First Republic seized 🦅

Dimon’s bank acquired all 84 branches, $92 billion in deposits and $203 billion in loans and other securities. “The bank’s shareholders are likely to be wiped out as part of the deal,” AP reports. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ May 1, 2023  | [View Online]( | [Sign Up]( “First Republic Bank seized,” and AP headline read 13 minutes before we started writing today, “sold in fire sale to JPMorgan.” Regulators seized First Republic Bank early Monday, after a weekend of wheeling and dealing. The bank is now the second-largest of its kind to fail in U.S. history. After the seizure the assets of the bank were immediately sold to JPMorgan Chase, the world’s largest bank, now with 10% of all bank deposits under its control. “Our government invited us and others to step up, and we did,” JPMorgan’s chief Jamie Dimon told AP, acting like the namesake of his bank 116 years ago following the Panic of 1907. Dimon’s bank acquired all 84 branches, $92 billion in deposits and $203 billion in loans and other securities. “The bank’s shareholders are likely to be wiped out as part of the deal,” AP reports. With that news today, we’re replaying our Wealth365 webinar given two weeks ago on the banking crisis. You can find it [here](. “The Federal Reserve and FDIC, which regulate the banking industry along with the Office of Comptroller of the Currency,” AP also reports echoing one of the main themes of our presentation, “could face renewed criticism over their handling of First Republic. Both acknowledged Friday in separate reports that lax supervision had contributed to the failures of Silicon Valley Bank and Signature Bank.” [Watch the Special Session now ▶]( So it goes, Addison Wiggin The Wiggin Sessions P.S. The end result of these bank failures is another symptom of the Demise of the Dollar, as we demonstrate. View the webinar, [here](. POWERED BY DEMISE OF THE DOLLAR The Daily Missive from The Wiggin Sessions is committed to protecting and respecting your privacy. We do not rent or share your email address. By submitting your email address, you consent to The Wiggin Sessions delivering daily email issues and advertisements. To end your The Daily Missive from The Wiggin Sessions e-mail subscription and associated external offers sent from The Daily Missive from The Wiggin Sessions, feel free to [click here.]( Please read our [Privacy Statement.]( For any further comments or concerns please email us at feedback@wigginsessions.com. If you are having trouble receiving your The Wiggin Sessions subscription, you can ensure its arrival in your mailbox by [whitelisting The Wiggin Sessions.]( © 2023 The awiggin Sessions 808 Saint Paul Street, Baltimore MD 21202. Although our employees may answer your general customer service questions, they are not licensed under securities laws to address your particular investment situation. No communication by our employees to you should be deemed as personalized financial advice. We expressly forbid our writers from having a financial interest in any security they personally recommend to our readers. All of our employees and agents must wait 24 hours after online publication or 72 hours after the mailing of a printed-only publication prior to following an initial recommendation. Any investments recommended in this letter should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company. Sent to: {EMAIL} [Unsubscribe]( Consillience, LLC, Saint Paul Street, 808, Baltimore, Maryland 21202, United States