{UAH} THE FREE MANNA ALLAN BARIGYE PROMISED YOU AFTER THE FALL OF TRUMP IS ACTUALLY SOUR

Friends

 

This is what I have stated over and over to my dear friend Peter Simon Okurut. When you stand and make a statement in a forum, you better be ready to back it up with numbers. You know as Mayimuna Kenyi and Allan Barigye were rejoicing when Trump left office, I stood in this forum and warned both, that what is about to show up is not going to be edible. And no I was not privy to the decision makers but I follow the numbers closely. Well let us see where we are today, the economy has clearly tanked, and I have posted as I continue to post the numbers to support such. Gas prices ran from 75cents to a dollar fifty that we have in Toronto today. And it is never going to go back to what it was until Democrats leave the White House. Why do I say that? Because gas prices are never based on how much we dump into the market, it is based on good feeling. Canada today dumps more fuel into the market than we were dumping in the day Trump left office, and yet the price of gas in this city is not going to stabilize until we pass two dollars a liter. Mark my words.

 

I want you to read the piece below, this was released by Bloomberg just yesterday afternoon, the shake up happening in American banks is astounding, and by the time they stabilize many are going to be either closed or swallowed up. When you fail to get good will on gas prices, everything becomes un stable, for gas prices affect prices of almost everything. Have you bought Mangoes lately in this city? I bought two last Friday, and one was ten dollars and a second one nine dollars ninety cents. And to Peter Simon Okurut that claims how the health of American banks has nothing to do with Canadian banks, I want you to know that Canadian banks are affected too. We have started to see Canadian banks closing branches, TD bank closed the branch at the south west corner of Spadina and Queen streets, CIBC had a branch on the North Eastern corner, that was closed as well. And those are the only ones I have seen, for I pay attention to these issues Allan Barigye calls minor. Don’t you wonder how two major Canadian banks close branches in the middle of China town? Peter Simon Okurut are you claiming to now understand economic situation than TD and CIBC combined? Just asking !!!!!

 

Friends embrace your selves at what is coming after you, for it is going to hurt. (And I have chosen those words carefully)

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FDIC Asks Banks for Final First Republic Bids Due Sunday

Hannah Levitt, Katanga Johnson, Gillian Tan and Katherine Doherty

Sat, April 29, 2023 at 2:19 PM EDT·4 min read

(Bloomberg) -- The Federal Deposit Insurance Corp. has asked banks including JPMorgan Chase & Co., PNC Financial Services Group Inc., US Bancorp and Bank of America Corp. to submit final bids for First Republic Bank by Sunday after gauging initial interest earlier in the week, according to people with knowledge of the matter.

The regulator reached out to some banks late Thursday seeking indications of interest, including a proposed price and an estimated cost to the agency’s deposit insurance fund. Based on submissions received Friday, the regulator invited some of those firms and others to the next step in the bidding process, the people said, asking not to be named discussing the confidential talks.

Spokespeople for JPMorgan, PNC, US Bancorp, Bank of America and the FDIC declined to comment. Bank of America is considering whether to proceed with a formal offer, one of the people said. Citizens Financial Group Inc. is also involved in the bidding, Reuters reported, citing people with knowledge of the matter.

The bidding process kick-started by regulators — after weeks of fruitless talks among banks and their advisers — could pave the way for a tidier sale of First Republic than the drawn-out auctions that followed the failures of Silicon Valley Bank and Signature Bank last month. Authorities are stepping in after a particularly precipitous drop in the company’s stock over the past week, which is now down 97% this year.

Unclear to some involved in the process is whether regulators might use a bid for a so-called open-market solution that avoids formally declaring First Republic a failure and seizing it.

The stock’s drop — leaving the company with a $650 million market value — has made such a takeover at least somewhat more feasible.

Jumbo Mortgages

But finances aren’t the only hurdle to doing a deal.

JPMorgan is among a small number of giant banks that have already amassed more than 10% of nationwide deposits, making the firm ineligible under US regulations to acquire another deposit-taking institution. Authorities would have to make an exception to allow the country’s largest bank to get even bigger.

As of Friday evening, the FDIC had yet to reach a decision on putting First Republic into receivership, people with direct knowledge of the matter said. Representatives for California’s banking regulator, which would take the lead in declaring whether the San Francisco-based lender has failed, didn’t respond to requests for comment.

Weighing on First Republic’s balance sheet is a mountain of low-interest loans, including an unusually large portfolio of jumbo mortgages to wealthy clients. Such debts have lost value amid interest-rate hikes, leaving the firm facing losses if forced to sell them.

During last month’s regional banking crisis, wealthy customers and businesses yanked their cash from banks with such flaws in their balance sheets. In response, the Federal Reserve opened up an emergency lending facility to give banks a way to borrow against some of their holdings to meet any demands for cash.

Waiting for Aid

A group of 11 banks that deposited $30 billion into First Republic last month — giving it time to find a private-sector solution — have proved reluctant to band together on making a joint investment. A few proposals that surfaced in recent days called for a consortium of stronger banks to buy assets from First Republic for more than their market value. But no agreement materialized.

Instead, some stronger firms have been waiting for the government to offer aid or put the bank in receivership, a resolution they view as cleaner — and potentially ending with a sale of the bank or its pieces at attractive prices.

But receivership is an outcome the FDIC would prefer to avoid in part because of the prospect it will inflict a multibillion-dollar hit to its own deposit insurance fund. The agency is already planning to impose a special assessment on the industry to cover the cost of SVB and Signature Bank’s failures last month.

--With assistance from Lydia Beyoud and Max Reyes.

EM         -> {   Gap   at   46  } – {Allan Barigye is a Rwandan predator}

On the 49th Parallel          

                 Thé Mulindwas Communication Group
"With Yoweri Museveni, Ssabassajja and Dr. Kiiza Besigye, Uganda is in anarchy"
                    Kuungana Mulindwa Mawasiliano Kikundi
"Pamoja na Yoweri Museveni, Ssabassajja na Dk. Kiiza Besigye, Uganda ni katika machafuko