The FDIC announced it seized First Republic Bank and that JPMorgan Chase would be purchasing the bank’s assets and deposits. Barron’s reporter Megan Cassella explains what led up to the latest banking failure and whether officials think it stems from previous crisis in 2023.
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#FDIC #FirstRepublicBank #JPMorgan
Answer- Joe Biden!
Answer: Trump rescinding Bank regulations put in place by Obama.
Joe can’t answer until he get a notecard with the questions and answers prewritten for him….
@NowOne LOL: Trump can’t read a simple teleprompter without sounding like a hostage video. Joe entertained the Press corps two days ago for 20 minutes. Trump told us to inject ourselves with bleach and sunshine. Sit down son. Adults talking
You clearly don’t understand how the economy even works. Please be quiet.
I’m poor so I don’t care 🤷♂️
So get a job, a better job, or multiple jobs if you are able bodied
No, adding multiple jobs just make you exploited. You adapt the industry.
First it happened when house wives started to work you could cut the salary by 1/2
@Robert Ågren speak for yourself
It’s only rich people banks toppling, because rich people are pulling out their cash like lemmings. 🤷🏼♂
J u z are behind this…will you ever figure it out?
It’s the end of the LNG spike and they aren’t doing any better than Tesla. Trump and Biden’s tax spending and efforts to sell gas to Europe are a flop. No wonder Russia didn’t care all that much about Nord Stream.
Because they’re the only ones with money to pull out.
Democrats desperately trying to twist the narrative and distract America from what a mess they are making of our country and the world….
We will be paying for Trump’s blunders (this one his rescinding the bank regulations put in place by Obama to prevent this) for the rest of our lives.
พวกเจ้าอาจจะคาดไม่ถึงกับความคิดของเราถ้าทำตามที่เราบอกสงครามจะจบลงอย่างรวดเร็วอย่างที่พวกเจ้าคาดไม่ถึง
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I make $85,000USD every month
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Trump Era deregulation at it’s finest! The hits keep coming.
You are soooo right‼️
@Shirley Andrews your a waist of oxygen and life
Surprise. Another big bank collapse under one of the best president ever.
Lets get pit and vote for biden so he can finish what he started. Got to make sure we can take out all of the big banks competition.
#Democratsfortranswomen2024
As a leftist, You are ignorant AF. Biden is far from being the “Best president eVeR” 🥴
In 2018, Donald ‘Six Bankruptcies’ Trump signed a bill that ended regulatory requirements for regional banks with less than $250 billion in assets. “Under the new rules, such institutions no longer had to submit to ‘stress testing’ by the Federal Reserve and were no longer required to keep a certain amount of cash on hand to protect against the effects of financial shocks.” Fifteen banks failed during Trump’s tenure.
Besides the bs from reading their lips and the political theater, both Trump and Biden set up for the same policy.
This is 100% Xiden’s fault. It happened under his presidency – he owns it!!!
Really you should do some homework. Presidents don’t break banks. I assume you are Dem and should know under Obama in 8 years 495 banks failed. Not his fault but that was why regulation was taken off small banks.
Everyone can thank the president and Ukraine, for the banks, collapsing
AHH failed state America keeps failing
Ahh how are the sanctions on Russia?
It’s a waist. Just like your a waist of oxygen
But these people opened an account with First Republican, not with JP Morgan. 😅😅😅if they wanted to bank with aJPM they would have to begin with 😅😅😅
Well, I’m sure they could always say NO, stand on their principle and have no money over the FDIC.
Part of the FDIC rules, however, are that other banks can take over.
So they would have to say NO to any money at all. I’m ok with that.
@PhrontDoor Yes, you are correct and we all knew all that I’m just speaking of the irony of it like seriously if these folks wanted to bank with JP they would have now they are forced or have no real choice to now bank with a company they had no intention of banking with to begin with. It’s just funny but not really funny.😏
First Republic. I have an account there. I expect I will stay there. I don’t see a reason to change.
@GH1618 No, you have an account with JPMorgan Chase now.
Everyone blaming everyone else. The bank has no one to blame but themselves. Despite de-regulations the bank is responsible how it runs business. Despite who’s president the bank makes its own choices.
