David McCormick, U.S. Senator from — and we cannot stress this enough — Pennsylvania, has disclosed the sale of between $100,001 and $250,000 in Pennsylvania State General Obligation bonds. The exact amount is unknown, because the STOCK Act requires disclosure in ranges, which is the financial transparency equivalent of a doctor telling you your test results came back "somewhere between fine and not fine."
The bonds mature in 2034 at a very respectable 5% coupon. Or they would have, had the Senator chosen to hold them. He did not. He sold them in May and told us about it in June, which is the legally permissible amount of time to not tell us.
We are not alleging anything. We are simply observing that a sitting Senator from Pennsylvania has decided that Pennsylvania's own debt, backed by Pennsylvania's own tax revenue, in a state over which said Senator exercises legislative influence, was a good thing to exit. The chart on Pennsylvania's fiscal outlook is left as an exercise for the reader.
The trade met our $50,000 notability threshold. Whether it meets your personal notability threshold is between you and whatever remains of your faith in institutions.
The bonds mature April 1st, 2034. April Fools' Day. We are not making that up.
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