Rep. Waters insists 'this is not a bailout' as $FRC assets were auctioned
"This is not a bailout," says @RepMaxineWaters after $JPM took over $FRC. "They should feel confident that their taxpayer dollars are not being used."
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Maxine Waters
DemocratHouseCA
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One of America's biggest banks, JP Morgan Chase, purchased the deposits and assets of First Republic Bank in an auction on May 1, 2023. The collapse of First Republic is considered by many to be the second biggest failure among banks in US History.