At least nine members of the U.S. Congress sold bank shares before and during March’s market turmoil as major investment bank Silicon Valley Bank (SVB) collapsed and other lenders’ financial problems. In this respect informs The Financial Times quoted a statement by Democratic Party member Josh Gotheimer.
“At least nine members of Congress sold bank shares before and during last month’s market turmoil, including House Financial Services Committee member Josh Gottheimer, who sold shares in Silicon Valley Bank before it went bankrupt. It announced on March 9 that shares in a California bank would be sold for between $1,000 and $15,000. The SVB collapsed the next day, sending US bank stocks into a massive downward spiral.
Gottheimer also announced the sale of shares in troubled financial firm Charles Schwab on March 6 and 14 this year. At the same time, its shares have lost almost 30% since March 7. At the same time, on March 29, an agreement was concluded for the sale of shares of Florida bank Seacoast Banking, whose share price has fallen another 10% since the sale.
April 20, Acting CEO of Sweden’s largest pension fund Alecta Katarina Torslund stated About “failed investments” in U.S. banks, as a result the fund lost nearly $2 billion. In March this year, Alecta announced that the fund expects to completely wipe out its $1.1 billion investment in Silicon Valley Bank (SVB). and Signature Bank. At the same time, Alecta sold its entire stake in the US-based First Republic Bank for $941 million.