Malliotakis Purchased New York Community Bankcorp Stock as Signature Bank Collapsed
Congressman Nicole Malliotakis is all over the news for purchasing New York Community Bankcorp stock. (Story)
Congresswoman Malliotakis tweeted on March 13th that she worked on Signature Bank’s closure. (See tweet)
Malliotakis’ purchased NYCB‘s stock on March 17th, which was two days before the FDIC announced that Flagstar Bank, a subsidiary of New York Community Bank, would take over the forty branches of Signature Bank. (Source)
On March 17th, NYCB’s stock went for $6.54 and Malliotakis purchased between $1,000 and $15,000. (The paperwork she filled out doesn’t ask for the amount, but politicians have to choose between a range.)
On March 20th, the stock rose 32% (Source). Today the stock is being sold for $9.16 (a 40% increase from the purchase price on March 17th).
If Malliotakis purchased $1000 in stock, she would now have $1400. If she purchased $10,000 in stock, she would have $14,000 in stock. This small amount of money doesn’t seem like it would be worth it for Malliotakis.
Malliotakis has always been about law and order. Why would she risk her reputation over this? She has even spoke out for transparency:
Nicole Malliotakis knows the media is watching her stocks. They tweeted about her February sale of Verizon stock. (See here) They also wrote this article. But it’s strange she didn’t purchase any other stock other than NYCB.
Signature Bank on 90th and 3rd Avenue in Bay Ridge has a Flagstar sign on it.
These two banks were involved in the property that is being auctioned on Friday on 4th Avenue. (See here)
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Hugs,
marlene
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