Are they getting that back, or did they throw it in the street?
Someone will probably get rif’d for yet another mgmt error
7 replies (most recent on top)
Hey Mr. Banker on the 50th floor. Can't make the payments on your Penthouse no more.
Jump you f-ckers....Jump you f-ckers.
Open up the window,
Check out the view...and
Jump you f-ckers.
(a song by Gene Burnett)
The billion was in a CD at FRC, so it looks like that would be assumed to JP. I doubt Jamie Dimon would want to pi-s off the other 10 largest banks by messing around with those CDs when they mature.
In the end, Dimon will probably end up getting First Republic for pennies on the dollar. Like him or not (I am not a fan), he has a plan and will aim to leverage this purchase to extend his foothold with an influential tech customer base.
My opinion is this deal highlights the stark difference between a CEO managing a bank and looking for strategic opportunities (JPM) - and an executive team with no real plan other than milking “their” bank for personal gain (Truist).
All the banks investing in this failing one was probably not voluntary. It may have been 'repayment' for all free money given out a decade and a half ago that didn't go where it was intended.
Privatize the gains, socialize the losses, and collect big executive bonuses. That was the motto then. These potentially 'coerced' investments may be the flip side of those choices.
Agree about Dimon but SunTruist is closer to DG than Great Value in customer service and “Teammate” care.
Welp at least First Republic is Jamie Dimon's problem now. F*** that guy, and the Truist execs who are just the Great Value or Wish version.
Did they have a choice? Probably the government pulled all the banks into a room and threatened them if they didn't "invest". That's what happened back in the last financial crisis.