https://www.wsj.com/articles/jpmorga...ublic-4f9eeb76
Quote:
Eleven banks have deposited $30 billion in First Republic Bank, according to a joint statement from the heads of the Treasury, Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency.
“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the federal officials said.
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Hm, I would call it different.
Act of despair, maybe? They desperately try to contain a possible meltdown.
Meanwhile the ECB raises the base interest by 0.5% to 3.5%.