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A Third Bank Implodes. Now What?
The Daily
The Government's Subsidy of First Republic Bank
First Republic was the last domino to fall after Silicon Valley Bank set off cascading dominoes. The government swooped in and backed up big depositors, but this time it arranged a shotgun marriage with JPMorgan Chase. This deal is going to cost the government about $13 billion, which is going to be covered by an insurance fund paid by every federally regulated bank.
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