Lloyd Blankfein — who, for those unfamiliar, ran a bank at one point — isn’t enamored with the actions undertaken last week by Wall Street to shore up confidence in the US banking system.

Although I suspected the $30 billion group deposit in First Republic might calm the panic, I was wrong. Or at least as it relates to First Republic which, as of Wednesday, was still pondering the best path forward. Among the options discussed: Government support or federal guarantees of some kind aimed at making the bank more attractive to potential investors.

One problem with the Jamie Dimon-facilitated deposit gambit was the inescapable “necessity breeds invention” feel. It was, reportedly, Janet Yellen’s idea. Dimon just made it a reality by browbeating his peers. Or at least that’s the impression one got from “sourced” media coverage.

First Republic was chosen because First Republic was failing, not because everyone collectively agreed that First Republic was a highly attractive business. Don’t get me wrong: I’m not disparaging First Republic. All I’m saying is that this was an emergency decision, and based on subsequent developments, it might’ve been a bad one, depending on your definition of “bad.”

Blankfein seems to agree. “I don’t find that very confidence-inspiring,” he told CNBC Wednesday, of the $30 billion deposit. “I don’t think they’re really doing an analysis and deciding on good credit or a good investment.”

No, probably not. Yellen “suggested” to Dimon he put together a private-sector solution. And a “suggestion” from the Treasury Secretary often isn’t a suggestion. Dimon then suggested to other banks they give Yellen’s plan a shot. And a “suggestion” from Dimon often isn’t a suggestion either.

But it sounds like Blankfein might’ve balked had he been the one on the phone with Dimon rather than David Solomon (who has enough problems right now). “They’re not doing it out of a commercial analysis or the prospects of that institution,” Blankfein went on. “They’re doing it because they’re being asked to do it.”

And there you have it. The irony is that Yellen’s ask may boomerang. As Bloomberg reported, “Wall Street leaders and US officials discussing an intervention at First Republic are exploring the possibility of government backing to encourage a deal that would shore up the [bank].”

Apparently, First Republic’s unrealized losses (so, what ultimately sank SVB) are a “sticking point” for potential buyers, and the government could help by assuming the related assets. First Republic could always sell them at a loss, but I guess that’s an exercise in question-begging.

Besides, it’s not as if anybody’s shown any interest lately in lifting large portfolios of government and agency debt from the balance sheets of struggling regional lenders.