David McCormick, the sitting U.S. Senator from Pennsylvania, sold somewhere between half a million and a million dollars of Pennsylvania state bonds last month. We don't know exactly how much, because the STOCK Act, which was designed to create transparency, requires disclosure in ranges wide enough to park a aircraft carrier in.
The bonds in question were Pennsylvania GO bonds — "GO" standing for "General Obligation," which means they're backed by the full faith and credit of the Commonwealth of Pennsylvania. The same Commonwealth that David McCormick was elected to represent. In Washington. As a Senator.
We are not suggesting anything. We are simply reading the words back to you slowly.
The transaction happened May 26th. The disclosure arrived June 26th — exactly thirty days later, which is the legal maximum window. Not twenty-nine days. Not fifteen. Thirty. The man used every single minute the law allows, and honestly, respect the process.
The bonds mature August 2027, yielding 5%, so whoever dumped them is giving up a perfectly respectable coupon. Make of that what you will. We certainly have.
The chart, as always, knows more than the disclosure form. The disclosure form just knows more than the press release. And the press release, famously, knows nothing at all.
— Phil McCandlestick, still reading the fine print so you don't have to
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