Bill Ackman
@BillAckman · Mar 17, 2023
.@SecYellen has apparently pushed the SIBs to recycle some of the deposits they received from @firstrepublic back into FRB for 120 days. The result is that FRB default risk is now being spread to our largest banks.
Spreading the risk of financial contagion to achieve a false
Genevieve Roch-Decter, CFA@GRDecter· Mar 16, 2023Banks making deposits into First Republic Bank:
$5 billion each: Bank of America, Wells Fargo, Citigroup and JPMorgan Chase
$2.5 billion each: Goldman Sachs
and Morgan Stanley
$1 billion each: Truist, PNC, U.S. Bancorp, State Street and Bank of New York Mellon.
Elon Musk
@elonmusk
The inefficiency of the set of heterogeneous resource allocation databases we call money is astounding
06:18 AM · March 17, 2023 · 1.5M views
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