Posted on 03/13/2023 8:11:18 AM PDT by Red Badger
First Republic said Sunday it had received additional liquidity from the Federal Reserve and JPMorgan Chase. The bank said the move raises its unused liquidity to $70 billion, before any funding it could get from a new Fed facility.
The Federal Reserve created a new Bank Term Funding Program that will offer loans for up to a year to banks in return for high quality collateral like Treasurys. In this article
BAC -0.93 (-3.09%)
KEY -4.06 (-25.93%)
ZION -8.67 (-21.47%)
WAL -32.26 (-65.38%)
PACW -4.47 (-36.19%)
FRC -59.93 (-73.30%)
First Republic tells CNBC the bank isn’t seeing that many depositors leave First Republic Bank led a decline in bank shares Monday that came even after regulators’ extraordinary actions Sunday evening to backstop all depositors in failed Silicon Valley Bank and Signature Bank and offer additional funding to other troubled institutions.
San Francisco’s First Republic shares lost 75% on Monday after declining 33% last week. PacWest Bancorp dropped 42%, and Western Alliance Bancorp lost more than 70% as regional bank stocks fell sharply. Zions Bancorporation shed 24%, while KeyCorp fell 27%. Other financial firms were also under pressure, as Bank of America slipped 3%, while Charles Schwab tumbled 14%.
Suddenly...
Nothing indicating this starting to happen before, and then suddenly everyone is failing.
But EXACTLY how much are the ones leaving taking with them, eh?
(crickets)
The banking system seems to be collapsing.
I thought Brandon was planning to destroy the ruble.
What a shock he blew us up.
He is the Wyle E. Coyote of Politicians.
This is a private wealth management banker. In San Fran. They are toast. How much will this cost taxpayers?
EVERYTHING, EVERYWHERE, ALL AT ONCE...........................
They also want their share of the government’s $$$$$$$$$$ milk….they are thieves, shysters and crooks!
It would make a good movie name, but would seem hard to pull off.
Oh and Stanford University dolts all over their Board.
Seem like Sam Banking-Fraud and his FTX was just the tip of the spear for financial institution collapse.
The only question is how far will this go. Dominoes are falling.
The banking system seems to be collapsing.
I thought Brandon was planning to destroy the ruble.
What a shock he blew us up.
He is the Wyle E. Coyote of Politicians.
BTTT.
Many, here, have backed Brandon up, on that FAILED promise!
Biden has always been a dunce. The difference now is that he has real power.
Almost like that movie title was a warning telling us what was to come this year.
But the stock market is flying. I’m confused.
Money flows to where they think it’s safer....................
Free Republic is falling 70%?
OH NO!
Better tell Jim Thompson!............
Reminds me of the old question asked:
Q) "So, how did you go bankrupt?"
A) "Two ways. Very slowly, then suddenly."
...and that bottom-less pit supply for the money changers to siphon/abuse.
...all to protect "the children" of course.
Buy while there’s blood in the streets.
As long as it isn’t yours........................😉
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