First Republic Bank (FRC.N) and Western Alliance (WAL.N) said on Friday their liquidity and deposits remained strong, aiming to calm investors worried of a spill-over of risks from troubled startup focused-bank SVB Financial Group.
First Republic is about the same size bank as Silicon Valley Bank. First Republic was a $30-50 billion bank in 2021 and up until a few weeks ago was over $20 billion.
First Republic is the 14th biggest bank in the USA.
The reports of problems at First Republic Bank could be made by people who are betting on the bank stocks failing. The shorts could be inciting bank runs. Billionaire Peter Thiel could have accelerated and helped the SVB bank run because he funded replacement digital banks.
There is a guy named Mike Alfred (who I do not know) who is making unsourced claims about FRB.
I have no idea if they are true but I pointed out that he is short $FRC and he blocked me.
So I wouldn’t trust the guy… and he could get in trouble for market manipulation. pic.twitter.com/pzOj8y36CJ
— Sheel Mohnot (@pitdesi) March 12, 2023
NEW: Bank run in Los Angeles at a First Republic Bank branch.
Biden’s America: Bank lines today, bread lines tomorrow.pic.twitter.com/Gkme05ssIa
— Collin Rugg (@CollinRugg) March 12, 2023
Scenes from First Republic bank branches in California today.
Monday’s going to be interesting… pic.twitter.com/Pas0Bcut2Y
— Citizen Free Press (@CitizenFreePres) March 11, 2023
BREAKING: The FDIC is already on site at First Republic Bank trying to determine the best path forward to protect depositors. Things are moving way faster than expected given the accelerating bank run that has already reached a tipping point.
— Mike Alfred (@mikealfred) March 12, 2023
Another TARP program is needed. TARP guaranteed over $400 billion in bad assets in 2008.
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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