💵 Get Webull (up to 12 FREE Stocks) ➡️
JP Morgan Chase has taken over failed First Republic bank, fulfilling the prophecy that Janet Yelled was grilled about in the senate a few weeks ago.
Click ”show more” for ad disclosure
Credit Shifu Wallets:
“The content in this video is accurate as of the posting date. Some of the offers may no longer be available.”
Advertiser Disclosure: This site is part of an affiliate sales network and receives
compensation for sending traffic to partner sites, such as CreditCards.com. This
compensation may impact how and where links appear on this site. This site does not
include all financial companies or all available financial offers.
Hey credit Warriors welcome to the show And yes it is official JPMorgan Chase Has taken over the failing business of First Republic Bank their stock closed At 3.51 on Friday after being in free fall The whole week it had been at over 144 Dollars just two months ago and U.S Regulators stepped in at the end of last Week and basically held a competitive Bidding process for the remains of the Bank I think the Washington Post puts it Well Regulators seize First Republic Bank cell remains to JP Morgan it really Conjures up the image of an eagle Swooping down and grabbing the rotting Carcass of First Republic Bank and Selling it to that fat cat that is JP Morgan now this deal means that JP Morgan acquires pretty much all the Assets of the bank 173 billion in loans 30 billion in equities and they assume Responsibility for around 100 billion in Bank deposits even above the 250 000 FDIC threshold which is good for Consumers at least in the short term First Republic customers woke up to this Friendly message from Chase on their Bank’s website this morning you are now Part of the biggest Mega Bank in the Country now they didn’t really say that But it was a friendly message now the FDIC didn’t say how much JPMorgan Chase Paid for the bank but they did say that
The whole thing will cost the FDIC Insurance Fund around 13 billion dollars According to JPMorgan Chase’s CEO Jamie Diamond quote this part of the crisis is Now over referring of course to the Crisis that started with Silicon Valley Bank then went to signature bank and Then to First Republic Bank but the Sinister part of this is the Consolidation of regional Banks into Larger and larger Mega Banks now I want To play you a little clip of Janet Yellen’s testimony to Congress a few Weeks ago that basically predicted this But first of all if you do want to get Up to 12 free stocks with our sponsor Weeble do check out the link below the Minimum value for this deal is 34 Maximum value if you’re really lucky and Get all the best stocks is over thirty Thousand dollars luck of the draw what You get of course Weeble is the Fantastic zero commission investing app I like to call it Robin Hood for Grown-ups it’s kind of like Robin Hood But with better charts anyway link below If you’re interested in that deal so Listen to Senator James Lankford Grilling Janet Yellen the treasury Secretary in Congress a few weeks ago so What is your plan To keep large depositors from moving Their funds out of Community Banks into The big Banks we have seen the mergers
Of banks over the past decade I’m concerned you’re about to accelerate That by encouraging anyone who has a Large deposit in a community bank to say We’re not going to make you whole but if You go to one of our preferred Banks we Will make you whole at that point Um look I mean we’re that’s certainly Not something that we’re encouraging That is happening he is talking about How the FDIC is more likely to insure Funds at the big Banks the ones that are Too big to fail above the usual 250 000 Limit and that is leading people to move Their deposits from the smaller Regional Banks to the big Mega Banks and this is Leading to mergers where these smaller Banks get bought up by these huge Banks Like Chase and isn’t that exactly what Just happened last Monday First Republic Reported a hundred billion dollars worth Of outflows in the first quarter of 2023 As scared customers move their funds out Of First Republic likely to these larger Banks which are deemed too big to fail By the FDIC tank the stock it was in Free fall for the whole of last week Ending up at just 3.51 on Friday and Then the bank was bought up by the Largest bank in the country JPMorgan Chase First Republic was founded in 1985 That’s actually the year I was born and It’s now defunct so 37 years of History Down the drain now personally I think
It’s sad to see these smaller Regional Banks unable to compete and unable to Inspire customer confidence to keep Their deposits in and get bought up by These huge mega Banks although there are Certain obvious immediate benefits for The customers of First Republic Bank You’re now all Chase customers welcome To chase your money should be safe and In theory you’ll probably end up being Insured over the 250 000 limit by the FDIC because you’re now part of a bank That’s too big to fail all right guys That’s just a little bit of a first look Video on this topic do subscribe to the Channel because I’ll do something more Substantial later on in the week and you Don’t want to miss it it’s going to be a Blast if you do want that deal with Weeble you can get up to 12 free stock When you open an account and fund it With any amount of money or literally Like five or ten bucks and you can get 12 free stocks link for that is below Please subscribe if you’re new we’ll see You next time bye