Let me guess, they invested in LNG and Biden’s proxy war in Ukraine. They shouldn’t feel bad, because the feds had to raise the debt ceiling despite LNG sales to Europe up 140%. If you were there for the initial spike, you’re ok, but in the long run, no better than Tesla and they didn’t have to blow up Russian car factories…..lol
Yeah thanks for this great economy, government. The dems just are not good with the economy. Inflation now killing banks and billions in handouts again. People need to stop voting with your feelings, unless you like this slide we in
George W Bush and the GOP did much worse when so many lost their homes.
Monopolies creating oligopoly. Greed.
First Republic failed because the executives sold millions in shares
FAKE IT ‘TIL YOU MAKE IT —- Make it up as you go along… pay as you go.
It was just a few days ago they where going to try to save it ?
Don’t worry. When JP Morgan fails sleepy Joe will take it over.
Let me guess….greed and corruption had nothing to do with this
😂😂😂😂😂😂😂😁😁😁😁😁😁😁😁😁
So now the Biggest bank 🏦 In the US gets bigger and way to big to fail And just like 2008 no banker’s will go to jail..
There is no hint of anything criminal in this. No one should go to jail.
Regulations would have prevented it. You can’t trust the corporations, who are profits based, to do the right things without regulations to hold them to a standard. They will always put profits ahead of safety, quality and security.
They are regulated.
Banks that lend badly should fail.
There has to be moral hazard.
These banks are ran by democrats
@Billy Bob Trump removed bank regulations. Get up to speed.
They already are strongly regulated. A lot of bad loans are basically mandated by GOV regulations
@Viti Gaymer LOL They are NOT strongly regulated. What a joke!
This spook the shareholders of other small banks.
The shareholders aren’t the problem, though. The large depositors are. FR had too much money in uninsured deposits. They were out on a limb and the depositors sawed it off.
@GH1618 yes that was the issue with bank failure but when FDIC gave first Republic to JP Morgan the stock holders lost everything. This will spook the stock holders of other small banks to dumb there stocks and move there money else where.
Low interest rates for multi million dollar properties.
No
I keep my money, NOT IN A BANK. Who didn’t learn how crooked banks are yet? Wells Fargo. “your money is safe” well what else are they gonna say?
The FED is a private zionist controlled bank. Control the money you control the people. ZION! Usury is a jeweish invention. Don’t keep you stash in a bank.
Dumb. Saving? Remember cans full of gold eagles burried in the yard? Stashed in the garage?
No one has ever lost FDIC insured deposits.
@GH1618 You didn’t learn about the Great Depression?
And any statement the starts with. “NO one” is false. You don’t know about everyone.
These are the signes of America’s landslide. Huge disaster much bigger than the great depression is on its way.
It’s time to BREAK UP “ALL” MONOPOLIES. Support Sen Eliz Warren she needs our support ‼️🥰
Why First Republic failed. Are other banks to follow? Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom:
chase is a horrible bank they work with scammers to scam people
Fed doesn’t know what it is doing.
Unless every member of the C-Suite dies in prison, who cares? Is this not just another typical case? Enron set the stage, and they have all followed. How many of their C-Suites and executives ever truly paid for anything? Did their wives and children get pushed into middle class? NO. No pain was endured, except by everyone else. HOW MANY PEOPLE KILLED THEMSELVES? HOW MANY ENTIRE FAMILIES WERE DESTROYED?
Wealthy people are not truly human. They just are not. They are protected, in ways the middle and lower classes can never conceive.
EAT THE RICH. Take advantage every time you can, and take everything you can—especially if it can be used to destroy them.
Start pulling out your funds ppl.
First Republic Bank was the 14th largest bank in the US, and it wasn’t subject to the most strict controls. How many banks actually are subject to those controls, besides the big four? Any bank could suffer a run and fail, and if that happens to a community level or even state level bank it probably won’t upset the national economy or ecosystem of banks, but any multi-state bank should be more closely watched, I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
I have learned to not trust corporations. I was badly hit by the ’08 financial crisis. Since 2019, I’ve just been focused on investing through a financial advisor, and it has been paying off, and I’m never going back to banks full time.
@Siena Hoyt Would you mind telling me how to contact this specific coach using their service? Unlike the rest of us, it appears you have figured everything out.
@Brandy Casale It would be a very innovative suggestion to look out for Financial Advisors like “Susan Bauer Normansell” who can help shape up your portfolio. Trying times are ahead, and good personal financial management will be very important to weather the storm
@Siena Hoyt Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
You need to pay more taxes