tuscl

OT: Lawmakers Dumped Their Shares In First Republic Bank Before The Company Coll

Papi_Chulo
Miami, FL (or the nearest big-booty club)
Wednesday, May 3, 2023 11:42 PM
"Lawmakers Dumped Their Shares In First Republic Bank Before The Company Collapsed" Multiple lawmakers sold their shares in First Republic Bank in the weeks before the firm collapsed and was sold to JPMorgan Chase by financial regulators. First Republic Bank imploded on Monday, weeks after Silicon Valley Bank and Signature Bank similarly collapsed, as account holders with balances above the Federal Deposit Insurance Corporation threshold rushed to withdraw their funds. Periodic transaction disclosure forms reveal that multiple lawmakers jettisoned their shares in First Republic Bank or acquired shares in JPMorgan Chase over the past two months, a phenomenon which follows accusations that some lawmakers routinely buy stocks at opportune times and cut losses by selling shares. The lawmakers who sold shares of First Republic Bank indeed avoided heavy losses: the firm’s stock fell from $121.54 at the beginning of the year to $3.51 at the time of the collapse. Rep. Lois Frankel (D-FL) sold between $1,001 and $15,000 in First Republic Bank shares on March 16 and bought between $1,001 and $15,000 in JPMorgan Chase shares on March 22. Rep. Ro Khanna (D-CA) purchased between $1,001 and $15,000 shares of First Republic Bank shares on March 9 but likewise sold the same indeterminate amount of the assets on March 15, as well as purchased between $1,001 and $15,000 in JPMorgan Chase stock on both March 3 and March 14. His disclosure form said the shares belonged to his wife and dependent child. Rep. John Curtis (R-UT) meanwhile sold between $1,000 and $15,000 in First Republic Bank shares on March 16, and the wife of Rep. Earl Blumenauer (D-OR) sold between $1,001 and $15,000 in First Republic Bank stock on March 20. Rep. Dan Goldman (D-NY) also sold between $1,001 and $15,000 in First Republic Bank shares on March 15. Rep. Nicole Malliotakis (R-NY) previously bought between $1,001 and $15,000 of stock in New York Community Bancorp, the company which would acquire Signature Bank, on March 17. The trades amid the possible financial crisis marked one of several instances in which lawmakers were criticized for improperly leveraging their insider knowledge of the financial markets. Democrats and Republicans, including conservative Rep. Matt Gaetz (R-FL) and leftist Rep. Alexandria Ocasio-Cortez (D-NY), proposed a bill on Tuesday that would prohibit fellow lawmakers, their spouses, and their dependents from buying or selling individual stocks, the latest of multiple prior legislative proposals to address the controversy. “The fact that members of the Progressive Caucus, the Freedom Caucus, and the Bipartisan Problem Solvers Caucus, reflecting the entirety of the political spectrum, can find common ground on key issues like this should send a powerful message to America,” Rep. Brian Fitzpatrick (R-PA), another sponsor of the bill, said in a statement. “We must move forward on issues that unite us, including our firm belief that trust in government must be restored, and that members of Congress, including their dependents, must be prohibited from trading in stocks while they are serving in Congress and have access to sensitive, inside information.” [view link]

