San Francisco, CA
Big banks step in with $30 billion to save San Francisco-based First Republic Bank
SAN FRANCISCO – San Francisco primarily based First Republic is getting a lift from throughout the banking business.
In a press release, First Republic introduced it acquired $30 billion lifeline in uninsured deposits from a coalition of the USA’ 11 largest banks.
As a part of the help package deal, JPMorgan Chase, Financial institution of America, Citigroup and Wells Fargo have agreed to every put $5 billion in uninsured deposits into First Republic. Morgan Stanley and Goldman Sachs will deposit $2.5 billion every into the financial institution. The remaining $5 billion would encompass $1 billion contributions from BNY Mellon, State Road, PNC Financial institution, Belief and US Financial institution.
“Their collective assist strengthens our liquidity place, displays the continuing high quality of our enterprise, and is a vote of confidence for First Republic and your complete U.S Banking system,” mentioned Jim Herbet, Founder and Govt Chairman and Mike Roffler, CEO and President.
The information got here as a aid to many purchasers and neighborhood members who’d apprehensive it may need the identical destiny as Silicon Valley Financial institution that collapsed final Friday.
“It’s extremely reassuring to see the steps taken to assist First Republic Financial institution,” mentioned Bijan Mehryar, a Danville native.
“I’ve lots of pals who work at each banks and hope they’re each okay,” mentioned John Lane of Marin.
First Republic reported $176 billion in belongings on the finish of final 12 months and acknowledged that this previous week it had borrowed from the Federal Reserve to cowl fast withdrawals.
“From March 10 to March 15, 2023, Financial institution borrowings from the Federal Reserve diverse from $20 billion to $109 billion at an in a single day charge of 4.75%.,” the FIrst Republic Financial institution assertion mentioned.
“I feel they’re efficiently calming the state of affairs,” mentioned Finance Professor Ross Levine on the UC Berkeley Haas College of Enterprise, who wrote a ebook analyzing the function of regulators within the 2008 banking disaster.
Levine says whereas the brief time period calming measures appear efficient, he says long-term, the failure of banks and regulators to acknowledge the altering rate of interest dangers is shockingly elementary.
“The query is how might such a primary downside be missed,” mentioned Levine.
He says he worries about even bigger banks having comparable dangerous investments, noting {that a} paper by a staff of researchers led by a Stanford professor had some fascinating insights.
“We’ve estimates there’s a few $2 trillion loss within the general banking system within the U.S. because of the mismatch between long-term belongings and the brief time period liabilities,” mentioned Professor Levine.
Levine says one downside is that banking executives have incentives to take nice dangers with out a lot draw back, an enormous downside if firms’ threat officers, shareholders, and regulators aren’t watching over the books and placing on the brakes.
“The regulators by bailing out many, many traders in banks, have created an atmosphere by which these traders in banks have fewer incentives to watch these banks and constrain them from risk-taking,” mentioned Levine.
San Francisco, CA
3 quick takeaways from the 49ers 38-10 loss to the Packers: Time to wrap up the season?
The writing seemed to be on the wall heading into the weekend for the San Francisco 49ers when Brock Purdy, Nick Bosa, and Charvarius Ward were ruled out due to injury. Then, Trent Williams was deemed inactive after a pregame warmup.
Well, Sunday went exactly how many expected and even worse to a degree, as the 49ers suffered their ugliest loss of the season in a 38-10 defeat to the Green Bay Packers, dropping to 5-6 on the season.
Offensively, the 49ers couldn’t establish any form of a run game, while their passing game struggled to generate many explosives and finish drives.
Defensively, San Francisco was out-physicaled and looked gassed from the jump, struggling to contain the run without Bosa, leading to the blowout defeat.
Here are three quick takeaways from the 49ers 38-10 loss to the Packers on Sunday.
Establishing the run game
Coming into the game, with a key injury at quarterback and at left tackle, it was clear the 49ers weren’t going to muster enough offense without a consistent run game.
San Francisco had struggled to establish the run with Christian McCaffrey over the last two games, as the star rushed for just 3.7 yards per carry since returning from injury.
That didn’t improve on Sunday, as McCaffrey had just 31 yards on 11 carries, failing to muster any type of success on the day. In our three keys to win, I highlighted the need to give Jordan Mason more carries during a game where the 49ers absolutely needed an identity on the ground.
Mason got a 16-yard carry on his first touch on the first drive of the second half, but didn’t see much volume outside of that, with San Francisco relying more on their passing game after falling into a deficit early.
The 49ers just looked flat, so an extra boost of physicality from Mason could’ve helped. Instead, they rode McCaffrey hard again, who struggled on the ground, while fumbling the ball on his longest catch of the day.
Defensively, San Francisco allowed Green Bay to run the ball 42 times, gaining 169 yards and three touchdowns on the ground. Starter Josh Jacobs led the way with 106 yards and all three scores, powering through inside the red zone for a number of touchdowns.
The passing game was inconsistent for Green Bay, as Jordan Love completed just 13/23 passes for 163 yards. But, a strong rushing attack led the way en route to 38 points.
Big swing
One of the 49ers’ biggest chances in this game came to open up the second half. San Francisco had an abominable start, going three-and-out on consecutive possessions, while giving up scores on all three of Green Bay’s opening drives.
