Happy St. Patrick's Day! $4 (we're all Irish today) in NYC. Goldman Sachs' $4 might not be that outrageous after all! An extremely valuable baseball team $4.
Fun fact of the day: St. Patrick $4.
Today, we've got stories on $4 $4, and $4
But first, bankers! Assemble!
If this was forwarded to you, sign up here>$4. Download Insider's app here>$4.
1. Banks to the rescue.
It's a bird! It's a plane! $4
Did you feel that? That's the weight of the biggest banks in the country putting their proverbial foot down.
The largest US banks — headlined by Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo — just $4
The move was made to not only stabilize First Republic Bank — $4 as its share price dropped and clients pulled money — but also to show confidence in the wider banking ecosystem.
$4 announcing the news, the 11 banks, which also included Goldman Sachs and Morgan Stanley, believe the move "demonstrates their overall commitment to helping banks serve their customers and communities. Regional, midsize and small banks are critical to the health and functioning of our financial system."
It's a fitting end to what was one of the wildest banking weeks in recent memory. What started off with $4 eventually spilled out to regional banks across the country.
While the move should calm the markets, it's not a long-term solution, per se. The money is committed to First Republic for at least 120 days, which puts us at about mid-July. I can't imagine the big banks looking to pull the rug out from First Republic four months from now, but this money was a deposit, not a donation.
As Insider's Hayley Cuccinello reports, $4 The deposits are moreso a lifeline, not a fix-all.
I also wonder what this means for Silicon Valley Bank. (Remember them?) The bank, errr the FDIC, is still looking for a buyer. But now that $4 have all pledged significant capital to First Republic, I wonder if that diminishes its chances of getting acquired.
But here's why it's not smooth sailing for First Republic. >$4
PS — If you're thinking about emailing me that The Avengers are in the Marvel universe and Superman is in the DC universe, please don't. Go outside and touch some grass instead.
In other news:
2. So you want to work at Goldman Sachs? You're not alone. The high-profile bank's summer internship is ultra competitive. Lucky for you, we've got some advice. $4
3. Big bets at the New York Stock Exchange. Insider's Hayley Cuccinello has a first-person account of a women-only poker night held by BNY Mellon at the NYSE to celebrate International Women's Day. $4
4. Venture capitalists are a real-life version of the $4. VCs are starting to turn on each other over who is to blame for the collapse of Silicon Valley Bank. $4
5. More allegations waged against Carta's CEO. A new filing from former Carta CTO Jerry Talton accuses CEO Henry Ward of being "erratic, self-absorbed," along with a litany of misdeeds. The filing is in response to a lawsuit by Carta that depicted Talton as an incompetent and disgruntled employee. $4
6. Hey everybody, $4! Insider's Dakin Campbell and I spoke on a LinkedIn audio event about the Silicon Valley Bank saga and $4 $4
7. Startup employees and early investors are looking to take the money and run. With the IPO and M&A market for tech startups at a complete standstill, some people with equity are willing to cash in their shares at a discount. $4
8. This "trip" could save your life. Meet the top venture investors who are betting big on using psychedelics for medical treatments. $4
9. Some places where your dollar goes a long way. If you make $100,000 a year in NYC, it's actually like you make only $36,000. How fun! $4
10. The best frozen meals from Trader Joe's. Speaking of saving a couple bucks, skip the takeout and check out these frozen meals from TJ's. $4 Pro tip: The cauliflower gnocchi is legit if you're looking to watch your calories.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet $4, or $4. Edited by Jeffrey Cane (tweet @jeffrey_cane>$4) in New York and Hallam Bullock (tweet @hallam_bullock>$4) in London.