The Executives Who Got Rich While Their Banks Collapsed ...Middle East

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

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