Lawmakers Made Massive Stock Trades Amid Failure Of Multiple Banks
View Source | April 11, 2023 3:18 pm
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- 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.
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