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I’m sure this doesn’t imply anything.
Well, anything beyond the fact that JPMorgan Chase is a very altruistic group, and should be given even more and more money by the US federal government.
RT:
The embattled First Republic Bank has been taken over by regulators and will be sold to JPMorgan Chase, the California Department of Financial Protection and Innovation (DFPI) announced on Monday.
Earlier this week, the Federal Deposit Insurance Corporation (FDIC), a principal federal regulator of US financial institutions, asked a number of banks to submit bids for the struggling lender in an effort to secure a buyer before it entered receivership. A deadline for bids was set for Sunday.
The FDIC pays the “private” banks to buy the other banks, by the way.
Just so we’re all clear on this process, which could potentially be viewed as “less than transparent.”
JPMorgan, America’s biggest bank, will “assume all deposits, including all uninsured deposits, and substantially all assets” of First Republic, according to a statement issued by the Californian regulator.
The DFPI has appointed the Federal Deposit Insurance Corporation as the receiver of the San Francisco-based bank, the total assets of which amounted to nearly $229.1 billion as of April 13, 2023, while its total deposits totaled some $103.9 billion.
“Deposits are federally insured by the FDIC subject to applicable limits,” the statement read.
Last week, a massive sell-off wiped out 75% of the bank’s stock value, following the disclosure that it had lost more than $100 billion of deposits in the first quarter of the current year.
I was hoping this meant “Bitcoin pop.”
It didn’t – or hasn’t yet.
Bitcoin is incomprehensible because it’s always so flush with dumb money, it’s really not worth my time to think about it.
But yeah, I hope the US banking system collapses, triggers a collapse of the dollar which triggers an international financial crisis which kills billions of people and then results in the new order of equal nations peacefully trading with each other under the watchful gaze of the Chinese.
You retards are probably all going to die and then be like “wah, I should have listened to Anglin.”
Not my problem.
