Short sellers have made bank betting on First Republic’s free fall

Marketplace

News, Business

4.6 • 8.5K Ratings

🗓️ 28 April 2023

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

First Republic Bank stock is down 97% in 2023, and this afternoon a takeover by the Federal Deposit Insurance Corp. looked imminent. Thing is, short sellers have made more than $1 billion betting that First Republic would fall. Is that good for financial stability? Plus, we’ll look into the “We buy ugly houses” business and discuss how new economic data will influence the Federal Reserve’s next move.

Transcript

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0:00.0	We are going to do the week that it was, of course, we'll do some banking regulation,
0:06.9	and then we'll go house shopping.
0:08.8	From American public media, this is Marketplace.
0:12.7	In Los Angeles, I'm Kai, Rizdole, it is Friday today, the 28th day of April.
0:27.1	Good as always to have you along.
0:29.1	Everybody, this has been a week filled by economic data.
0:32.6	Next week will be a week filled by a Fed decision and it's fallout.
0:36.8	Today came a little central bank, Mayakulpa.
0:40.3	Though that might not be the right word, actually, we can talk about that.
0:42.9	Gina Smileyx at The New York Times, Neil Richardson is at ADP.
0:46.3	Hey you two.
0:47.3	Hi Kai.
0:48.3	Hey Kai.
0:49.3	So, Neil, let me start with you.
0:50.3	I want to do big picture and I would like your thoughts on the state of this economy,
0:54.5	given what we learned this week.
0:55.8	First domestic product to growth, 1.1% for the first quarter.
0:59.6	Inflation came out today, PCE, the Fed's favorite measure down.
1:03.3	I mean, it's still elevated, but it's down.
1:06.2	Moderating, I guess, is what people might say about inflation right now.
1:10.3	What's your sense?
1:11.3	What's your gut?
	...

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