Posted on 04/30/2023 2:48:22 PM PDT by ChicagoConservative27
Former Trump economic adviser Gary Cohn on Sunday said the anticipated sale of First Republic bank will be a “much faster process” than occurred in the case of Silicon Valley Bank.
“What will most likely happen is the FDIC will seize control and then simultaneously resell the asset to the successful bidder. I think that will happen sometime later this afternoon before the markets open in Asia this evening,” Cohn said on CBS’s “Face the Nation.”
(Excerpt) Read more at thehill.com ...
The FDIC knows it’s a fire sale so must be pricing it appropriately.
Nice they’ve kept this big bank failure quiet from the great unwashed. Don’t need anyone finding out about the banking crisis now, do we?
I saw another report that upcoming are 4 worthless banks going under, with republic just the first of the 4.
I’d have to dig for the article/link for the other 3...
> be a “much faster process” <
I certainly hope so. I bid $7.50 for First Republic bank. And I don’t want to wait around forever to see if I won.
I believe the shareholders will lose everything.
Must not be democrat donors
Instead of selling it to a big conglomerate, they should break it up into smaller safer banks.
Regulators continued their search for a solution to First Republic Bank’s woes over the weekend before stock markets were set to open Monday.
San Francisco-based First Republic has struggled since the collapse of Silicon Valley Bank and Signature Bank in early March, as investors and depositors have grown increasingly worried that the bank may not survive as an independent entity for much longer. The bank’s stock closed at $3.51 on Friday, a fraction of the roughly $170 a share it traded for a year ago.
First Republic has been seen as the most likely next bank to collapse due to its high amount of uninsured deposits and exposure to low interest rates.
https://apnews.com/article/first-republic-bank-silicon-valley-fdic-7a3aba1a94652d2d21f5a10d73894d4d
JPMorgan has “bought” First Republic. Just breaking now...
It’s just fiat money... Print More... :>>
The FDIC estimated its deposit insurance fund would take a $13 billion hit from taking First Republic into receivership. Its rescue of Silicon Valley Bank cost the fund a record $20 billion.
https://apnews.com/article/first-republic-bank-silicon-valley-fdic-5ab48702b7136d42f73ac13e0a20955d
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