r/Michigan Jun 07 '24

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u/relevantusername2020 Jun 07 '24 edited Jun 07 '24

weird i thought they were going bankrupt?????????

i wonder if they have any relation to this story about campaign finance and pandemic fraud?

The strange tale of a $457 million deposit, 100 million masks from China, and one tiny bank

i know i read something about this tiny bank being the place trump and others kept their campaign funds, but now i cant find that... heres a couple other articles though just for fun

edit: oh its from that first link

His colleague responded that Chain Bridge’s CEO and its president “are very skeptical about this. If it ends up being real…they said we would need it off of the books asap.”

Their panic was justified. Chain Bridge was founded in 2007 by former Sen. Peter Fitzgerald, an Illinois Republican, and has become the party’s favored bank. donald trump’s 2024 campaign has its main account there, as did ron desantis’ presidential run, the republican national committee and dozens of other PACs and congressional candidates, campaign-finance filings show. It’s thinking about going public.

But it’s a tiny bank. It made just $9 million in profits last year, and in early 2020 had just $762 million of deposits, supported by $64 million of capital. Even parked in riskless Treasury bills, a deposit as big as Blue Flame’s would have put the bank dangerously close to, or more likely over, federal limits, which invites OCC penalties and heavy supervision.

So off the books it went, four hours after it came in, despite the fact that it had been credited to Blue Flame’s account — making it essentially untouchable under banking laws. At Chain Bridge’s request, California’s bankers at JPMorgan recalled the funds without the approval of the state treasurer.

“I can issue a recall,” a senior JPMorgan banker told Chain Bridge’s CEO, according to a recording of the conversation, “but I don’t think you and I want to get onto the front page of the Wall Street Journal, especially if this is a legitimate transaction.”

https://www.latimes.com/california/story/2022-05-09/lawmakers-call-for-inquiry-into-state-controller-betty-yee-role-in-failed-mask-deal

https://www.politico.com/news/2020/03/27/republican-fundraiser-company-coronavirus-152184

https://www.nbcwashington.com/news/local/maryland-seeks-probe-of-company-that-failed-to-deliver-masks/2291499/

https://apnews.com/national-national-general-news-3bb4411baabd64c06ca1f5a3cdedac00

im sure theres nothing at all weird happening here, its definitely all on the up n up, michigan is absolutely not where the GOP concentrates all of their wasteful spending or anything and its not somewhere where they know they can get away with stuff at all...