The internet never forgets, especially the section of the internet that follows Jim Cramer's stock picks.
Cramer's recommendation for First Republic Bank is coming back to bite him after the CNBC anchor posted a response to the news that the troubled bank was being sold to JPMorgan (JPM) with an assist from the U.S. government.
DON'T MISS: First Republic Sold to JPMorgan in Latest U.S. Bank Collapse
"Great bank while it lasted," Cramer tweeted Monday.
Immediately, users began posting screenshots of Cramer's previous cheerleading of the bank. One user pointed out the stock's trajectory after Cramer began boosting the bank.
The California Department of Financial Protection and Innovation late Sunday took control of First Republic, while appointing the FDIC as its official receiver.
The agency also announced that JPMorgan -- the bank which in March led a $30 billion effort to boost First Republic's deposit base -- had emerged as the preferred bidder for the bank's assets.
The receivership sale marks the second U.S. bank failure in as many months, following the collapse of SVB Financial in early March, amid a series of unrealized losses on Treasury bond holdings that accumulated amid the Federal Reserve's nine interest rate increases over the past 12 months.
JPMorgan will take on $173 billion of First Republic's loan book, the regulators said, while purchasing $30 billion in securities from its balance sheet and $92 billion in deposits.
The FDIC will take a $13 billion hit from the sale, with JPMorgan contributing $10.6 billion as partial cover.
