First Republic is a Zombie Bank
The Breakdown
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First Republic: A Complex Power Struggle
The FDIC gets away rather unscathed. The banks don't want to take on the losses. Remember, there is an estimated $13.5 billion capital hole. With the FDIC setting them up to lose, the banks want the US government to subsidize the loans - which is not what Biden and Yellen want into elections. This potentially forces the hands of the banks to play ball.
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