In Acquiring First Republic Bank, JP Morgan Has:

1. Bypassed laws against acquiring bank while controlling 10%+ of US deposits

2. Shared $13 billion in losses with the FDIC

3. Received a $50 billion loan from the FDIC

4. Effectively bought back its own deposits

5. Expects to profit $5 billion+ over the next 5 years

6. Added $18 billion in market cap this morning

This crisis has taught us that rules don’t matter in times of panic.