CNN: JPMorgan Chase to buy most First Republic assets after bank fails
BREAKING: First Republic Bank will be acquired by JPMorgan after rescue efforts fail https://t.co/HBxBc39wIX pic.twitter.com/mMtbKgVifT
— Bloomberg (@business) May 1, 2023
First we heard that large depositors at Silicon Valley Bank and Signature Bank would not be bailed out–but they were bailed out anyway–apparently to allow those depositors to make payrolls as well as to try to prevent additional runs on USA banks.
Then there was the problem with Credit Suisse.
Now, CNN reports the following:
JPMorgan Chase to buy most First Republic assets after bank fails
May 1, 2023
JPMorgan Chase is buying most assets of First Republic Bank after the nation’s second-largest bank failure ever, in a deal announced early Monday that protects the deposits of First Republic’s customers.
JPMorgan Chase said it had acquired “the substantial majority of assets” and assumed the deposits, insured and uninsured, of First Republic from the Federal Deposit Insurance Corporation, the independent government agency that insures deposits for bank customers.
“Our government invited us and others to step up, and we did,” said JPMorgan Chase CEO Jamie Dimon. He said the deal is also a good one for his bank’s shareholders, adding to its expected earnings going forward. …
he FDIC took control of the embattled First Republic and then immediately announced the sale. The failure will cost the FDIC about $13 billion. That money will be paid by the nation’s banks, which pay premiums to support the agency. It is less than the $20 billion cost of the failure in March at Silicon Valley Bank, which was a bit smaller than First Republic. …
The collapse of those banks sparked weeks of speculation about the health of US regional banks, especially those with a largely uninsured deposit base.
Deposits at First Republic will continue to be insured by the FDIC, and “customers do not need to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits,” the agency said in its statement Monday. https://www.cnn.com/2023/05/01/business/first-republic-purchase-hnk-intl/index.html
Notice also:
May 1, 2023
The collapse of the San Francisco-based bank will likely become a political issue, with Republicans likely to brand the failure of the bank as another casualty of the poor economy of President Joe Biden, whose disastrous economic and foreign policies resulted in rampant ‘Bidenflation’.
When the Federal Reserve stepped in to raise rates to dampen inflation, the value of large portfolios of bonds at some banks were hit hard, as they were bought up by the banks at times of lower interest rates.
The inflationary spiral and ensuing rate hikes have impacted many banks negatively, with similar issues befalling the now-failed Silicon Valley Bank, which became the largest bank failure since the 2008 global financial crisis in March.
In addition to poor predictions of the market and rate hikes, others previously criticised SVB for its insistence on pursuing leftist Environmental, Social, and Governance (ESG) policies in its operations, which placed emphasis on diversity, inclusion, and equity (DIE) rather than solid business practices. https://www.breitbart.com/economy/2023/05/01/first-republic-becomes-next-major-american-bank-to-fail-under-biden-jp-morgan-chase-takes-over-assets/
In March, the then Fox host Tucker Carlson (who reportedly was fired last Monday–though some say he is still on the Fox payroll) warned that the US banking system was not as solid as many in the government asserted.
Also in March, at this COGwriter Church of God News page, I posted the following:
The reality is because of debt, odd instruments like derivatives, government involvement in banks, and political concerns, the inter-connectiveness, and the risk of contagion, the banking system in the West is not one truly solid ground.
Contradictory actions and headlines mean that there are problems and some do not want the public to know the extent of them as that could make the situation much worse. (Thiel B. Contradictory actions and headlines in banking mean what? COGwriter, March 20, 2023)
The USA has many accounting “tricks” that it employs, but one day its debt-loaded financial system will collapse, along with the nation itself being taken over per Habakkuk 2:6-8).
As I have posted numerous times, the late Pastor General of the old Worldwide Church of God, Herbert W. Armstrong, had a view about banking matters leading to European unity. Here is something he said in a sermon on July 7, 1984:
And I can see now, the event that is going to trigger the formation of the reunification in Europe; the resurrection of the medieval Holy Roman Empire that we’ve been looking forward to that is prophesied to come…
But I believe that some event is going to happen suddenly just like out a blue sky that is going to shock the whole world and is going to cause the nations in Europe to realize they must unite! … Well now I think I can see what may be the very event that is going to trigger…that is the economic situation in the world…
The whole banking structure in the United States is a network all jointed together. But not only that, one nation has to deal with other nations and imports and exports. And so they have to have a means of transforming money from one nation to another. And so the banking structure is international and interwoven…
Now when the financial structure breaks down, all civilization is going to break down…
Yes, the USA banking system is tied together and it is at risk and one day will fail.
