Lawmakers Made Massive Stock Trades Amid Failure Of Multiple Banks

  • Several lawmakers made considerable bank stock trades as multiple financial institutions failed last month, according to federal disclosures.
  • The implosions of Silicon Valley Bank and Signature Bank, where the vast majority of account balances exceeded the $250,000 threshold backed by the Federal Deposit Insurance Corporation, prompted the government-backed company to secure all accounts at the firms last month in order to prevent additional bank runs.
  • Assets for the two firms were respectively acquired by First Citizens Bank and New York Community Bancorp for significant discounts.