Oops: Dem Lawmaker’s Wife Bought Silicon Valley Bank Stock Day Before Collapse
Abrasive timing: The wife of a lawmaker purchased SVB share the day before the bank failed.
ADemocratic congressman’s wife purchased a hefty amount in Silicon Valley Bank stock just one day before its historic collapse, which has seen the stock tumble by over 95%, a financial disclosure shows.
Rep. Earl Blumenauer( D-OR ) has stocks-investigation-watchdog-congress” target=”_blank” rel=”noopener”>frequently admitted that his wife, Margaret D. Kirkpatrick, has traded stocks and bonds through her retirement portfolio on occasion in a profitable manner. However, one of her most recent stock purchases hasn’t really gone as planned, according to a financial reporting state from Wednesday that was examined by the Washington Examiner.
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On March 9, one day after the California company started to lose quality due to its statement that it needed to raise$ 2.2 billion and sold$ 21 billion in assets, Kirkpatrick bought between$ 1, 001 and$ 15, 000 stocks of SVB. The Federal Deposit Insurance Corporation took over the lender on March 10, and its closure caused shock waves and worries about a banking crisis to spread throughout the business.
It was the second-largest banks loss in American history. Owners were eliminated, and its property was delisted. The stock was trading at$ 0.40 per share when it reopened on March 28 and is still trading below$ 1 as of Friday morning. According to Capitol Trades, a team that examines supply deals among members of Congress, Kirkpatrick purchased at about$ 106 per share.
We’ve long’ve known that Earl Blumenauer was way off base when it came to spending, but it’s encouraging’s to see that his reckless and foolish spending habits extend beyond the federal checkbook and into the finances of his family, said Tom Jones, president of the American Accountability Foundation, a conservative watchdog organization.
Susan Walsh, AP Photo
According to the Wednesday filing, Blumenauer’s wife’s also sold First Republic Bank shares worth up to$ 15,000 on March 20. As the commercial sector fretted about market volatility following the demise of SVB and Signature Bank, the San Francisco-based banks secured$ 30 billion in reserves from 11 significant U.S. institutions, including Wells Fargo and JPMorgan Chase, on March 16.
The FDIC announced on Wednesday that it is now hiring a financial advisor to monitor the extermination of roughly$ 114 billion in assets it acquired when it took over Signature and Silicon Valley businesses. On May 1, the Federal Reserve will make public its assessment of Site monitoring and regulation, the organization announced in March.
Before the Biden administration announced it would pay the company$ 290 million for drug supplies, the Foundation for Accountability and Civic Trust, a right-leaning watchdog, demanded an investigation into Kirkpatrick’s healthcare’s stock purchase in November 2022. That problem was the direct result of a Washington Examiner article outlining Blumenauer’s position’s on the health subcommittee of the Ways and Means Committee, which is in charge of programs related to healthcare.
Blumenauer was covered in a thorough New York Times article from September 2022 that discussed potential stock trading conflicts of interest for politicians. On the same day that Russia invaded Ukraine, he disclosed 31 property purchases, some of which involved the defence company Raytheon.
TO READ MORE FROM THE WASHINGTON EXAMINER, Press HERE.
A Blumenauer representative at the time informed Insider that his financial advisors had bought some store on his behalf due to a miscommunication. He instantly ordered it sold( at a loss ) and gave clear instructions that he should not have any personal property after being informed of this.
The Washington Examiner asked for comment, but neither Kirkpatrick nor Blumenauer’s position responded.
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