Democrat lawmaker and stock trading genius Lois Frankel
Investor Matt Allen posted an interesting tweet on how one Democrat lawmaker was able to wade through the collapse of First Republic Bank.
Congresswoman Lois Frankel sold First Republic Bank in March before the stock dropped 80%
After she sold First Republic, she bought JP Morgan Chase which just bought First Republic. She clearly had inside information.
Congresswoman Lois Frankel sold First Republic Bank in March before the stock dropped 80%
After she sold First Republic, she bought JP Morgan Chase which just bought First Republic. She clearly had inside information.
If me or you did this then we would be in prison. pic.twitter.com/blvDMF2ag6
— Matt Allen (@investmattallen) May 1, 2023
The Free Beacon reported:
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.