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Pam and Russ Martens: At year-end JPM held more than $1 trillion in uninsured deposits
By Pam and Russ Martens
Wall Street on Parade
Tuesday, March 21, 2023
Jamie Dimon is the chairman and CEO of JPMorgan Chase, the largest bank in the United States, which is also ranked the riskiest global bank by its regulators. But instead of getting his own house in order in the midst of a banking crisis, Dimon has been peculiarly focused elsewhere.
Over the past five days Dimon's legions of publicists have been burning up the phone lines with reporters, pushing the narrative that Dimon is some kind of financial wizard who needs to have a seat at the table to save the regional bank, First Republic Bank.
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Last Thursday news hit the wire services that Dimon had lined up 11 banks willing to place $30 billion in uninsured deposits into First Republic Bank. JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo each ponied up $5 billion -- or two-thirds of the $30 billion. The Federal Deposit Insurance Corporation caps federal deposit insurance at $250,000 per depositor, per bank.
Taking $5 billion of your bank's shareholders' money and throwing it at a regional bank whose stock price is collapsing was not viewed as the brightest of ideas by the stock market. ...
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