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?
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