Another California Bank Fails Over The Weekend

A once high-flying bank headquartered in San Francisco, CA, is meeting a similar fate of possibly filing for Chapter 11 bankruptcy even after receiving $30 billion in uninsured deposits. A lifeline was loaned to them only one month ago from JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Morgan Stanley, and six other banks.

So while many First Republic Bank customers were pulling their savings and capital out of that failing retail bank, mega zombie banks were at the same time loaning them a few scraps to survive for perhaps one more month.