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There is a lot more going on here than just one, no two, now three banks.

Eurodollar University

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First Republic Passes Tense

The data we get from the Federal Reserve on the banking system indicates that things are still incredibly fragile. That's likely why First Republic has now passed tense and its operations have been shut down. What's left of First Republic, the carcass is being picked through by all the vultures who have been waiting for its failure. Maybe a systemic one. Why didn't anybody buy that bank before allowing it into receivership?

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