Rep Lois Frankel – Insider Trading? Sold First Republic Stock, Then Bought Chase Stock.

What's good for them is illegal for you

“It’s one big club and we ain’t in it,” Comedian George Carlin once said. When you look at what Rep Lois Frankel (D-FL22) did recently, it appears to be true. She sold stock in First Republic Bank before it collapsed in March, and bought stock in JP Morgan Chase, the bank that bought it. Is that “insider trading?” And how did she know which bank would buy the failed one?  Ms Frankel is on the House Appropriations Committee and as such was privy to financial information before it was made public. That’s insider trading, and yes it is illegal. But it seems that Congress has appointed themselves above the law.

Someone should ask Martha Stewart (who spent prison time for insider trading) how this all works and whether people go to jail over it.  Never mind, nothing will happen to Rep Lois Frankel. Twitter users had many comments, of which these are only a tiny fraction:

The latter purchased all deposits & assets Without the Debt. And now JPChase handles 10% of all deposits in our country. Imagine their stock rising… its almost as if someone knew something. @GeneralJaffey

Sounds like insider trading to me but hey democrats always get away with breaking the law. #BrooklynGurl
Why aren’t these people in jail???? @lcwhite1226
FBI and CIA will definitely now… oh right, nothing to see here. @SuperSashaX
Nice. Meanwhile most of us are barely keeping our heads above water…. @SomeUSAChick
S 3504, introduced by Senator Josh Hawley, was introduced last year. It says: “Except as provided in subsection (b), a Member of Congress, or any spouse of a Member of Congress, may not, during the term of service of the Member of Congress, hold, purchase, or sell any covered financial instrument.” Up until now, that was aimed at Nancy Pelosi and her husband, who routinely engaged in it. Rep Lois Frankel is simply the last person to be caught doing it.
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Faye Higbee

Faye Higbee is the columnist manager for Uncle Sam's Misguided Children. She has been writing at Conservative Firing Line since 2013 as well. She is also a published author.

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