Executives at First Republic Sold Shares of Stock Prior to Crisis
I want to get to the disturbing things that Janet Yellen said because it really calls into question whether or not they are in fact helping the system or trying to save the system. But first, according to a report in The Wall Street Journal, there may have been more corruption than we ever thought at some of these banks, including first republic, because we have learned and I do not believe this was some kind of auto sale, like what we saw over at SVB. We have learned that some of the top executives there sold their shares around March 6th, this would have been just days ahead of the crisis, and they pocketed millions of dollars in these transactions. Think about that. I mean, it kind of brings front and center, what everybody's worried about, which is that this is a rigged system where certain insiders have certain information and they're acting on that information. I'll tell you, someone needs to investigate this because if they did, there should be will be, I certainly hope AT double L to pay. Not good, not good. A lot of questions about that because by the way, normally you would file with the SEC this Securities and Exchange Commission whenever you have one of these stock sales and yet these guys over first republic according to The Wall Street Journal, they didn't. They didn't file the forms at the SEC. They only did it with the FDIC and I don't even understand how that happens, given that you're a publicly traded company. So this is weird. Really, really weird. And so now they're getting a bailout. I am sure there's a bunch of government pressure right now on some of the bigger banks to say, hey guys, we need your help here. Step in, do the right thing.