Frank Martell knew he had scored when he bought dozens of Bonds from Silicon Valley Bank and First Republic Bank. Bond wine, that is, a hard-to-find Napa Valley cult favorite that goes for several hundred dollars a bottle. The Cabernet Sauvignons were part of two wine collections the government seized this year, one from SVB and one from First Republic, after the two California banks collapsed.
“I guess you could say that the failed-bank side of the FDIC’s work reflects the diversity of the banking business, from earth to the heavens above,” Rosenstein wrote in a 2006 newsletter.
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