Prof. Richard Painter Quoted in Truthout on First Republic Bank Collapse

Professor Richard Painter was quoted by Truthout in an article covering the First Republic Bank collapse. The Federal Deposit Insurance Corporation confirmed that the cost of the collapse would cost the Deposit Insurance Fund approximately $13 billion, or as Professor Painter explained, “In other words, good banks and their customers pay to insure bad banks. How much did First Republic’s execs who created this mess have to pay? If we made them pay, First Republic might not have failed.”