Down 17-7, the 49ers had a big chance to cut the game to a one-score lead, but opportunities were missed, as has been the case for much of the year.
Facing a 1st & 10 at the Green Bay 47-yard line, Brandon Allen had a deep ball to Jauan Jennings behind him, missing the open wideout who could’ve corraled the pass but wasn’t able to. Then, on 4th & 2, Allen had happy feet and was late dishing out an out-route, killing the drive.
After having a chance to pull within one score, the 49ers missed out, giving Green Bay a chance to improve their lead. But, the defense forced a quick three-and-out, giving San Francisco a chance to get within one score once again.
Well, as they did on the opening drive, San Francisco moved the ball, getting from their 10-yard line to the Green Bay 45-yard line. But, disaster struck again, as Brandon Allen had a pass intercepted off a dart to Deebo Samuel, which went through his hands and into those of Xavier McKinney.
Green Bay wouldn’t let that opportunity pass, as they swiftly put together a three-play, 26-yard touchdown drive to go up 24-7, never looking back from there.
In a game where so much was already going against them, the 49ers had a big chance to begin the second half. But, as they’ve done for much of the season, San Francisco was unable to capitalize.
Outlook of the stars
Coming into the season, it seemed like the 49ers were going to rely on their stars more than expected with the roster getting older and younger talent slowly getting integrated into the roster.
Well, 11 games through, San Francisco is 5-6 and their stars are a big reason for that.
Offensively, it starts at the top with Brock Purdy. The quarterback has been a positive for the season as he has utilized his legs more often, while overcoming other deficiencies. But, the question is: has he looked like a $60 million dollar quarterback?
Running back Christian McCaffrey missed the entire first half of the year as he rehabbed Achilles tendonitis, leaving San Francisco in a hole with arguably their best skill position player shelved. Brandon Aiyuk suffered a torn ACL early in the season, forcing rookies into action sooner rather than later at the receiver position. Then, Trent Williams started dealing with ankle issues, limiting his play and forcing him to miss a game.
Defensively, Nick Bosa has recently dealt with an oblique and hip issue, missing this past week. Javon Hargrave was ruled out early in the season with a triceps injury. Charvarius Ward has missed time. Fred Warner has not looked the same as his Defensive Player of the Year-level start. Talanoa Hufanga has also been out of the lineup for much of the year.
That has led to a talent depreciation on both sides of the ball, with certain players feeling like they’ve regressed, while the passion and fight in this team feel different than years past.
With the top players looking as they have over the first 11 games of the year, it’s questionable to see how this team can truly turn things around.
San Francisco, CA
San Francisco Giants Trade Idea Swaps Slugger For High-Risk, High-Reward Ace
The San Francisco Giants need more pitching and seem to want to trade one of their sluggers — and they may be able to accomplish two tasks with one move.
With Buster Posey seemingly wanting to move on from LaMonte Wade Jr. while he still holds a bit of trade value, he will need to consider what they to get back in return.
One team that could be desperate to bring Wade in is the Houston Astros, long plagued by poor play at the plate from their first basemen. While most of their pitchers were injured last season, they do have a slight surplus of starting caliber players on their roster. They might just be the perfect trade partner.
A potential deal between the two squads could see the Giants ship Wade off to the Astros in exchange for right-handed starter J.P. France and pitching prospect Jackson Nezuh.
France is an interesting case, and would certainly be a risk, but does have the potential to be an impactful arm in the backend for the rotation.
He is a long way from someone that could replace Blake Snell, but could be an interesting innings eating starter or long-reliever depending on how he comes back from injury.
That is something that San Francisco wished they had last year during their flurry of pitching injuries.
The Houston righty struggled last year, but it was just a small sample size of five starts. The Giants would need him to find a way back to his surprisingly solid rookie campaign.
In 2023, he made 24 appearances (23 starts) and finished with a 3.83 ERA across 136.1 innings pitched.
France has a great breaking balls that helped him soar in the minor leagues. HIs changeup is especially effective.
Given that he is coming off of a shoulder injury, though, the Astros could need to add a mid-tier prospect as a bit of insurance.
Nezuh was a 14th-round selection in the 2023 MLB draft out of the Louisiana-Lafayette Ragin’ Cajuns.
He has always been more of potential guy than actual results, but he had a great first year in the Houston farm system. He had a 3.89 ERA with 11.3 K/9 across Single and High-A.
Wade was red-hot to start last season, but fell off hard. As he enters the final year of his career, Posey could be looking to maximize his trade value and help the roster out in a bigger spot of need.
San Francisco, CA
Hayes Valley Quadruple Murder Suspect Convicted on All Counts
Lee Farley, 36, was convicted Friday of shooting and killing four men in the Hayes Valley neighborhood in 2015.
In a statement, prosecutors said that Farley was found guilty of using a rental car from Walnut Creek to perform a drive-by shooting on an idle Honda Civic, firing 18 shots into the vehicle before fleeing.
All four victims died on the scene.
Farley, who initially plead not guilty, was serving time for unrelated charges in 2016 when authorities connected him to the shootings, according to reporting from SFGATE.
“Our strong legal team fought hard, understanding that while nothing we do can bring back their loved ones, that hopefully this verdict brings them some comfort,” said District Attroney Brooke Jenkins in the statement.
Farley is set to be sentenced on Dec. 16.
Photo via X
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