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A last-minute deal between the Federal Deposit Insurance Corp. and a large bank could ensure that the San Francisco company's uninsured depositors will be covered. That group includes 11 big banks that deposited $30 billion at First Republic last month.
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The troubled lender could fail, get rescued by the nation's largest banks, or muddle through as a zombie bank. Federal regulators and the big banks will have to decide which is the least bad option.
Stephen Schwartzman, worth $42 billion and at the head of a firm managing almost $1 trillion, says social media is what doomed the bank.