https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm

Excerpt:

“After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.

We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. 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.

Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on Sunday announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.”

My diatribe (edited to adjust for increased anger and cynicism since OP):

So if treasury, fed, fdic continue bailing out all depositors by increasing coverage premiums on existing banks, increasing their and therefore our banking costs and thereby taxing everyone who banks—disproportionately affecting the poor as bank fees tend to (as intended)—what’s the end of that? Big banks absorbing the small banks (as planned) but what about the costs?

There are winners in this scam. They should be the ones made to pay for those costs. Not the plebs. Like in a ponzi, the “lawful” winners must pay stolen/lost funds back to the scammed and the scammers must be arrested, tried, and imprisoned for a very long time. Otherwise we’ll just get more of these shenanigans. Should fire all DEI people and everyone they hired, too, and negate all of their ridiculous policies and priorities. Keep that stupid commie bullshit out of financial institutions ffs.

Also, why not convert the failed banks into member-owned credit unions and cut the big banksters—who clearly engineered this—out of the picture and only “make whole” those who were insured in the first place i.e. normal fucking people rather than [bernie voice] “millionaires and billionaires” who’s extraneous deposits were knowingly uninsured? They assumed great risk by keeping uninsured funds there. Why should that risk be transferred from the wealthy to the poor and middle class?

Lol we know why they’re doing this: Biden admin et. al. are the corporate fascist big banks’ and fascist big donors’ puppets

#EatTheRich unless they are fascist Silicon Valley limousine “liberals” I guess..

The people who said they’d “fix” everything if we gave them power are about to tell us that we didn’t give them enough power which of course is the preloaded “solution”.

Make the problem > cause reaction > come to the “rescue” with the intended “solution” (more power and control)

Looking forward to Monday. 🍿😎🍿