Large banks like JPMorgan Chase & Co. (NYSE:JPM) could likely argue that the fraud provision suggests that the FDIC is liable for assisted transactions.
Richard X. Bove of Rafferty Capital Markets, LLC feels if banks take such a stance, it could be a game-changer.
Top banks’ legacy problems
According to Rafferty Capital Markets’ report, close to 475 banks failed in the United States. Some of the banks like JPMorgan Chase & Co. (NYSE:JPM) took over more than one institution.
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