First Republic has reported losing over $70 billion dollars following the bank turmoil in March. The federal government is accepting bids from competitor banks to buy up the troubled firm. NBC News’ Brian Cheung has the latest.
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#FirstRepublicBank #Markets #Bank
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It was a very bad decision to remove the Glass-Steagall Act in the late 1990s, which led to the spectacular failure of huge banks during the financial crisis of 2007–2008. To prevent another disaster, Dodd-Frank and this statute both need to be reestablished right away. What is happening with these banks is only the beginning of what will happen if nothing is done to address the current situation.
using money from customer saving account to gamble in stock and bonds and selling mortgage, that's why it fails
3rd US Bank collapsed in like 3 weeks, 51 to go, Go US go…
We can't bail out people's deposits. We need to send that money to help the Ukraine.
I wonder since it was big losses how much of that was pocketed!
Losing over 70 billion? This bank should've run things differently back when it losing few millions much less in billions!!!
Let's get the party started! The green eyed peas sang, is this just the begginning?
America's system of politics, judiciary and banking are all corrupt because America was corrupt from the start.
Usury once in control will wreck the
nation.
-William Lyon Mackenzie King
Taxpayers, will you step up?
I hope all the banks fail, america is bloated by debt
Missed management, rampant fraud and every crime under the sun for a bank to go belly up.
“The economy is strong!”
😆😂🤣
I can’t wait until we hit the “Price Discovery” phase. 🤗
🥤😎🍿
Lord forbid the financial banking system ever fails, the government will be have a heart attack. Rich politicians overnight, suddenly will have no meaning to society
😂😂 fail fail fail. If you need help from our government, just tell them you're a f bank and they will help you. 😂😂 But not as an American citizen. 😂😂
Let the bank fail, leave it to the wolves. It isn’t the governments duty to save banks.
But Biden said the economy is strong and hes trying to get re elected to finish the job….
And so the end begins. This is like a domino effect, soon there will be another bank, and another.
SoFi also same the issue and they are about to go under.
But the people are left to pick up the slack right? Like this isn’t all the gov and it’s systems fault? I can’t wait until people are finally tired
Investing in crypto now should be in every wise individuals list, in some months time you'll be ecstatic with the decision you made today..
Biden is doing such a great job! He created 12 million jobs that went away during COVID which ironically was 12 million jobs! Interest rates going down, it’s only three times what it was when he took office! He must be some genius!
I think it's everybody just pay more for everything
Must be nice to get free government bailout
Banks that collapsed since 2008 and the dollar amount of assets held
* Lehman Brothers (2008): $600 billion
* Washington Mutual Bank (2008): $307 billion
* IndyMac Bank (2008): $31 billion
* Signature Bank (2023): $110 billion
* Silicon Valley Bank (2023): $209 billion
* First Republic Bank (2023): $229.1 billion
Why is all the media outlet saying that if first republic bank went under rhat this will be the 2nd ok largest bank failure in US history?
🧐💸
These stupid banks that are just about making money unethically and paying ridiculous dividends without following the safeguards.
Let the bank fail.
The banks are like sinks.
Water fills up the basin and then it travels down the drain. Money seems to follow a similar path. Society fills the bank's with money and the money disappears down a hole. Hahaha.
The Fed is going to be in a heap of trouble, for "possibly" causing an avalanche of financial failures soon to come!
We're only in the infancy stages, of the financial meltdown that "may" be! Bankers are literally lining their pockets!
Regulations are established to curb the worst inpulses of capitalism….greed at any cost.
Problem is we seem to enact them after something bad has happened and then big business tugs at the strings of government constantly until they get those regulations rolled back.
Cycle repeats, rich get richer and average taxpayer foots the bill.