Berkshire Hathaway CEO, billionaire ($112.8 billion according to Forbes magazine) Warren Buffett said that the heads of bankrupt banks are themselves responsible and should be held accountable for their mistakes. The investor announced this in his speech at Berkshire Hathaway’s annual general meeting, Wrote Bloomberg agency.
Buffett said California-based investment bank First Republic Bank (FRB) has made “huge, unsecured mortgages” at flat rates of up to 10 years in some cases. The investor described it as a “crazy offer”.
This week the Department of Financial Protection and Innovation (DFPI) delivery The FRB, managed by the Federal Deposit Insurance Corporation (FDIC), later approved an application by the Federal Deposit Insurance Corporation (FDIC) to purchase FRB deposits and assets from New York-based conglomerate JPMorgan Chase.
All 84 FRB branches in the nation’s eight states will open under the JPMorgan Chase banner. At the end of March, FRB ranked 14th with assets of $212.6 billion.
Press service of the Federal Deposit Insurance Corporation (FDIC) in the first half of March reported About the destruction of the American investment Silicon Valley Bank (SVB), which ranks 16th in terms of assets in the United States. SVB has become the largest US bank to go bankrupt in the past 15 years.
At the same time, New York State officials closed Signature Bank due to systemic risks.