16 comments

  • Papi_Chulo
    •
    a year ago
    So many politicians are of avg-means when entering politics and are “miraculously” wealthy/multi-millionaires by the time they leave – SMH.
  • Array
    •
    a year ago
    Wait, what? Are you saying that Democrats can be just as shady as Republicans? Just wait until Clarence Thomas hears about this!
  • mogul1985
    •
    a year ago
    We don't allow corporate officers to do inside trading, unless they are CCP companies. Officers are required to do sells/buys on a schedule like 90 days in advance (could be more?). Yet it has always been OK for those who create laws to exclude themselves from all kinds of stuff. There is no way the Bindens can own as much "stuff" as they do on a community collage and senators salaries without kickbacks/graft - they are the ultimate grifters and a pox on our country. And before anyone says but but but TRUMP it ain't going to float. @Array: Throwing shade on the SC, and especially Thomas, is from drinking the Leftist Kool-Aid. Do you have ANY IDEA how many "gifts" and trips elected officials are showered with by lobbyists? The Dems are doing what they can to control all. I'm not a fan of John Roberts, however, he did the right thing when he told the Dem Senate to FUCK OFF. We have 3 equal branches of govt, and the Legislature to get their stinking camel noses out from SC Judiciary tent. The Democrats wrote the book on slimy politics. Look no further than the decades of Dem controlled cities that look like "Escape From New York".
  • twentyfive
    •
    a year ago
    This goes to my point on that thread about RFK, these greedy bastards are no goddamn good and should be tarred and feathered, like the thieves they are. Government is so full of these greedy corrupt bastards it's disgusting,
  • gammanu95
    •
    a year ago
    Government of the people, by the people, and for the people no longer exists. Even the bartenders who get elected forget all about their neighbors after their first taste of bacon-wrapped shrimp paid for with taxpayer money. We need to restore the service to civil service. DC needs to be disbanded. There should be no city or residents. The District of Columbia should only be the federal buildings and monuments comprising the nation's capital. The only residential address should be 1600 Pennsylvania Avenue. People living in that area would either be residents of Maryland or Virginia. Term limits, mandatory retirement ages, limited benefits, of course. Legislators should only be in DC when Congress is in session, and live in communal housing when they do. This will help to weaken lobbyists and increase self-policing. They can all have individual private studio suites, I understand that, but their sole address and residency should be in their home state or district. A constitutional amendment that government employees and legislators are subject the laws they pass - student loan bankruptcy exemption, sequestration salary and benefit reduction, Obamacare, emoluments, and restrictions on business/stock trades. Of course, these restrictions will only benefit the citizens of this country, and do nothing for the governing class that has placed themselves above us all.
  • SanchoRG
    •
    a year ago
    *lawmakers with hand in the cookie jar* "hey look over there, its a tranny!"
  • CJKent_band
    •
    a year ago
    “America sucks and needs to be dismantled.” ~ Papi_Chulo, TUSCL, August 14, 2020 ~ White Privileged (Cuban) residing in Miami, FL “^ Sad but so true Papi.” ~ Warrior15, TUSCL, August 14, 2020 ~ Just a Monger looking for some Action.
  • Tetradon
    •
    a year ago
    ^ #bait
  • mogul1985
    •
    a year ago
    Bulworth 1995:If Hollywood made this today, it would be about Republicans. Thus spoke volumes. [view link]
  • docsavage
    •
    a year ago
    These bank collapses are likely to continue. PacWest bank is now in trouble. The problem is not bad management at individual banks. It's a systemic problem. They know they will be bailed out if they get in trouble so that creates a moral hazard situation where they make risky decisions. The bank bailout after the 2008 financial crisis just guaranteed there was going to be a bigger crisis later on.
  • Tetradon
    •
    a year ago
    God bless my JPMorgan stock which I bought for this precise cynical reason. Congress and 1st degree relatives should be forced to hand every nickel to a passive manager until 1 year after they leave office.
  • sinclair
    •
    a year ago
    I read this today: "A study on the fragility of the U.S. banking system found that 186 more banks are at risk of failure even if only half of their uninsured depositors decide to withdraw their funds." Grab the popcorn after you make sure you're under the FDIC threshold in all of your bank accounts.
  • Papi_Chulo
    •
    a year ago
    "... Grab the popcorn after you make sure you're under the FDIC threshold in all of your bank accounts ..." One of my concern$ is that it may get so-bad w.r.t. the banks/economy, that the government/FDIC may not be able to cover depositors even if under the $250k insured-limit; i.e. that one may at least have to take a haircut even if under the $250K limit – our economy seems pretty-unhealthy least of which is a 31-trillion-dollar national-debt which hamstrings what can be done; or maybe we just keep increasing the debt w/ no end-in-$ight
  • CJKent_band
    •
    a year ago
    The UNDENIABLE REALITY is that: Most of our past and current “American” Economic Systems create Poverty, Greed, Violence, Disease, and Environmental Destruction "There is enough in the world for everyone's need, but not enough for everyone's greed." ~ Frank Buchman aka (Franklin Nathaniel Daniel Buchman) ~ Decorated by the French and German governments for his contributions to Franco-German reconciliation after World War II. ~ Born June 4, 1878 Pennsburg, Pennsylvania ~ Died August 7, 1961 Freudenstadt, West
  • Tetradon
    •
    a year ago
    ^ #bait
  • ilbbaicnl
    •
    a year ago
    We have to go back to something more like Glass-Steagall. If you want to have insurance on your house, you can't build it out of popsicle sticks. Or maybe let banks do what they want, but then they don't get deposit insurance. I doubt many people who put money in a bank like that, expect for people who also buy junk bonds.
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