G. McConway
May 9, 2023

Freshman House Democrat Raking in Wall Street Dollars

Who hear remembers the name Dan Goldman from the Trump impeachment trial?

Well, that Dan Goldman is now Rep. Dan Goldman (D-N.Y.), trading in that seven-figure attorney's salary for a $ 174,000-a-year congressional seat.

Why would someone do that? Well, just look at his investment portfolio and you will have the answer.

The Wall Street Guy

Since entering Congress, Goldman has had the Midas touch on his investments (ironically, his district includes Wall Street).

Goldman either has a keen touch or he is using tips from congressional hearings and briefings to bolster his portfolio.

For instance, on March 6, Goldman sold shares of PacWest Bancorp at about $27.40 per share. On Friday, that stock closed at $5.75 per share. The move probably saved Goldman about $12,000, reports the Washington Examiner.

Dylan Hedtler-Gaudette of the Project on Government Oversight, stated, "The timing doesn't look good, and that's for sure. It's just another reason why the practice of members of Congress trading stocks is so problematic."

Since he was sworn in as a congressman, Goldman has made more than 500 trades in value somewhere between $10 million and $31 million," reports Fox News.

Goldman is an heir to the Levi Straus fortune, so his piggy bank is pretty big.

He now sits on the Committee on Homeland Security and the Select Subcommittee on the Weaponization of the Federal Government.

We mention that because since taking office, he has also purchased stocks in Northrop Grumman, one of the country's biggest defense contractors, Raytheon Technologies, and L3 Harris Technologies, the latter two of which are weapons manufacturers.

Goldman's office gave the usual excuse that there is nothing to see here because he is not the one actually controlling the account. And we are supposed to believe that he does not pick up the phone to give direction to the person that is.

Goldman spokesperson Simone Kanter stated, "Congressman Goldman is not involved in trading stocks in his portfolio, which is managed entirely by an investment adviser, with whom he has had no discussions about any stock trades since entering Congress.

"The congressman supports legislation to prohibit members of Congress from trading stocks and immediately initiated the complicated process of entering into a blind trust upon entering Congress."

It just seems rather funny that the portfolio managers for politicians always seem to max out the rise and fall of stocks that conveniently, also happen to be under the purview of their clients.

Nope… nothing to see here at all!

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