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Salon

Politics

Jon Queally

FOUND: First republic bank collapses seized - You Need To See This

First Republic First Republic Bank Elizabeth Warren FDIC JPMorgan Lisa Gilbert JPMorgan Chase Bank National Association Silicon Valley Bank

Sen. Elizabeth Warren said Monday that the latest government bailout of a failing Wall Street institution shows how much the financial system remains rigged in favor of powerful banks and that it is beyond time for Congress to step up with increased oversight and reforms.

Federal regulators Monday announced they had seized the entirety of First Republic Bank and sold it to JPMorgan Chase for an undisclosed price—the latest fallout from a deregulated banking system in which the U.S. government has stepped in to backstop Wall Street.

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