Good news, everyone. Senator John R. Curtis of Utah — a man whose primary job is making laws about financial institutions — has disclosed that he bought somewhere between $250,001 and $500,000 worth of a Citigroup Global Markets structured note paying 11% and maturing in 2029. He bought it on June 2nd. He told you about it on June 30th. The STOCK Act gave him 45 days. He used most of them.
The note pays 11%. Eleven. At a time when a senator with a committee seat and a security clearance decided this was the yield worth locking in, on a product issued by one of the most congressionally-regulated banks in human history. Completely normal. Nothing to annotate here.
We are not suggesting anything improper occurred. We are simply noting that the disclosure range runs from "$250,001" to "$500,000" — a spread so wide you could park a regulatory framework in it — because that is exactly what the law requires, and the law was written by people who also file disclosures like this.
The chart, as always, will tell you more than the press release. The press release will arrive 28 days after anyone who mattered already knew.
— Phil McCandlestick, still reading the tape
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