It's official, the 16th largest bank in the USA has failed and been taken over by the FDIC.
First Republic
NEW YORK, April 28 (Reuters) - The U.S. Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic under receivership imminently, a person familiar with the matter said on Friday.
The U.S. banking regulator has decided that the troubled regional lender's position has deteriorated and there is no more time to pursue a rescue through the private sector, the source said, requesting anonymity because the matter is confidential.
First Republic and FDIC representatives did not immediately respond to requests for comment.
https://archive.ph/PtdrI#selection-641.0-649.92
nothing is ever removed from the internet
Very quietly.
Looks like the FDIC just made their biggest withdrawal yet. 💸 They added a new member to its collection. 🏆
First Republic Bank just got a lesson in the importance of saving for a rainy day ☔️
The 16th largest bank has officially been checked out.
FDIC doing something wow 😱
The Joe Biden presidency will be remembered by the number of bank collapses and embassies abandoned.
Of course it's on a Friday
Just after market close……how convenient.
The FED ready…set….raise!
Jerome Powell @SecYellen
and the @federalreserve
say don’t worry we’ll just keep raising rates to tame transitory inflation.
Deutsche Bank next !!!
Another giant falling….
Great news more millionaires will be bailed out by taxpayers.
At least inflation is under control
i'm pretty sure this is how they fund the government with the fed
Cramer - Dont take your money out of first republic
Maybe that is part of the big plan for the government to take over all banking. Fail them and act like it is not the governments fault, but the government comes to be the hero.
and MARKET WILL GO UP AGAIN
But but but…. Didn't Jim Cramer say First Republic was a buy. Great bank he said. He lost me all my money. Another meme bank gone.
Cramer says buy the dip now
Another step towards government controlled currency.
Joe Biden "your deposits are safe" last Moonday
So will the FDIC use it's 100 billion Line of Credit with the US Treasury and bring X-DATE closer?
If banking goes down, no amount of debt ceiling increase will save them.
The US Govt just handed them Billions of dollars too 👀
META FAILURE
Reality Labs records $3.99 billion quarterly loss as Zuckerberg pumps more cash into metaverse
But Biden and Yellen said everything is going great!