FDIC insurance covers depositor losses up to $250,000.00, and I figure we all knew that. What some, like me were unaware of, is that the feds stepped in and covered the losses amassed by Silicon Valley Bank, well in excess of the guaranteed amount. Yes, you and I helped cover the cost of that bail out for bank customers that did not do the smart thing of placing their money in multiple banks if they exceeded the insurable account limit.
Isn't uncle Joe a great guy? Best guy in the world for giving away other peoples money without their permission.
I do not have a link. The info was shared by ABC news while they were reporting on the latest potential bank failure. First Republic Bank will be under water if the feds can't find an angel with deep pockets to bail them out by when the Aisan markets open tonight on the east coast.
Bookmarks