Depo Man

“The $30 billion rescue of First Republic Bank began with a series of phone calls Tuesday between JPMorgan Chase CEO Jamie Dimon, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen.” The consortium of banks dropped the $30 billion of uninsured deposits into First Republic to give the market confidence in the bank. The market responded by selling off First Republic and other banks again. (Time to put your money somewhere safer, like your March Madness bracket…)

+ FastCo: Silicon Valley Bank built its brand on community. Then the community dumped it like a ton of bricks.

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