Banks Bail Out Themself to Fed’s Applause – Trustnodes
Kabuhayan Ang mga Bangko ay Nagpiyansa sa Sarili sa Palakpakan ng Fed – Trustnodes 8 minuto ang nakalipas Balita ng Ethereum ng Bitcoin Numerous giant US banks have joined forces to deposit $30 billion in the San Francisco headquartered First Republic Bank. Bank of America, Citigroup, JPMorgan Chase and Wells Fargo announced today they are each making a $5 billion uninsured deposit into First Republic Bank. Goldman Sachs and Morgan Stanley are each making an uninsured deposit of $2.5 billion, and BNY‑Mellon, PNC Bank, State Street, Truist and U.S. Bank are each making an uninsured deposit of $1 billion, for a total deposit from the eleven banks of $30 billion, the banks said in a statement. First Republic has seen a tumulus month with its stock price crashing 74% last week from $115 dollars to $35. They had $212 billion in total assets as of last year, but came under scrutiny following the collapse of the Silicon Valley Bank. First Republic revealed in its annual report that the fair-market value of its “real estate secured mortgages” was $117.5 billion as of Dec. 31, or $19.3 billion below their $136.8 billion balance-sheet value. The fair-value gap for that single asset category was larger than First Republics then $17.4 billion of