressional duty.
The wife and children of Representative Ro Khanna, sold First Republic, $FRC, on March 15th. Representative John Curtis, Republican, sold shares in First Republic , $FRC, on March 16, the day the "bailout" occurred.
Representative Nicole Malliotakis, a Republican from New York, bought shares of New York Community Bancorp, $NYCB, after private discussions with NY bank regulators and labeled it as her spouse despite single. The stock rallied 40% two days later after buying Signature assets.
NY TIMES: As fears of a banking crisis grew, members of the U.S. Congress sold bank shares, raising concerns about potential conflicts of interest. A new bill has been introduced in the Senate and House to eliminate stock trading by members of Congress, as they often have access to non-public information about industries they oversee.