First Republic Bank is the other major bank in Silicon Valley. The bank is going to get seized by the US government after losing about $100 billion in deposits.
BREAKING: First Republic Bank is expected to be seized by the US government per Fox News
— Matt Couch (@RealMattCouch) April 26, 2023
Breaking: The big banks that capitalized @firstrepublic increasing view the institution as a “zombie bank” — unable to adequately compete but not in immediate danger of collapse. Bank execs tell me if the latest rescue plan doesn’t work there is no other choice but receivership
— Charles Gasparino (@CGasparino) April 25, 2023
Jim Cramer recommended buying First Republic Bank on March 10th when the stock was at $85, today it’s halted trading at its record low of $8.10.
Does he ever get it right? pic.twitter.com/52y975Au7M
— Sasha Hodder (@sashahodler) April 25, 2023
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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Wow,
Well I can’t say I feel bad.
I had my money in this bank and after making various transactions I received a letter telling me they were closing my account without cause.
This caused me a lot of work an some issues and I spoke to my Branch Mgr. could careless.
This was my entire life savings.
Never been treated to bad, so for me, screw Republic Bank….makes my day.
Kind of a self fulfilling prophecy. People think the bank is failing, and they start yanking money out at a prodigious rate. Voila. The bank begins to tank, and here we are. Congratulations on being part of the cause.
But why not going further? When regulation systematically fails, a private bank is always allready failling.