Looks like Harry and Megan, and the rest get to keep their SVB money. FDIC/FED stepping in

Looks like Harry and Megan, and the rest get to keep their SVB money. FDIC/FED stepping in
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Posted by: robertb ^Ž

03/12/2023, 20:34:43

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All deposits covered.

"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."

More details: Federal Reserve Board - Joint Statement by Treasury, Federal Reserve, and FDIC

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Looks like they got a buyer. Presumably, only the shareholders lose. --- Russ Walden ( 03/12/2023, 21:39:17 ) ( 2 bytes )
I doubt the taxpayers will be relieved of the burden. --- Ihavenoname ( 03/12/2023, 20:44:25 ) ( 102 bytes ) +1

Supposed to be a special fee on all banks to cover it. Probably cause bank stocks to drop a bit more, so investors are the ones to take the hit. --- robertb ( 03/12/2023, 21:23:09 ) ( 2 bytes ) +1

Excerpt from newsrelease --- Russ Walden ( 03/13/2023, 09:15:34 ) ( 2014 bytes ) link