Large U.S. banks injected $30 billion in deposits into First Republic Bank (FRC.N) on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.
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Some of the biggest U.S. banking names including JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), Goldman Sachs (GS.N) and Morgan Stanley (MS.N) were involved in the rescue, according to a statement from the banks.
The deal was put together by power brokers including U.S. Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase CEO Jamie Dimon, who discussed the package on Tuesday, according to a source familiar with the situation.
Goldman Sachs, in particular, would do nothing like that unless they saw a way to make obscenely huge amounts of money from it. They are about as close to a completely psychopathic nd amoral entity as exists in the world of banking, and that's saying quite a lot.
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Rule by oligarch
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