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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– 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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– 09re 1 point 1 year ago +1 / -0

The depositors will collect up to 250000, anything over too bad, that's it , the rest of them that will pound sand.

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

Repeating the middle point from the CNBC article. 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.

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