As i had predicted and also profited from shorting FRC while the apes were buying this at $16, i predict now that FRC has bankrupted, the real fun begins. FRC has huge assets on its balance sheet but unfortunately these assets are well below their book value. It is not every difficult to see why: FRC created a niche by catering to FAANG employees and offering extremely low interest mortgage rates for specific areas under their Eagle lending program. Nobody wants to touch them with a 100 ft pole as any financial institution buying these assets will realize an immediate loss. What will be interesting to see is how will FDIC resolve this matter? Thanks to the stupidity of FRC for lending well below market rates and due to obligation to service the mortgage on the same terms as the original, somebody will have to realize this loss. The Burning question is who will pay the price? I have an uneasy feeling that the rest of us citizens will end up paying for the discounted interest rates of the people who borrowed from their Eagle lending program. #investments
Still holding 600 shares at average price of $20. What to do?
Take the loss. My avg was $48, sold them all today. I think this bank is done. Even if it had good asset backing, the fear is too great for the bank to substain.
If the bank goes under over the weekend then you can’t sell the stock. Happened to me but with an oil company.
Are you storting other banks? Do you think Pacific Western will go under?
You can short JPM and BAC
Bro what else do you advise to short or buy?
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Agree with your thoughts, it the honest savers who are going pay up. I really wanted to see what FDIC does, it will decide whether dollar stay as the world currency or not.