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Trust in government is at an all-time low for a multitude of reasons. Seeing so many members of Congress protecting their investments with what appears to be insider information before and during the current banking crisis isn’t going to endear them to us any time soon.
According to Unusual Whales, a trades tracking service, members of Congress moved their investments around at extremely convenient moments. Here’s a brief recap of some of the trades noticed:
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 Jared Moskowitz sold shares of Seacoast Banking Corporation worth $65,000 to $150,000 on March 10th.$SBCF fell 20% afterwards.
— unusual_whales (@unusual_whales) April 20, 2023
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.
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.
— unusual_whales (@unusual_whales) April 20, 2023
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.
Many members said it was their trust or advisors, not them trading, to the New York Times. Yet once again during crisis, Congressional portfolios benefited while the public panicked. You can find all their trades forever and free at http://unusualwhales.com/politics.
While Congress splits time between pretending to do something about our failing economy and pretending it’s not failing at all, they’re busy making sure their own investments are safe. This is corruption, plain and simple.
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