A consortium of 11 ostensibly competing mammoth banks met on Thursday to bail out certainly one of their very own, the California-based First Republic, so as to assist stabilize the faltering U.S. monetary system. The switch of $30 billion to the First Republic by banks together with JPMorgan, Citigroup and different banking giants deemed “too large to fail” within the wake of the 2008 monetary disaster is spurring a flight of deposits from small lenders. He is additionally elevating eyebrows concerning the relationship between Wall Avenue and the federal authorities. The non-public sector bailout got here days after the general public sector bailouts of Silicon Valley Financial institution (SVB) and…