“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.
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
Democrat Lawmaker Lois Frankel Sold First Republic Stock Before It Crashed by 80% – Bought JPMorgan Stock Which Just Bought First Republic Instead https://t.co/4nOaH0y1Jp
— The Gateway Pundit (@gatewaypundit) May 2, 2023
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
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