Senator John Kennedy: "Banks are just ... sophisticated ponzi schemes

5/7/2023

Senator John Kennedy said: "Banks are just ... sophisticated ponzi schemes."

See full clip: https://twitter.com/unusual_whales/status/1654954438124277760

A recent example: First Citizens Bank, the buyer of Silicon Valley Bank's assets, is run by a billionaire North Carolina family that's bought over 20 failed banks since 2008, per BI.

First Citizens BancShare agreed to purchase Silicon Valley Bank after the lender was taken over by regulators due to a surge in withdrawals on March 26.

According to a statement from the Federal Deposit Insurance Corp, the Raleigh, North Carolina-based lender has entered into an agreement to buy all of SVB's deposits and loans. The FDIC confirmed that First Citizens Bank will take over Silicon Valley Bank's deposits and loans, and the 17 former branches of Silicon Valley Bridge Bank will reopen as First-Citizens Bank & Trust Company from March 27, 2023.

Customers of Silicon Valley Bridge Bank should continue to use their current branch until they receive notice from First-Citizens Bank & Trust Company that system conversions have been completed for full-service banking at all branch locations.

Read more: https://unusualwhales.com/news/silicon-valley-bank-purchased-by-first-citizens-bancshares-inc

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