Awake-in-3D "What Really Happened With First Republic Bank" 5-1-2023
Awake-in-3D
What Really Happened with First Republic Bank
Big Banksters of the world rejoice…
- The FDIC (funded by everyone’s bank deposits nationwide)
took over FRB this past weekend and conducted an auction with Big Banks to find
a buyer.
- JPMorgan stepped in and offered to buy First Republic, but only if the US Government guaranteed to backstop any losses.
-
The FDIC agreed.
- JPM bought FRB, getting all the “healthy” assets and
deposits for pennies on the dollar and the FDIC (meaning everyone with bank
deposits nationwide) kept the toxic assets.
- The toxic assets consist of “interest-only” mortgages
held by ultra-wealthy homeowners.
- The FDIC will likely bail out the wealthy homeowners
leaving all of us to foot the bill.
You can’t make this stuff up! What a wonderful
financial system we have…
If JPM-Chase wanted to buy First Republic in early
February this year, they would’ve had to pay over $140 per share. They likely
paid less than $5.00 per share today, without any of FRB’s toxic assets -
thanks to the FDIC.
Jamie Diamond (JPM CEO) is laughing all the way to his
bank.
I wonder which bank is next?