First Republic Bank will be placed under the receivership of the U.S. Federal Deposit Insurance Corporation imminently, according to a report.
[Rumor has it Jamie Dimon’s J.P. Morgan and PNC are bidding to buy FRC as part of the fed seizure of the bank. Don’t forget, the big banks pumped billions into trying to revive Barney Frank’s baby (which this bank is) after the collapse of SVB in an effort to stave off a financial crisis and…POOF. It’s gone. What happens to THOSE deposits? ~ Beege]
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