First Republic Bank Gets “Private Bailout”

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by Chris Black

Big banks like Wells Fargo, JP Morgan Chase, BOA, Citigroup et al agreed to perform a  historic $30 billion unsecured deposit injection in First Republic Bank.

This is basically the first private bailout in history.

Look, the big banks are helping out a little one out of the goodness of their hearts, it’s like Hannukah:

The truth is that the big banks bought up millions of shares of First Republic, then used depositor’s cash to “bail them out” and voila, cost free acquisition.

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