J.P. Morgan Asset Management’s chief investment officer warned that the possible collapse of First Republic Bank may have a domino effect on the entire banking industry. Bob Michele said in a Bloomberg interview that the bank’s liquidity issues resulting from significant deposit outflows are not limited to First Republic alone. Michele believes that regional banks are heavily dependent on the Federal Deposit Insurance Corporation and Federal Home Loan Banks emergency lending programs, and their expiration could create more issues. He blamed the high cost of living for the banking crisis and emphasized the need for a resolution to contain the impact of First Republic’s downfall. He also added that unless the government recognizes the Federal Reserve’s policies as the problem rather than crypto, more banks may face collapse in the future.
US district judge refers FTX independent examiner issue to appellate court
A motion for the appointment of an independent examiner in the bankruptcy case of crypto exchange FTX has been referred...
