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- Another FDIC-Insured Bank is Teetering, Closing at 27-1/2 Cents Yesterday, Down 96 Percent in a Year
Another FDIC-Insured Bank is Teetering, Closing at 27-1/2 Cents Yesterday, Down 96 Percent in a Year
by Pam Martens and Russ Martens Wall Street on Parade
There may be a lesson here: don’t put the word “Republic” in the name of your bank; don’t hold a lot of uninsured deposits; and don’t have wads of unrealized losses on your investment securities.
If those lessons sound familiar, it’s because they played out in stunning fashion earlier this year when the second, third and fourth largest bank failures in U.S. history occurred.
One of those banks that blew up was First Republic Bank, which was put into FDIC receivership on May 1 and later sold, under much controversy, to the already behemoth JPMorgan Chase, the largest bank in the U.S. (JPMorgan Chase can’t seem to stay away from criminal charges. It thus far has notched five felony counts in its belt and is currently being sued by the U.S. Virgin Islands for “actively participating” in Jeffrey Epstein’s sex-trafficking of minors by providing him with more than $5 million in hard cash over a decade.)