Bove Says ‘Crisis Is Over’ as Banks Eye First Republic Rescue
- Fed doesn’t have money to stop a bank run, says Odeon analyst
- KBW Bank Index erases earlier losses, jumps as much as 4.2%
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The “banking crisis is over,” Odeon Capital analyst Dick Bove said after reports that the nation’s largest private banks will provide $30 billion in liquidity to stabilize First Republic Bank.
In an effort orchestrated by the US government to stabilize the battered California lender, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. would each contribute $5 billion in deposits, along with smaller deposits from smaller institutions, people said.