A bank that deserved to die. More to come?

From New York magazine:

First Republic was a rotten bank, and on Monday JPMorgan Chase bailed it out. It had been a terrible few weeks for First Republic, which is now the third-largest bank failure in U.S. history. Depositors fled. Its stock crashed 95 percent. 

After the bank got its first bailout in March, executives effectively told Wall Street that they had no right to pry into the company — an act of hubris that ultimately hastened its collapse. 

....But this probably isn’t the end of the crisis. “What’s emerged will come with collateral damage and unintended consequences,” Mohamed El-Erian wrote in a column

....There is a large contingent on Wall Street that is viewing this takeover with a sigh of relief. It could have been much worse. First, let’s just get this out of the way: This was not a 2008-style bailout. 

First Republic got a Tarantino-esque death — quite gruesome compared to the concierge euthanasia the Federal Reserve gave to SVB last month when the central bank declared it too big to fail after it had already collapsed (meaning all its deposits could be insured). 

Taxpayer money isn’t being funneled to prop up First Republic [yet],,,,