David McCormick, United States Senator, sat down on June 2nd and purchased somewhere between $100,001 and $250,000 of something called a "GS Managed Structured Note Strategy MSCI EAFE Linked Note." He then waited 24 days to tell anyone about it. This is legal. This is normal. Everything is fine.
For the civilians in the back: MSCI EAFE is an index of developed international markets excluding the US and Canada. A structured note linked to it is a Goldman Sachs product that is, in the most charitable possible framing, several financial concepts stacked on top of each other wearing a trench coat. The fact that a sitting senator owns one is not suspicious. It is, in fact, exactly what you'd expect from a system working precisely as designed.
The STOCK Act requires disclosure within 45 days. He filed in 24. Give the man a ribbon.
We flagged this trade because it crossed our $50,000 notability threshold, which is doing a lot of heavy lifting as a sentence. The amount disclosed is a range, because exact figures would be too much information for a country that lands robots on Mars.
The chart is all that matters. The Senate is noise. We'll be here.
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