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The Big Government-Big Bank Plot To Exploit Us
by Llewellyn H. Rockwell, Jr. LewRockwell.com
On May 1, government bank officials sold Republic Bank to JP Morgan Chase, the largest bank in the country. Even the New York Times report about the sale recognized that the normal rules had been suspended when the interests of the big government-big bank cabal were at stake: “Lawmakers and regulators have spent years erecting laws and rules meant to limit the power and size of the largest U.S. banks. But those efforts were cast aside in a frantic late-night effort by government officials to contain a banking crisis by seizing and selling First Republic Bank to the country’s biggest bank, JPMorgan Chase.
At about 1 a.m. Monday, hours after the Federal Deposit Insurance Corporation had been expected to announce a buyer for the troubled regional lender, government officials informed JPMorgan executives that they had won the right to take over First Republic and the accounts of its well-heeled customers, most of them in wealthy coastal cities and suburbs.