Another Bank Bites the Dust. What Happens Now?

Money Rehab with Nicole Lapin

Money News Network

Education, Self-improvement, Business

4.4 • 1.4K Ratings

🗓️ 3 May 2023

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

RIP First Republic. Nicole breaks down why First Republic failed, how the pieces are being picked up, and what it means for First Republic customers and investors. For a pulse check on your local bank, check their Weiss rating here: https://weissratings.com/

Transcript

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0:00.0	From Wondry, flipping the bird.
0:02.2	Elon vs Twitter is a new podcast that unravels the fascinating story of Elon Musk's unexpected
0:08.0	bid to buy Twitter, and all of the drama that has happened since then.
0:12.1	As a self-described business maverick, Elon epitomizes the Silicon Valley ethos of move
0:17.0	fast and break things.
0:18.7	Elon's influence is not only ushering in a new era of Twitter, but also shaping the
0:23.9	future of free speech on the internet as we know it.
0:27.2	Listen to flipping the bird on Amazon Music or wherever you get your favorite podcasts.
0:34.2	I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.
0:38.8	It's time for some money rehab.
0:41.3	Alright, we've got to talk about First Republic today.
0:50.1	The big headline of the week, of course, is that First Republic Bank was pronounced dead
0:55.0	and JP Morgan Chase bought the banks $92 billion deposits and $203 billion in loans and
1:01.6	other securities.
1:03.7	When I think about how this unfolded, I have a little daydream and it goes like this.
1:08.8	Do you have an ex saved in your phone as nope or do not answer or as I once did, asshole
1:16.4	do not answer?
1:18.2	Well, because of JP Morgan Chase CEO Jamie Dimons' debacle in 2008 with Bear Stearns,
1:24.2	I picture his phone ringing with First Republic's contact changed to do not answer.
1:30.8	But he finally caved and picked up the call from First Republic this weekend.
1:35.5	More on Bear Stearns and First Republic in just a minute, but for a quick, fun fact,
1:40.6	bailing out banks is actually one of the long-standing legacies of JP Morgan, and I'm talking
	...

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