The Troubling State of Banking in Silicon Valley.

A group of 11 large banks, including JPMorgan and Citigroup, bailed out First Republic with a $30 billion transfer to help stabilize the US financial system. The private-sector rescue came just days after a public-sector bailout of Silicon Valley Bank and Signature Bank by the Federal Deposit Insurance Corporation, Federal Reserve, and Treasury Department. The move is raising eyebrows about the relationship between Wall Street and the federal government, with reports indicating that Treasury Secretary Janet Yellen leaned on JPMorgan CEO Jamie Dimon to get the deal done. The private rescue takes taxpayers off the hook for yet another bank failure, but smaller and midsize banks are furious after Yellen told Congress this week that only the big banks would be backstopped by the taxpayer and not the $23 trillion banking industry as a whole.