It was a lie because that's all this administration does is lie.
The outlet said the funding will help the bank shore up its finances after the collapse of SVB Financial Corp. last week. The $70 billion does not include any money that First Republic may be able to borrow through a new Fed lending facility that was created to assist banks in meeting withdrawals. Remember, 'the Fed' uses government money -- tax dollars -- to operate.
“First Republic’s capital and liquidity positions are very strong, and its capital remains well above the regulatory threshold for well-capitalized banks,” said the bank’s executive chairman and its chief executive in a joint statement, according to the WSJ.
The funding injection is the initial financial aid announced for a group of mid-sized banks that have encountered difficulties in the past week, the news outlet reported.
Silvergate Capital Corp. recently revealed it would close down after suffering huge losses due to its investments in cryptocurrency clients. Following a bank run, SVB was seized by the government on Friday, while New York's Signature Bank suffered a similar fate on Sunday. These two closures were the second- and third-largest bank failures in U.S. history, WSJ added.
Last week, investors began worrying that First Republic Bank had a comparable profile to SVB, causing shares of the former to drop by roughly 30 percent since Wednesday. Customers also grew uneasy about keeping their deposits at the bank.
Conservatives are rightly blaming these failures on 'woke' banking practices.
"Another term for wokeness, of course, is ESG, which stands for environmental, social, and governance. ESG is a pertinent question, as there’s a considerable body of economic literature showing that woke investments aren’t good investments," Breitbart News noted this week, adding that "one study by professors at the London School of Economics and Columbia University finds that":
ESG funds appear to underperform financially relative to other funds within the same asset manager and year, and to charge higher fees. Our findings suggest that socially responsible funds do not appear to follow through on proclamations of concerns for stakeholders.
In other words, ESG funds don't perform as well, don't make investors money, and thus are frauds that lead to bank collapses.
Lawmakers in Washington were supposed to have fixed bank failures with a massive law known as Dodd-Frank in 2010 under Obama's watch that included the formation of the Consumer Financial Protection Bureau. But that was before woke investing; no law can regulate stupid investment choices by far-left CEOs.
"If the evidence continues to pile up that woke/ESG is bad business, then it will be hard for financial officers across the spectrum—in banks, investment houses, pension funds, insurance companies, and university endowments—to argue that they can be woke while still upholding their fiduciary duty. That duty is a heavy legal concept, containing significant civil and even criminal penalties if it is violated," Breitbart News noted in its assessment.
"To be sure, plenty have been warning about the dangers of ESG, including House Majority Leader Steve Scalise (R-LA) and also some of those directly tasked with growing and safeguarding pension funds, such as West Virginia State Treasurer Riley Moore. There’s even a new network of right-leaning investment overseers, the State Financial Officers Foundation," the assessment continued.
"So, now expect a scramble, as all the Emperors of ESG—including Al Gore, Larry Fink of BlackRock, and maybe even Bono—rush to tell us that this is fine" -- because all Washington does is lie to us.