First Republic's Failure Shows the Limits of Fed Bank Programs
The Breakdown
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First Republic Sold to JP Morgan, the Second Largest Bank Failure in US History
Some in the crypto sat were just frustrated that yet another big bank was seemingly on the verge of bailout when the crypto focus banks seemed to have been let fail. JP Morgan will assume all of First Republic's 92 billion in remaining deposits and buy most of its 203 billion in assets. The FDIC will share losses with JP Morgan, with the agency estimating that its insurance fund will shoulder around 13 billion in losses from the deal.
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