First Republic Bank down 25% since yesterday's $30 billion bailout
Oopsie! Well, that’s not a good look! Those 30 billions allegedly came from the donor banks “own money,” rather than the taxpayer. Sure it did! But at least $25billion came from the Big Boys, the certified Too Big To Fail gang. In other words, if this bailout goes sour and drags down the big guys, they’ll once again play the “too big to fail” card and be backstopped, yet again, by the US taxpayer! First Republic closed yesterday at $34.47. At $25.25 as a write these words. That’s a drop of over 25% in less than 24 hrs. Does not bode well for the prospects of the US banking system going forward. What we need right now is some extravagant headlines to take our minds off this shit show… OH LOOKY THERE! PUTIN CHARGED WITH WAR CRIMES!!!
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