First Republic has fallen.
We repeat. First Republic has fallen!
It officially happened.
Federal regulators seized First Republic, making it the second-largest U.S. bank failure in the nation’s history.
The Federal Deposit Insurance Corporation (FDIC) averted a banking crisis by taking its portfolio ($103.9 billion in deposits and $229.1 billion in assets) and selling it to JPMorgan Chase.
And, of course, the Federal Reserve will raise interest rates again on Wednesday, despite three of the nation’s largest bank failures occurring since March.
What’s even more amazing is that all this is occurring under President Joe Biden’s watch and most of the activist media has kept quiet about this.
But get this.
JPMorgan CEO Jamie Dimon told listeners on an investor call on Monday morning that “the system is very, very sound.”
As the kids say, LOL.
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