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Started By
Message
First Republic Bank is gone.
Posted on 5/1/23 at 7:57 am
Posted on 5/1/23 at 7:57 am
JPMorgan purchased the bank early this morning
quote:
The Federal Deposit Insurance Corporation (FDIC) has accepted a bid from JPMorgan Chase Bank to assume all deposits of First Republic Bank, the California Department of Financial Protection and Innovation (DFPI) announced early Monday morning.
quote:
Investors and depositors grew increasingly worried First Republic Bank may not survive as an independent entity due to its high amount of uninsured deposits and exposure to low-interest rate loans. But, the purchase agreement includes all uninsured deposits and substantially all its assets.
4
Posted on 5/1/23 at 8:01 am to BengalOnTheBay
I like Tim Pool's comment. 
quote:
Tim Pool
@Timcast
·
2h
Holy frick what
Quote Tweet
The New York Times
@nytimes
·
3h
The U.S. government seized First Republic Bank and sold it JPMorgan Chase on Monday, ending the lender’s six-week-long free fall and reassuring depositors that their money is safe.
Posted on 5/1/23 at 8:02 am to Bunk Moreland
quote:
seized First Republic Bank and sold it JPMorgan Chase
Nothing to see here, move along please
Posted on 5/1/23 at 8:08 am to BengalOnTheBay
I can’t wait to have 4 banking options that work with government and freeze your bank account for wrong think!
Posted on 5/1/23 at 8:16 am to Deuces
JP Morgan execs reportedly maintained contact with Epstein after dropping him as client: Bank’s links to sex offender financier deeper than previously known, as it faces lawsuit brought by US Virgin Islands…
The bank falsely claimed it severed it’s financial relationship with the notorious darling of the political beau monde after Epstein’s 2013 conviction.
Posted on 5/1/23 at 8:17 am to Bunk Moreland
A lot of people not realizing this is not out of the normal process at all but are still gonna be real loud about it
Posted on 5/1/23 at 8:24 am to shel311
quote:
A lot of people not realizing this is not out of the normal process at all but are still gonna be real loud about it
No kidding, this shite happens all the time. Its pretty common for banks with assets of nearly $250 billion to teeter on collapse.....this crap happens several times annually.
Posted on 5/1/23 at 8:30 am to Deuces
quote:
I can’t wait to have 4 banking options that work with government and freeze your bank account for wrong think!
Just wait until you have to get a government-issued number to do things like engage in commerce and interstate travel.
Things are going to be fine!
Posted on 5/1/23 at 8:43 am to Bass Tiger
quote:I said nothing about how normal it is for a bank to fail, you deflected and changed the subject, likely because you realized I was correct, I assume?
No kidding, this shite happens all the time. Its pretty common for banks with assets of nearly $250 billion to teeter on collapse.....this crap happens several times annually.
Posted on 5/1/23 at 8:49 am to BengalOnTheBay
Hopefully my SVB account gets switched to a JPM account so I don’t have to dick around with all the paperwork and background checks.
Posted on 5/1/23 at 9:35 am to BengalOnTheBay
The House needs to look at the management of the San Francisco Fed. Two of the largest bank failures in history happening under their watch, and one of the CEOs was a board member.
Posted on 5/1/23 at 10:07 am to TerryDawg03
quote:
The House needs to look at the management of the San Francisco Fed. Two of the largest bank failures in history happening under their watch, and one of the CEOs was a board member.
I think it's a lot less about "management" and a lot more about "siphoning off hundreds of millions in profit to liberal groups/politicians/woke bullshite."
What's a few bank failures here and there to ensure we're creating a future with income equity and climate justice!
Posted on 5/1/23 at 4:15 pm to shel311
quote:
I said nothing about how normal it is for a bank to fail,
quote:fail
lot of people not realizing this is not out of the normal process
This post was edited on 5/1/23 at 4:18 pm
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