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Yahoo Finance Live's Rachelle Akuffo reports on former SVB and former First Republic CEOs testifying before Congress to address the banking collapse of SVB and First Republic.
First Republic's former CEO Mike Roffler testified Wednesday his bank became the second-largest failed lender in American history for factors other than its “herculean” leadership team.
Ex-First Republic CEO says regulators did not express concerns, blames contagion for bank's collapse
The former chief executive of the First Republic Bank Michael Roffler blamed contagion spread from the failures of regional banks for the bank's collapse and said regulators did not express concerns regarding the bank's strategy, liquidity, or management performance.
About a day before First Republic Bank FRCB went bust, bought $3 strike puts on it. I wrote this on my trading Substack afterwards, at the beginning of this month:
Famed short-seller Michael Burry loaded up on regional lenders last quarter amid the turmoil in the industry, according to regulatory filings. Meanwhile, billionaire investing titans Stanley Druckenmiller and David Tepper loaded up on stocks benefiting from the artificial intelligence boom.
Billionaire investor Jim Simons' Renaissance Technologies LLC was among the prominent funds that took positions in embattled regional bank First Republic Bank during the first quarter ahead of the firm's May 1 collapse, according to securities filings released on Monday.
To some, the question of where to keep your money safe might seem obvious — go with one of the big guys, the banks that have been deemed "too big to fail." Their ATMs and branches are ubiquitous, their mobile apps sleek and user-friendly.
The government's response to maintain stability in the banking system creates stock winners from First Republic failure. First Republic Bank is the second largest bank with assets over $200 billion to fail, This follows the failure of Silicon Valley Bank, Credit Suisse, and Signature Bank.
A broken stock does not mean a broken company.
First Republic Bank's failure demonstrates why lenders are vulnerable to a loss of faith.