what happens to the $5 b WF deposited at First Republic now that Chase has taken over FR?
14 replies (most recent on top)
Charlie and Jamie split it.
The $5 billion will be recouped from the staff bonus pool and merit pool. Enjoy your year.
The FRB is officially in a pickle. If they keep increasing rates or leave them high as they are, banks will keep failing. If they lower rates, the inflation monster will sap the life out of everyone and everything.
They will spin it and pretend otherwise, but the most powerful force on the planet, the FRB, has officially lost control of the monster they created. Maybe the damage won't be toooo bad, or maybe it will. Whatever is coming, the FRB can't stop it.
All the big banks are really one big bank w/ hands in the Fed cookie jar, influencing monetary policy and the like. The gov't knows it is a very visible and messy situation on their hands with regulatory failings and desparately needed a quick win to move forward.
Elizabeth Warren have anything to say about this yet?
The laws don't matter. Good point. Mohamed A. El-Erian has good points (on cnbc or can catch here https://twitter.com/elerianm) Apparently everyone is insured by FDIC (at all levels) and any bank is becoming too big to fail.
Interesting @ztu+1mpZTjSZ because I just belly blasted my own internal organs into space. Thankfully no apparent odor even though we all enjoy our own brand.
Has the OCC approved it? I can’t find anything confirming it was approved. Or it’s not newsworthy if they do? Will they just rubber-stamp it? It seems like there should be more scrutiny around the biggest bank getting bigger (regardless of which bank it is) because it outbid everyone else.
I’m out of this fu----g dump. Two weeks dropped on my boss today and couldn’t feel better.
Ok, I'm not even kidding. I just had the worst gas here in the office. The area around me immediately smelled like a restaurant that serves food from a third-world country. Obviously that's weird because I don't eat third world food.
That's all for now I guess. I'll report back if there are any notable changes.
The point not being talked about is JPMorgan Chase gets to skirt the laws again with regulator approval.
Federal law prohibits banks holding more than 10% of the nation's deposits from acquiring more. But laws don't matter. They can be ignored whenever those in power want to.
That deposit will be repaid after the deal closes or will be eliminated in consolidation says JP Morgan
I heard tech is affected.
Jamie wipes himself with it, hands it back, and Charlie lapps it up and says it’s caviar.🥴
We get it back and they can give you your own desk back