Posted on 05/02/2023 10:49:02 AM PDT by Red Badger
Rep. Lois Frankel sold her First Republic Bank stock weeks before bank's collapse
Florida Democratic representative Lois Frankel is capitalizing on First Republic Bank's collapse and subsequent buyout by JP Morgan Chase & Co, according to congressional financial disclosures reported on by Newsweek.
Frankel sold her stock in the San Francisco-based bank on March 16, weeks before the value of its shares dropped 75 percent and U.S. regulators seized the failing bank's assets, Newsweek reported. A few days later, on March 22, Frankel bought stock in JP Morgan Chase & Co, which on Monday bought most of First Republic Bank's assets. The exact amount of stock Frankel traded is unknown, but according to the filing, the value for each trade was between $1,001 and $15,000, Newsweek reported.
Frankel's shrewd trading fuels mounting criticism of members of Congress buying and selling stocks, which allows them to profit from industries they are supposed to regulate. Reps. Earl Blumenauer (D., Ore.) and John Curtis (R., Utah) also reported trading First Republic Bank stocks before its collapse. Several members of Congress have introduced legislation to ban congressional stock trading.
"My account is managed independently by a money manager who buys and sells stocks at his discretion," Frankel said in a statement to Newsweek.
“Several members of Congress have introduced legislation to ban congressional stock trading.”
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Zero chance of passing. It would defeat their reason for being there.
There’s nothing to see here.
She has the lobes for business!
Damn if she’s not better at market timing then Warren Buffett.... 🧐🧐🧐🧐
The sad part of this is the ordinary citizen would be thrown in jail for doing this but not our kleptocratic rulers.
Don’t tell me that congress members aren’t making money off insider information. It’s obvious they have been doing so for years. Pelosi and her husband’s amazing stock purchases and sales (all at the exactly right time) is Exhibit A of the evidence proving such!
This is obviously insider trading. And sure looks like a violation of the STOCK act. Rep. Frankel must be investigated immediately!
Oh, wait. Rep. Frankel is a Democrat. The mainstream media will ignore this. But the House leadership is Republican. So Rep. Frankel might be denied dessert in the House dining room for a day or two. That’ll teach her.
https://en.wikipedia.org/wiki/STOCK_Act
Corrupt, unethical BTH.
Exactly
I don’t see why anyone and especially here on Free Republic is getting their panties in a wad over a little inside trading by members of the government.
I think we all know that, sans bribery, insider trading is one of only a few ways elected members of congress can grow wealthy, while in office.
What would happen if I did that?
Asking for a friend (Martha Stewart—she warned me not to lie about it.)
🤣😂🤣😂🤦♂️...............................
Pure coincidence
Some people are just very ‘lucky’ I guess......................
Congress is exempt from laws about insider trading.
No, I am not being cynical. They wrote laws specifically exempting themselves. What they are all doing is legal for them to do by the laws currently in place. It is not legal for us to do those things.
Nice work if you can get it.
It’s not the trading itself. It’s that this democrat politician knew this was going down before everyone else. How is that? Who gave her this information? What other information does she possess?
Lots of folks show up in DC lower middle class or middle class and (on a somewhat normal salary) become multimillionaires in a few short years...
Ever wonder how it happens?
The Bimbos and pretentious ‘men’ of the MSM - Washington Post, New York Times and LA Times are NOT even mildly curious.
Hint: Not curious because most of the most outrageous examples are from the democrat ranks...
” It’s that this democrat politician knew this was going down before everyone else. “
Yeah. That is called INSIDER TRADING.
My little two (2) sentence post used the words INSIDER TRADING in each sentence.
I guess I should have put a sarcasm tag on the post as
are so dense they need even INSIDER TRADING spelled out
It’s more than insider trading.
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