CNN BUSINESS | How First Republic became such a hot mess
New York (CNN) — It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention.
The reason has a lot to do with the high-net-worth people who bank there.
“It’s the biggest example of a bank that could go down and shouldn’t go down — a first-class bank,” said a source close to the 48-hour deal to infuse First Republic with $30 billion in cash. –read more–
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