David McCormick, United States Senator and apparent connoisseur of mid-maturity municipal debt, sold somewhere between a quarter million and half a million dollars worth of Pennsylvania Turnpike Commission revenue bonds last month. We know this because he told us. Eventually. Thirty-one days later, which is, coincidentally, the maximum window allowed under the STOCK Act before it becomes a problem.
The bond in question yields 5% and matures in December 2027, which means McCormick was holding something about as exciting as a savings account with extra paperwork, and still felt the need to exit. We are not told why. We are never told why. The STOCK Act requires disclosure of the what and the when, not the why, because the why is where things get interesting, and Washington has a longstanding policy against things getting interesting.
The amount is listed as "$250,001–$500,000" because precision is for people who don't write their own disclosure rules.
A Pennsylvania Turnpike bond. Sold by a Pennsylvania Senator. Filed on the last acceptable day. The chart, as always, is all that matters — and this one just quietly went flat.
Panic Sell Weekly: We read the filings so you can feel appropriately unsettled.
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