by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX, March 21 – The banking crisis that began and spread as regulators scrambled to cover up their previous laxity on FTX, for example the Federal Reserve allowing FTX / Alameda's investment in Farmington State Bank which it renamed Moonstone, is hitting new lows of crony capitalism.
Signature Bank had on its board former Congressman Barney Frank, and former NYS banking regulator Derrick Cephas. The regulators have handed Signature's 40 branches to fair lending rogue New York Community Bank / Flagstar. Weakened Comerica has on its board former Federal Reserve officer Michael E. Collins.
Now this is reported:
"Eleven of the nation's biggest banks joined forces last week to rescue First Republic Bank. JPMorgan Chase, Citigroup, Bank of America and Wells Fargo will each contribute $5 billion; Goldman Sachs and Morgan Stanley will deposit about $2.5 billion each. Truist, PNC, U.S. Bancorp, State Street and Bank of New York Mellon will provide about $1 billion apiece. An option option floated by Jamie Dimon to keep First Republic solvent could involve the banks converting some or all of the $30 billion in deposits into a capital infusion. Federal regulators lauded the move."
Not mentioned, even on this? Jamie Dimon has been ordered to provide discovery in the Jeffrey Epstein-related lawsuit against JPM Chase, for what he knew and when. What did the regulators know, and when? Inner City Press is on the case(s).
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