This past weekend California’s financial regulator seized the midsized First Republic Bank (assets: $229.1 billion) and turned it over to the Federal Deposit Insurance Corporation. The FDIC, in turn, conducted a hasty auction and sold the bank to J.P. Morgan Chase (assets: $3.7 trillion). As Liam Neeson observes in Star Wars Episode One: The Phantom Menace, “There’s always a bigger fish.” Between 2000 and 2020 the number of banks operating in the United States dwindled from 6,326 to 3,985 as the bigger fish swallowed littler ones. The bigger-fish analogy applies also to bank failures. Just one month ago, the midsized Silicon Valley Bank (assets: $209 billion) was the second-largest bank fail
Hence then, the article about the executives who got rich while their banks collapsed was published today ( ) and is available onThe New Republic ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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