.RepDanGoldman, a House Democrat representing Lower Manhattan's Financial District sold shares in an embattled California bank days before the stock plummeted in value, a financial disclosure shows.
PacWest Bancorp, a Beverly Hills-based bank holding company, has seen its stock value decrease dramatically following the historic collapse of Silicon Valley Bank on March 10 due to its announcement of needing to raise $2.2 billion,while also offloading $21 billion in assets. Just four days earlier, on March 6, Rep.
Regional stocks rebounded on Friday after the major week-to-date losses, providing a window into the volatility to come in the banking sector, according to experts. Still, news of Goldman's well-timed sale, which was executed as a subholding of a trust account, comes amid intensified scrutiny over lawmakers trading on the banking crisis. It also comes as Congress mulls a sweeping ban on lawmakers trading stocks as a whole.
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