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BREAKING: The RECOUP Act just passed the Senate Banking Committee. This bill would let the FDIC clawback compensation from executives at failed banks, including profits made by selling the bank’s stock. We caught several congressmen selling bank stocks before the recent crash:
Senator Thomas Carper sold his whole position in the SPDR S&P Bank ETF ( $KBE ) on March 1st. Carper sits on the Senate Committee on Finance.
Rep. Mikie Sherrill sold up to $500K of $UBS on March 3rd.
Rep. Dan Sullivan also traded JP Morgan stock in February, making a sale made on February 13th.
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Rep. Kevin Hern sold BlackRock stock ( $BLK ) on January 31st.
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