According to disclosure documents, Democratic Florida Representative Lois Frankel reportedly sold First Republic Bank shares as its share price fell and acquired JPMorgan stock just before the bank bought First Republic.
According to a periodic transaction report submitted on April 28, Frankel sold between $1,001 and $15,000 worth of First Republic shares on March 16 and bought between $1,001 and $15,000 worth of JPMorgan stock on March 22.
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012, which was created to stop Congressional legislators from engaging in insider trading, requires that the transaction reports be submitted on time.
BREAKING NEWS: Another Congressman literally traded banking stocks again.
Lois Frankel sold $FRC on March 16th, avoiding the remaining 80% drop.
She THEN BOUGHT $JPM, the bank buying FRC on March 22nd.
— unusual_whales (@unusual_whales) May 1, 2023
According to the study, her First Republic shares was a holding within a Morgan Stanley IRA account that was overseen by MFS Investment Management.
The JPMorgan stock is a portion of another Morgan Stanley IRA that Anchor Capital Advisors LLC is in charge of.
According to First Republic Bank’s April 24 earnings report, after the bank lost $100 billion in deposits, federal regulators took control of the institution and sold it to JPMorgan on Monday.
The collapse of First Republic, which was the 14th-largest commercial bank in the United States, is now the second-largest financial crisis in American history, surpassing the March failure of Silicon Valley Bank.
The Federal Deposit Insurance Corporation (FDIC) claimed that it purchased First Republic and then sold it to JP Morgan for a price of $13 billion.
[READ MORE: Democrat Maryland Senator Ben Cardin Will Reportedly Not Run For Re-Election]
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Ya gotta wonder if he just ‘got lucky’ or if he had inside info or did his action precipitate the collapse?
What a scum bag. She gets insider information, sells her stock and knows what bank is going to buy it, while everyone else who owned the stock watches all their investment turn to ZERO. She should be arrested and put in jail for insider trading just like Martha Stewart. What a total scumbag. It is not fair. What is even worse is it is Legal for these scums to do insider trading. That is why all of them are millionaires after 3 or so years.
Being a politician is very lucrative none leave office with less money than they entered, except one, Donald Trump.
Just a freakin’ coincidence? Maybe. But the real issue of grave concern is that bank after bank is collapsing. A new economic domino theory seems to hold true. Which domino is next to fall?