Who didn't see this coming? JPM buying First Republic. Another bad decision by BNYM executives to flood First Republic with money and now all of that is lost. I'm sure JPM appreciates the free money BNYM 'donated' as one of 11 banks that funded them 30 billion.
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Responding to your own messages and appreciating your bullsh-t accounting posts won't make any sense. If you are really into accounting please stop posting here and go find your passion reconciling balance sheets of corrupt banks.
Thankfully we employ at least one actual banker here.
It’s pretty much Impossible to interpret this screed between the misspellings, grammatical errors and general incoherence. All it means is that someone is extremely passionate about something.
@3svp you are right .These balance sheet and accounting guys don't look at other side of spectrum. JPM has a long history of not helping Nikola Tesla when he needed the most with JP Morgan denied funding his project to provide electricity to the needy. JPM has done it before, they will do it again when need maybe they will raise their hands and shrug off their shoulders. These Guys are not their to help prosper other Banks. Understand the Bank and financial cartel they have much a darker side where they want to invest their money.
Sure up he will shore up.
You don't think JPM will make us whole? You don't think Jamie Dimon is smart enough to play the long game and sure up some short term funding to ensure the sale goes smoothly?
You need quality hires, superior quality H1B workers.
@2gzb JPM is a better bank . Let's not leave the opportunity to reconcile balance sheets in JPM ! They have our $ 1B.
Thanks for being logical. You stand out here as someone who understands banking and accounting. You should move on to a better bank.
We don’t even have that much with first republic. Simmer down . Do you think BNYM was the only ones invested or involved . Grow up
Fed organized a Gamble and JPM takes all the money. JPM is now not liable to return any of this money won because they made a plot with the Casino Owners
No surprise here, you get what you deserve. Especially with many of their questionable decisions regarding their employees and the negative results of some of their decisions.
It all starts with quality hires. We haven’t had that since we were acquired and lobotomized in 2007.
Clearly we need to up our game when we hire. For whatever reason we aren’t hiring quality people in finance, business, accounting, technology or economics. If it’s because of D.E.I. hiring, that’s fine, so long as the first cut in the pool of applicants is qualifications and abilities.
Read the news - the banks that loaned the money are all being paid back by JPM.
Seriously guys? We didn’t donate the $1B, it was a long term deposit. The deposit essentially now sits at JPM instead of First Republic. We don’t lose that money; the only thing we could interpret to have lost is the temporary hit to our balance sheet due to a reduction in deposits, which lessens our ability to generate NII or lend.
We work at a bank, learn how bank balance sheets work. We aren’t in the business of just giving away a billion dollars for charity.
Somebody needs an editor badly. Good luck to anyone trying to interpret this screed.
Please stop being mean to RV- he has a lot on his plate!!
RV should be held accountable, he had to sign off on the significant contribution by BNYM. I want to see the amount we contributed since we are shareholders and owners after all. That amount should be deducted from RVs bonus. Of course, executives and the board instead are planning layoffs for June.
Worst part about this is it will save the WM New England RP’s job. On the brink of losing $100M’s AUM due to poor management on her part, but now this miraculous gift has saved her once again. We were looking forward to seeing her eating sh-t all year as AUM flows haemorrhaged