Faith in Humanity Restored: Community Bands Together to Provide $30 Billion in Mutual Aid to Down-On-Its-Luck Small Business
https://www.vice.com/en_us/article/epv44m/faith-in-humanity-restored-community-bands-together-to-provide-dollar30-billion-in-mutual-aid-to-down-on-its-luck-small-business-first-republic-bank
It’s a hard time out there with gestures broadly at everything. But this heartwarming story will restore your faith in humanity: Some leading members of the tight-knit financial community are helping a down-on-their-luck friend with $30 billion in mutual aid, deposited directly into their bank account.
Thursday, a circle of financially successful friends—Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo—each said they would give $5 billion to First Republic Bank, a small business with $271 billion in assets that was in danger of forever shutting its doors until their story went viral and the community rallied around them. Other philanthropic community members Goldman Sachs and Morgan Stanley gave $2.5 billion each. Even those who didn’t have as much to give made token contributions of $1 billion each to show their support. Every dollar counts!