Pelosi 2.0? Wall Street’s Dem Congressman Makes Perfectly Timed Trade in Failing Bank Stock
4th May 2023
A freshman Democratic congressman who just happens to represent Wall Street made a perfectly timed sale of his ownership stake in a troubled California bank, exiting his position just days before it saw its stock price enter freefall.
Rep. Dan Goldman (D., N.Y.), who represents the Financial District in Lower Manhattan, sold upwards of $15,000 worth of stocks of PacWest Bancorp on March 6, his financial disclosures show. The timing of Goldman’s sale couldn’t have been more fortuitous—its stock plummeted in value just two days later as investors fled from small and mid-sized banks amid news of Silicon Valley Bank’s pending failure. PacWest’s stock was valued at $27.40 the day Goldman exited his position in the bank. It’s now worth just $3.42, a staggering decline of more than 87 percent.
Such trades are standard fare for Goldman, who is giving former House speaker Nancy Pelosi (D., Calif.) a run for her money as Congress’s most prolific stock trader. In his first four months in office, Goldman has made over 500 stock trades valuing between $10 million and $30 million, according to a Washington Free Beacon review of his financial disclosures.