UPDATE: JP Morgan has been “awarded” the bones of First Republic bank.
We should know which bank will feast on the bones of First Republic Bank at the expense of the taxpayers before the opening bell tomorrow morning. Pacific West (PACW) will probably be the next bank to become tribute to our Federal Reserve overlords.
David DeGerolamo
~~~~~~~~~~~~~~~~~~~~~~~
PNC, JPMorgan putting in final bids for First Republic Bank in FDIC auction
PNC Financial Services Group (PNC.N), JPMorgan Chase & Co (JPM.N) and Citizens Financial Group Inc (CFG.N) were among banks that submitted final bids for First Republic Bank (FRC.N) on Sunday in an auction being run by U.S. regulators, sources familiar with the matter said.
The Federal Deposit Insurance Corp had been expected to announce a deal on Sunday night, with the regulator likely to say at the same time that it had seized the lender, three sources previously told Reuters.
Sounds like the theme of “The Hunger Games” where banks are chosen to be sacrificed for the amusement (and enrichment) of the elite.
I do wonder if movies are predictive programming and sociopathic bragging of what they intend to do to their non-elite victims?
Crony Capitalism where profits go to the politically connected and losses are the Taxpayers problems.
When it’s cheaper to buy a few CONgress critters (spelling intentional) than to run a bank conservatively like they’ve been run for decades between various banking collapses and re-starts. Nothing like a fiscal spanking from failure to re-assert the conservative nature of real banking.
Nobody from the SVD banking leadership lost anything, they even got their BONUSES the day before being shut down for “Performance”. The poor Joes that worked there doing daily work lost their jobs but who cares about them, eh? They don’t PAY CONgressmen.
Money is a needful thing as plenty of stories about needing only a half of a beef cow in the freezer barter exchange story points out so well.
Money is also attractive to sociopaths as a tool of control and power.
Protect your family, the real Hunger Games might be closer than you think. Simply put we’re inside a fragile interconnected web of credit and money.
No Credit-Money, no truckers driving your food, medicines, water purification chemicals and even repair parts for your electrical grid. No business can order supplies to restock the shelves. Nurses don’t get paid, and so on.
The snowball of a real credit freeze up gets crazy fast.
Protect your family and trusted friends. Have the skillsets, tools, seeds and various means of local production so you and yours can survive and even maybe thrive when credit and such freezes up for the Hunger Games amusement of our “Betters”.
The plan is to get rid of the small and medium size banks. Only about ten large banks will be left. Not a good idea.