Doesn’t that just insure bank deposits? I think the issue was the company didn’t deposit the money like they said they would. Those people put their money into an online savings startup, not the actual bank. The startup was supposed to secure the money in the bank and didn’t.
The key issue is it was FDIC insured. And FDIC isn't covering the costs they legally have to.
Doesn’t that just insure bank deposits? I think the issue was the company didn’t deposit the money like they said they would. Those people put their money into an online savings startup, not the actual bank. The startup was supposed to secure the money in the bank and didn’t.
Sounds like SBF part deux.