Its transitory don’t worry about it.
Forbes Magazibe rated this bank the best in USA not long ago:
Now bigger bank failures than 2008. You’d never know since a Democrat is in office. Totally Blaming Republicans in 3….2….1….
The problem banks bought low-interest products because they lacked the lending expertise to place depositor money in lucrative loans.
Consolidating banks will decrease the lending expertise the banking industry needs.
What ‘banking crisis’? /s
The economy is doing great ! ....they tell us.
Better quote.
Can you walk, man. I’ll bloody well walk out of here!
(From the article):" In Acquiring First Republic Bank, JP Morgan Has:
"Bypassed laws against acquiring bank while controlling 10%+ of US deposits
Shared $13 billion in losses with the FDIC
Received a $50 billion loan from the FDIC
Effectively bought back its own deposits
Expects to profit $5 billion+ over the next 5 years
This crisis has taught us that rules don’t matter in times of panic, particularly to regulators."
"And now we have PacWest Bancorp. Lender says it’s been approached by potential investors.
Bill Ackman warns US regional banking system at risk."
"The turmoil at PacWest shows how investor angst still remains elevated after a string of failures and deposit outflows in the sector
despite Federal Reserve Chair Jerome Powell’s assurance Wednesday that authorities were closer to containing the crisis.
It’s reignited the debate over whether more US regional lenders will fall after this year’s collapse
of SVB Financial Group’s Silicon Valley Bank, Silvergate Capital Corp., Signature Bank and most recently First Republic Bank."
"We are seeing a consolidation of the banking system .. again as smaller and regional banks fail and get gobbled up by the Too-Big-To-Fail (TBTF) banks like … JP Morgan Chase."
(My Comment ): Its the FED picking winners and losers again,
just as they isolated and closed small businesses while Wal-Mart and other large box stores remained open during covid.