“FDIC Sends 19 Page letter to JP Morgan/CHASE
about the Bank Being Unstable”
by U.S.Reporter
“Depositors at JP Morgan/CHASE Bank should read between the lines – and fast! The Federal Deposit Insurance Corp (FDIC) has revealed a 19 Page letter sent to JP Morgan/CHASE Bank, outlining why the bank is unstable and does not meet the requirements of law. This usually PRIVATE information is a heads-up to depositors.
The letter explains why JP Morgan/CHASE does not meet the 2008 Dodd-Frank Law which requires banks, whose failure would have a “systemic effect” (i.e. “too big to fail”) to have a sort of “Living Will” which is an orderly plan for resolving themselves if they go Bankrupt. Both the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) have found that the plan submitted by JP Morgan/CHASE does not meet the requirements of law.
Eight years after the Dodd-Frank Law was enacted, after the 2008 financial crisis, JP Morgan suddenly is no longer meeting the rules. Why? Are they heading toward FAILURE and need to fudge the numbers to try to get-by? Generally, the Federal Reserve keeps such matters very quiet. Yet they are suddenly releasing this blockbuster information?!
At the top of page 11, the Federal regulators reveal that they have “identified a deficiency” in JPMorgan’s wind-down plan which if not properly addressed could “pose serious adverse effects to the financial stability of the United States.” Why didn’t JPMorgan’s Board of Directors or its legions of lawyers catch this?
It’s important to parse the phrasing of that sentence. The Federal regulators didn’t say JPMorgan could pose a threat to its shareholders or Wall Street or the markets. It said the potential threat was to “the financial stability of the United States.” If you are a Depositor or Investor in JP Morgan CHASE, we suggest you read between the lines, folks. You are being warned.“
“Download the redacted version of the Federal Reserve Letter
HERE.”
Source:
http://coyoteprime-runningcauseicantfly.blogspot.com/2016/04/the-economy-fdic-sends-19-page-letter.html
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