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Wall Street banks to deposit $30B into First Republic
- GalenErso 4y agoI'd really like to know the logistics of such transfers. Does Republic provide the banks with bank account numbers (which begs the question, do banks have their own accounts with themselves to keep money into? They must, or else, where do they keep their money, not from an accounting standpoint but from a computer one?)? Do the other banks then wire $5,000,000,000.00 or whatever the amount from their accounts to Republic's account? Do they transfer the money all at once or in quick increments? Who clicks on the final "send" button and are there other people behind him/her (physically) to check?
- ren_engineer 4y ago>“This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the Treasury Department said in a statement Thursday. why is the treasury department commenting on this? How much was this "show of support" ordered by the government itself? I highly doubt Wall Street bankers did this out of the goodness of their hearts. People should be disgusted by how intertwined the Fed, government regulators, and the finance industry have become. We are going to pay the price for not holding people to account in 2008, the punishment wasn't enough to actually change the culture of Wall Street