by Cristina Laila at The Gateway Pundit
Top Executives at First Republic Bank sold $12 million in company stock before shares plummeted, according to the Wall Street Journal.
Here's ANOTHER First Republic scoop: Executives sold millions in shares in the months before the crash. by @BenFoldy @mcgint https://t.co/fa5RGQ2LFF
You might ask, why doesn't this show up in SEC filings? …— Charles Forelle (@charlesforelle) March 16, 2023
The stock sale does not show up in SEC filings.
Instead of filing with the SEC, First Republic files insider forms with the FDIC–thanks to a quirk of the Securities Act of 1933. pic.twitter.com/irBqsrAMbx
— Charles Forelle (@charlesforelle) March 16, 2023
First Republic Bank was downgraded to “junk” by the S&P on Wednesday.
“We believe the risk of deposit outflows is elevated at First Republic Bank despite the actions of federal banking regulators and the bank actively increasing its borrowing availability to mitigate risk associated with the bank failures over the last week,” S&P said in a statement.
“Still, if deposit outflows continue, we expect First Republic would need to rely on its more costly wholesale borrowings. This would encumber its balance sheet and hurt its modest profitability,” said S&P, according to Market Watch.
As of December 31,…