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- Six Big Banks Forced to Declare $9.3 Billion in Additional FDIC Expenses; Another Reason Their Talons Are Out for FDIC Chair Gruenberg
Six Big Banks Forced to Declare $9.3 Billion in Additional FDIC Expenses; Another Reason Their Talons Are Out for FDIC Chair Gruenberg
by Pam Martens and Russ Martens Wall Street on Parade
The biggest banks in the U.S. that have been serially bailed out by the Federal Reserve since they blew up the financial system in 2008, are ripping mad at the Chairman of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg.
In addition to the FDIC and other federal banking regulators’ proposed rule to increase capital requirements on the largest banks, the FDIC just issued a final rule on November 16 that will force six banks to report an FDIC special assessment expense totaling more than $9.3 billion in the final quarter of this year. (See chart above.)
Jamie Dimon, Chairman and CEO of JPMorgan Chase, is hair-on-fire mad because his bank is getting hit with the whopping figure of approximately $3 billion according to the firm’s most recent quarterly filing (10-Q) with the SEC.