According to his financial disclosures, Democrat Representative Daniel Goldman (NY) sold up to $15,000 worth of stock in PacWest Bancorp just two days before the bank’s stock experienced a significant drop.
On March 6, Daniel Goldman sold his PacWest Bancorp stock for $27.40 per share. Two days later, the bank’s stock value took a significant plunge due to Silicon Valley Bank’s failure.
PacWest Bancorp’s stock has plummeted by over 87% and is currently valued at $3.42.
Goldman, one of Congress’ most prolific stock traders, represents New York’s 10th congressional district, which encompasses the New York Stock Exchange.
He has an estimated net worth of up to $253 million.
The self-described “strong advocate for anti-corruption,” made headlines last month after his financial disclosures revealed he made close to 500 stock trades since entering office in January, despite previously pledging to form a “blind trust” to shield himself from financial conflicts of interest.
Some of his stock trades include companies in the defense and financial sectors.
For example, Goldman purchased up to $15,000 worth of shares in Credit Suisse Group, “the troubled Swiss bank that congressional investigators have recently accused of helping Americans commit tax fraud,” according to Raw Story.
He purchased up to $50,000 in Lockheed Martin Corporation and L3Harris Technologies. Goldman also sold up to $50,000 each in both Raytheon Technologies Corporation and Northrop Grumman Corporation. He also sold between $100,000 and $250,000 in Tesla stock before rebuying up to $50,000 of it.
After reports about Goldman’s trade in PacWest Bancorp were published, his spokesperson Simone Kanter told the Free Beacon the congressman’s stock trades are “managed entirely by an investment adviser, with whom he has no discussions about any stock trades since entering Congress.”
Kanter also said Goldman ‘initiated the complicated process of entering into a blind trust’ when he was sworn into office.
Earlier this week, Reps. Alexandria Ocasio-Cortez and Matt Gaetz teamed up to introduce legislation to prohibit members of Congress from trading stocks.
“AOC is wrong a lot, she’d probably say the same thing about me, but she’s not corrupt,” Gaetz said. “And I will work with anyone and everyone to ensure that Congress is not so compromised.”
Kanter previously said Goldman “supports legislation that would prohibit members of Congress from trading individual stocks.”
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