And yes, an economic or banking crisis consistent with what Herbert W. Armstrong concluded will be involved in getting Europe to further unite.
It will take some type of crisis for Europe to reorganize. Yet, a major reorganization is prophesied to happen and push Europe under totalitarian control:
12 “The ten horns which you saw are ten kings who have received no kingdom as yet, but they receive authority for one hour as kings with the beast. 13 These are of one mind, and they will give their power and authority to the beast. (Revelation 17:12-13)
Problems with the ECB, derivatives, the US dollar, and/or Brexit may all be factors that will get Europe to decide to reorganize and support a dictator that the Bible calls the Beast.
That said, while I do not believe we are yet in the banking crisis that Herbert W. Armstrong was speaking of, we can expect a lot of contradictory headlines and actions when a more severe banking crisis will surface.
Some will claim all is fine, like we have heard from some USA and European officials, when the reality is that all is not even fine now, nor will it be when a more severe economic crisis comes–likely within the next four-five years.
Some items of possibly related interest may include:
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is a link to a video titled: Can You Prove that the Beast to Come is European?
European Technology and the Beast of Revelation Will the coming European Beast power would use and develop technology that will result in the taking over of the USA and its Anglo-Saxon allies? Is this possible? What does the Bible teach? Here is a related YouTube video: Military Technology and the Beast of Revelation.
Germany’s Assyrian Roots Throughout History Are the Germanic peoples descended from Asshur of the Bible? Have there been real Christians in Germanic history? What about the “Holy Roman Empire”? There is also a You-Tube video sermon on this titled Germany’s Biblical Origins.
Germany in Biblical and Greco-Roman Catholic Prophecy Does Assyria in the Bible equate to an end time power inhabiting the area of the old Roman Empire? What does prophecy say Germany will do and what does it say will happen to most of the German people?
Greco-Roman Catholic Prophecies: Do They Mirror, Highlight, or Contradict Biblical Prophecies? People of all faiths may be surprised to see what various Roman and Orthodox Catholic prophets have been predicting as many of their predictions will be looked to in the 21st century.
Might German Baron Karl-Theodor zu Guttenberg become the King of the North? Is the former German Defense Minister (who is also the former German Minister for Economics and Technology) one to watch? What do Catholic, Byzantine, and biblical prophecies suggest?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States? Here is a link to a video titled: The Future King of the North.
Can You Prove that the Beast to Come is European? The Book of Revelation tells of a beast power that will rise up. Some think that this must be Russia or could be Islamic, while others say that this power is European. The Book of Daniel tells of the rise of an end time King of the North that some think must be referring to a Russian leader, while others say that this power is European. How can you be sure? This YouTube video has all the scriptural proofs that you should need to prove that this power must be a European one.
Might the U.S.A. Be Gone by 2028? Could the USA be gone by the end of 2028 or earlier? There is a tradition attributed to the Hebrew prophet Elijah that humanity had 6,000 years to live before being replaced by God’s Kingdom. There are scriptures, writings in the Talmud, early Christian teachings that support this. Also, even certain Hindu writings support it. Here is a link to a related video: Is the USA prophesied to be destroyed by 2028? In Spanish: Seran los Estados Unidos Destruidos en el 2028?
The Great Tribulation: What Happens First? What events have happened? What are some events that are now happening? And what events need to happen for the Great Tribulation to start? Here is a link to a related sermon video: Counting Down to the Great Tribulation. Here is a video in the Spanish language: Contando los eventos y el inicio de la Gran Tribulación.
When Will the Great Tribulation Begin? 2023, 2024, or 2025? Can the Great Tribulation begin today? What happens before the Great Tribulation in the “beginning of sorrows”? What happens in the Great Tribulation and the Day of the Lord? Is this the time of the Gentiles? When is the earliest that the Great Tribulation can begin? What is the Day of the Lord? Who are the 144,000? Here is a version of the article in the Spanish language: ¿Puede la Gran Tribulación comenzar en el 2020 o 2021? ¿Es el Tiempo de los Gentiles? A related video is: Great Tribulation: 2026 or 2027? A shorter video is: Can the Great Tribulation start in 2022 or 2023? Notice also: Can Jesus return in 2023 or 2024? Here is a video in the Spanish language: Es El 2021 el año de La Gran Tribulación o el Grande Reseteo Financiero.
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? What about other peoples? Do you really know what will happen to Europe and the English-speaking peoples? What about Africa, Asia, South America, and the Islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.
 |
Tweet |
|