Government currently unwilling to intervene in First Republic rescue, CNBC says

With First Republic’s shares down another 28% in Wednesday morning trading, extending losses of nearly 50% on Tuesday, CNBC reports that advisors to First Republic are trying to convince "at least a few" of the 11 larger banks that previoulsly had infused $30B of deposits in the bank to provide further support by buying some of First Republic’s assets at above-market rates. Those purchases would result in losses for the other banks, but advisors are trying to sell the banks on the idea that letting First Republic fail would be even more expensive, the news service said. Sources have told CNBC’s David Faber on Wednesday that government officials are "currently unwilling" to intervene in the First Republic rescue process, the report noted. Reference Link