As Lawmakers Fretted Over Banking Turmoil, They Also Shed Shares

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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:

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Representative Jared Moskowitz sold shares of Seacoast Banking Corporation worth $65,000 to $150,000 on March 10th. $SBCF fell 20% afterwards.

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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.

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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.

Kate Kelly

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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/…