US financial authorities have seized California’s troubled First Republic Bank and sold it to JPMorgan Chase, hoping to bring to a close a two-month banking crisis that has spooked the financial system.
First Republic became the third major financial institution in the United States to fail in two months.
The deal, announced early on Monday, will see JP Morgan take $173bn of loans, $30bn of securities and $92bn of deposits from the failed lender. There were no details on how much the banking giant would pay.
“Our government invited us and others to step up, and we did,” JPMorgan’s CEO Jamie Dimon said in a statement.
Al Jazeera’s Kristen Saloomey joins us live from New York.
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#JPMorgan #FirstRepublicBank #FirstRepublicBankCollapse #FinancialCrisis #Finance #Banks
Don’t worry about US,russia is about to collapse.🤣
Dude, America’s GDP is over 22 trillion US dollar per year. Russia economy is 800 billion US dollar, the US State of Ohio has a bigger economy than Russia. LOL hahahahahahahahahaha 🤣 You don’t know how to even read an economic report.
@Marc Temura regardless of that, its almost certain that the US and EU are about to go into a long recession soon. Its bad for everyone in the world. Best thing would be to end sanctions because clearly they are doing more damage than good
@Marc Temura you meant 22 trillion deficit rathan GDP 😃 Russia is more wealthy than this yr decline nonenty empower
@Marc Temura you mean deficit?!?😂
And these are the people who want an economic war against China 😄 🤣
we are repeating history again and again! when are we going to learn?! we already caused the world to collapse in 2008!
Capitalism is constantly in a boom and bust cycle. It’s inherent to the logic of this financial system. “Learning from past mistakes”.. would see a complete change in this logic in which profits are privatized and costs are past to the taxpayers.
@Franz Joseph yeah! this is why are declining! this is the root cause of our problem! if we dont improve our system, we will get worse, cause it is no longer an usa hegemony anymore! the multipolar world is already here!
dedollarization is faster than i thought! of course usd will not go away, but usd will not worth much!
brics make up most of the economy in the world now and brics is going to release their universal currency in summer 2023, even though, it is very complex, since all 5 countries operate uniquely and have their own currency, but following the way how things are moving, i do not doubt they cannot create a brics universal currency!
if we continue to operate as is and do not go along with how the world is moving we will get worse!
US. share their debt by forcing other countries to use the dollar so they can print unlimited counterfeit money. And they even use that dollar as a weapon to punish those countries that keep the dollar in their pockets. Now they wonder why everyone abandoned the dollar. Only stupid people like to hording a weapon that’s hurt themselves. If you want to kill a snake, you need to cut off its head, not its tail. By switching money to the gold standard, it not only protects you from snake poisoning and sanctions, but it is also a sharp blade that kills the snake too. The China and Russia have ultimate weapon that’s better than ICBMs, it’s called Real Money! they do business with real money that’s why they said Win Win both side. Please don’t blame other, the US. deep State steal American moneys by created too much debt that cause collapsing the US. dollar empire.🙂
America after losing two wars in Afghanistan and Iraq and blowing 1 trillion US dollar. After taking 16 years to restore Iraq oil field back to pre war levels and the American tax payer paying billion to do it. America is now the NUMBER ONE ECONOMY IN WORLD at 23.3 trillion US dollar per year. With ten Super Aircraft Carrier it is still the strongest and biggest military in world. @Michel de Nostredame reaction: “How is this possible????” Que the evil laughter LOL hahahahahahahaha 🤣
Ahh failed state America fails again
Let me explain something Lilacer. America really screwed up. It lost two wars, blew a trillion US dollar fighting it for over twenty years. Remember the oil fields of Iraq, everyone said it would pay for the invasion, not true it took 16 years and billions of American tax payer dollars to get their oil back on line we haven’t seen a dime from their oil fields. All while Lilacer America was paying to protect all your shipping from Pirates and Rouge Nations on the high seas with their Navy.
America now after all that, America has the most powerful economy in world at 23.32 trillion US dollar per year, and has emerge as the most powerful military in world with ten Super Aircraft Carriers. @Lilacer reaction: “Whaaaaaaat!!!!!” how this possible”???? Que the evil laughter LOL hahahahahahahaha 🤣😈
$100b, huh.. whats the odd..
We are educated to respect the nature of free market when America in its heyday. Media keep saying the advantages of US’s system and describes it as small government or laissez-faire policies, but don’t tell us America’s government spending proportion is higher than communist China. Small government only means do little for its people but doesn’t mean spend small money. The bank failure is exact the result of the constant neglections of American regulators, who usually ignores systematic risks but save it by public insurance money and finally looking for ways to let the world pay its bill by issueing debts.
Good news for small depositors you can withdraw your freshly printed money!!
Its because of china i think. China stealing US money
release Afghanistan money that belong to Afghanistan people money.
Cry me a river
The US economy is being held together by sticks and duct tape
Here the the reality Mahdi. America has lost two wars, blew a trillion US dollars. And while doing that we still protecting all your shipping from rouge nations and pirates all this time. America’s current economy is 23.32 trillion US dollar per. We have emerged stronger economically and militarily than any nation on earth. @The Honored Mahdi reaction: “Whaaaaat!, how can this be!!!!!!”. Que the evil laughter. LOL hahahahahahahahahaha 🤣
JPM – such a kind, charitable organization!
Does that strike their character
😹
“big bank take little bank”
consolidated power and control with “illusion of choice”
Stoping the war Russia vs ukraine only solution.
That’s a merger there!
JD
thats why the usa is pushing for more war this empire is going down they searching the conflict with the russians the chinese probably soon with poor countries like india or brazil
why are they failing when they can just print more money lmao
Oof to the grammar of these comments
Boycott dollar
I wd withdraw all my cash and invest in something else like land or gold or even exchange my money to Yuan.
Ok JPM, say “thank you to cousin yellen,” and her private band of regulators. Other private regulators were part of the lincoln county range war in 1880 and in North Carolina in 1770. Regulators were never held in high esteem in the US, for good reason.
amrica needs more wars to safe their banks
Let explain something to you Ghilzai Afghan. America lost two wars, spent over 1 trillion US dollar, and protected world shipping. And we paid for everything. Right now America is the 1 number one economy and military in world. Ghilzai Afghan reaction: “How can America lose two wars, blow over 1 trillion dollar and at the same time us their US Navy to protect all shipping. Now your telling after twenty of this America is emerging stronger economically and militarily? How is this possible?????
I predict there is going to be bank runs soon. those without any cash outside a bank are not going to be able to pay the bills.
Chase was given 50billion $ ,that was the rescue conditioned on generous sum provided with 0%
And their media are busy to talk other countries economy conditions while they ignoring their own economic mess, their goal manipulation of information is number one
“Edward Dowd, Founder of Phinance Technologies and former BlackRock fund manager, and Michelle Makori, Editor-in-Chief and Lead Anchor at Kitco News, discuss the Federal Reserve’s latest rate hikes, and why Dowd thinks Fed Chair Powell will be “forced” to cut rates by June of 2023, leading to a “controlled implosion” of the banking sector. Dowd forecasts that as banks consolidate, only 6 major banks will be left standing by 2025, paving the way for Central Bank Digital Currencies (CBDCs), digital fiat tokens issued and controlled by central banks. This, Dowd claims, could lead to “total government control” and a potentially dystopian future . Dowd also sees the dollar losing its dominance on the world stage with a “kinetic war” breaking out as the BRICS countries launch their own reserve currency.”
The fear of Yahweh is the beginning of wisdom,
and reason is the knowledge of a saint
If you have money in any US or UK bank account.
Get it out while you can.
More to come
What’s happening?