The deal resulted in a billion-dollar loss to the FDIC's Deposit Insurance Fund while JPMorgan is set to earn billions, Warren said.
in the banking system following the failures of Silicon Valley Bank and Signature Bank in March.
The FDIC allowed JPMorgan to take over the total package of First Republic's assets for less than they were worth, according to Warren, a longtime critic of Wall Street. Meanwhile, the agency will bear 80% of the credit losses on the bank's mortgages and commercial loans, she said. The Massachusetts Democrat is seeking answers from Gruenberg and Hsu about whether the agency indeed resolved the bank failure at the lowest cost to the federal insurance fund, as is required by law.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Sen Lindsey Graham demands hearing on Durham reportSen. Lindsey Graham called for a hearing on Special Counsel John Durham's report on the FBI's Trump-Russia probe, says it is a 'damning indictment' of FBI misconduct.
Baca lebih lajut »
Warren Buffett bets $130 million on Occidental, dumped stocks in Q1Warren Buffett just plowed around $130 million into Occidental Petroleum after dumping a bunch of stocks last quarter
Baca lebih lajut »
The robots are betting against Warren BuffettQuant funds have been purchasing U.S. stocks while investors shy away from uncertainty created by the U.S. banking industry.
Baca lebih lajut »
Capital One shares rebound after Warren Buffett makes near $1 bln bet on bankShares of Capital One Financial Corp rebounded from its losses in the past two weeks on Tuesday after billionaire investor Warren Buffett's Berkshire Hathaway Inc disclosed it had taken a stake of nearly $1 billion in the credit cards-focused bank.
Baca lebih lajut »
Warren Buffett buys another $127 million worth of Occidental Petroleum stockWarren Buffett's company bought another $127 million worth of Occidental Petroleum stock...
Baca lebih lajut »