Rep. David Trone sold between $450,007 and $1 million in bonds from major U.S. banks last month, shortly before the second- and third-largest bank failures in U.S. history stirred up turmoil in the nation’s banking sector.
Rep. David Trone sold between $450,007 and $1 million in bonds from major U.S. banks last month, shortly before the second- and third-largest bank failures in U.S. history stirred up turmoil in the nation’s banking sector, according to a newRep. David Trone sold up to $1 million in bank fixed income securities last month.Trone sold fixed income securities from Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo on February 16.
That was roughly three weeks before confidence in the banking industry crashed as Silicon Valley Bank and Signature Bank failed and concernsabout how large banks’ involvement in the run largely targeting regional banks could spread the contagion. The last time Trone—who sits on Congress’ joint economic committee and the House appropriations committee–disclosed a stock or bond sale or acquisition was March 19, 2020, when he sold between $100,001 and $250,000 in bonds from Morgan Stanley and between $50,001 and $100,000 in the bank’s stock.
A “vast majority” of Trone’s holdings are “variable-rate notes, bonds, and other vehicles with fixed maturity dates, or ETFs and mutual fund-like securities,” Trone’s spokeswoman Sasha Galbreath said in an emailed statement toIt’s unknown what Trone’s return on investment was on the February bond sales or how much the securities would be worth now, but high inflation and interest rates have weighed heavily on the bond market.
It’s possible the newly disclosed sales were simply of notes that were held until maturity and offloaded at their predetermined expiration dates, or that Trone’s money manager acted on a hunch the subpar macroeconomic condition would cause his holdings to further lose value and sold bonds before expiration .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rep. Trone Offloaded Bank Bonds Worth Up To $1 Million In Weeks Before Banking CrisisThe Democratic lawmaker sits on Congress’ joint economic committee and the House appropriations committee.
Read more »
Signature Bank Deposits to Be Assumed by New York Community Bank Unit: FDICFormer Signature Bank deposits other than those related to the digital banking business will be assumed by a unit of New York Community Bancorp as of Monday, the FDIC said. GregAhl reports
Read more »
Flagstar Bank to take over most of Signature Bank's deposits, FDIC saysFlagstar Bank, a subsidiary of New York Community Bankcorp Inc., on Sunday agreed to assume most of Signature Bank's deposits and some of its loans.
Read more »
Flagstar Bank to Assume Signature Bridge Bank Deposits, FDIC SaysThe Federal Deposit Insurance Corp. said Sunday it entered into a 'purchase and assumption' agreement for nearly all deposits and certain loan portfolios of Signature Bridge Bank by Flagstar Bank, a subsidiary of New York Community Bancorp. The 40 former branches of Signature Bank will operate un
Read more »
New York Community Bank to buy failed Signature BankNew York Community Bank has agreed to buy a significant chunk of the failed Signature Bank in a $2.7 billion deal, the Federal Deposit Insurance Corp. said late Sunday.
Read more »
Signature Bank taken over by Michigan-based Flagstar Bank after failureTreasury Secretary Janet Yellen has said the banking system 'remains sound' despite the recent bank failures.
Read more »