The giant JP Morgan Chase & Co gobbles up First Republic, enabling a smooth transfer of assets and avoiding an expanded "run on First Republic" which might have stimulated a broader crisis of confidence in the banking system.
Our sources indicate that there are about 70 banks in the USA that have higher than industry standards of problem loans or assets, and are being watched closely by
industry experts as well as regulators.
As BOOTHE GLOBAL PERSPECTIVES has noted (Ben Boothe is a former bank investor, president and owner. "Confidence, confidence, confidence" are the three pillars of strength in banking. When speculative or new and unproven investment tactics are used broadly without property regulation and management, risk factors zoom higher. We now have seen 3 major banks (some of the largest bank failures in US History) in just the past 4 weeks. Some indications are that fast response by the regulators and enhanced emphasis on stronger regulation is going into effect. Let us hope the excellent management of the Federal Reserve and the banking system regulation, is successful at restoring confidence.
We are watching closely and will try to report trends and changes as they occur. In the meantime, we encourage every large bank depositor and especially those with over $250,000 on deposit in your bank, to review your assets and take steps to assure that your funds are safely deposited in banks that have FDIC insurance to cover your risk. Again this may entail you have many accounts at several banks with FDIC insurance to protect your deposits. It is said that the older we are the more experience we have...because we have learned to benefit from experience. We are glad to provide our consulting and benefits of experience in investments (I was an AE at Merrill Lynch and knew Don Regan (our Chairman at Merrill Lynch) and later the Secretary of the Treasury under Ronald Regan). I had contacts at the top both in D.C. and at Wall Street where I trained and worked. As owner of commercial real estate appraisal and environmental firms, I might have experience or insights that might be helpful. It may be a good time to have your assets "appraised" formally, and then to take specific actions to limit your exposure to market swings. We are at your service.
Stay tuned! Ben Boothe Sr. Former bank founder and bank executive. President BBAR Inc., Commercial appraiser, and Environmental Consultant. 817 793 1484 or write me at: BBAR Inc. Attn Ben Boothe President 12409 San Francisco Av NE, Albuquerque, NM 87122. Or email me: firstname.lastname@example.org or email@example.com