Congressional Trader Sells Distressed Bank Shares on Day of Stock Crash, Option Traders Hit with Massive Margin Calls, and Delisted Bank Stocks Resurface on OTC Market.
US Representative John Curtis sold $1,000 to $15,000 in shares of First Republic Bank on March 16, the same day the bank announced it was suspending its dividend and receiving $30 billion in uninsured deposits from several large banks. The sale made Curtis the first Congress member to report trading during the banking crisis. First Republic shares fell after hours on March 16, and the drop continued the next day, potentially resulting in a loss for Curtis. Curtis also sold shares of Bank of America and purchased shares of Berkshire Hathaway in the same filing. Curtis was one of the best performing members of Congress from a stock trading standpoint in 2021, according to an annual report from UnusualWhales.