First Republic is a Zombie Bank
The Breakdown
00:00
The Game Theory Around First Republic
First Republic is primarily funded by 105 billion in loans from the Fed and the Federal Home Loan Bank. Wedbush had estimated that First Republic's tangible book value, if marked fully to market, would be negative $73 a share. In March, a bank consortium deposited $30 billion in uninsured deposits for an initial term of 120 days. As of April 21, 2023, they had $45.1 billion of cash equivalents and unused borrowing capacity.
Play episode from 12:16
Transcript
