Feds shut down another bank, this one in New York - The Great Awakening

Feds shut down another bank, this one in New York (www.cnbc.com)

posted 1 year ago by lsdQ 1 year ago by lsdQ +48 / -0

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– g8rb81 3 points 1 year ago +3 / -0

“All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer,” the regulators said.

bullshit

Who pays for the FDIC? Who's going to pay for the accounts with over 250k?

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– 09re 2 points 1 year ago +2 / -0

Yellen said , "investors" will not be bailed out, I think that's alittle different than someone having a account.

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– GTBME 2 points 1 year ago +2 / -0

And she lied

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– 09re 2 points 1 year ago +2 / -0

FDIC will cover up to 250000, however majority of people have way more in silicone valley bank. Those with more will lose. It's the "investor" part that's odd.

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– Island_Photo 1 point 1 year ago +1 / -0

The Fed and Treasury is providing an emergency loan to cover the uninsured losses... So who pays the interest? The peoply acquiring the bank at auction??? The Fed gets control??? Is this just another version of a derailment?

To stem the damage and stave off a bigger crisis, the Fed and Treasury created an emergency program to backstop deposits at both Signature Bank and Silicon Valley Bank using the Fed’s emergency lending authority.

The FDIC’s deposit insurance fund will be used to cover depositors, many of whom were uninsured due to the $250,000 guarantee on deposits.

While depositors will have access to their money, equity and bondholders at both banks are being wiped out, a senior Treasury official said.

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... continue reading thread?

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– Island_Photo 2 points 1 year ago +2 / -0

Equity and bondholders will be wiped out.

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