Durbin: Taxpayers Are Paying $13 Billion to Save First Republic Bank

On Monday's broadcast of "CNN News Central," Senate Majority Whip Sen. Dick Durbin (D-IL) stated that the $13 billion loss that the FDIC is taking on the seizure of First Republic Bank is "$13 billion in taxpayers' money" that the federal government put into First Republic Bank to ensure that it "did not fail and cause some recession in this economy."