Larry Summers Slams Delay in First Republic Resolution, Urges Fix Soon
- First Republic has been hit by an exodus of its deposits
- Former Treasury chief calls for workout within 10 days
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Former Treasury Secretary Lawrence Summers criticized Washington regulators and US banking giants for not having already figured out a solution for the beleaguered lender First Republic Bank.
“I’m surprised and disappointed that this situation has continued to linger as long as it has, with the bank’s stock down 95%” and credit gauges deteriorating, Summers said on Bloomberg Television’s “Wall Street Week” with David Westin. “I hope that between the banks, the FDIC, the other public authorities, that the best way forward will be found within the next week or 10 days.”