From “thepeoplesvoice.tv”
The banking collapse of 2023 is now officially bigger than the banking collapse of 2008, the only difference is mainstream media is doing everything it can to protect the hapless Biden administration and limit the public relations disaster before the 2024 election.
The combined assets of the three major banks that failed in 2023 surpass the total assets of the 25 banks that collapsed in 2008. Regrettably, we are still in the very early chapters of this crisis, with several other banks currently on the brink of collapse, and there are still eight months left in the year.
Despite the reassurances of executives at these banks, similar promises were made by First Republic executives before their recent collapse. Personally, I had been informed that First Republic had sufficient reserves to withstand several months, but this proved to be untrue, and the bank failed.
The following comes from the official statement that the FDIC issued when it took over the bank:
First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank.
JPMorgan Chase Bank, National Association submitted a bid for all of First Republic Bank’s deposits. As part of the transaction, First Republic Bank’s 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today during normal business hours. All depositors of First Republic Bank will become depositors of JPMorgan Chase Bank, National Association, and will have full access to all of their deposits.
Michael Snyder reports:
The government was not going to allow just anyone to snap up the assets of First Republic.
JPMorgan Chase was one of the institutions that was invited to make a bid, and they came out of this process as the big winners…
JPMorgan is getting about $92 billion in deposits in the deal, which includes the $30 billion that it and other large banks put into First Republic last month. The bank is taking on $173 billion in loans and $30 billion in securities as well.
The Federal Deposit Insurance Corporation agreed to absorb most of the losses on mortgages and commercial loans that JPMorgan is getting, and also provided it with a $50 billion credit line.
In addition to providing JPMorgan Chase with a 50 billion dollar credit line, the FDIC will also take a loss on this deal of approximately 13 billion dollars. So they are definitely one of the big losers in this deal…
The FDIC estimates that the cost to the Deposit Insurance Fund will be about $13 billion. This is an estimate and the final cost will be determined when the FDIC terminates the receivership.