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.
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Who wins when a bank fails? Wine guy Frank Martell
“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.
