Not even a haircut of 20% or 30%. If you had $10 million in SIVB and you knew damn good and well that the FDIC limit was $250,000, the FDIC will make you good on the $9,750,000 you foolishly left unprotected in a poorly-run bank.
After all, we “have to protect the payrolls of these companies and their employees!”
Oh, like those employees who have been all over TikTok the last year bragging about how easy their tech jobs are? How they get gourmet breakfast and coffee every morning and yoga breaks and safe spaces and foosball tables? How they really don’t do any work at all?
Like THIS asshole?
“Me after 6 hours of working my cushy tech job where I changed a button from blue to a slightly different blue. I also reimbursed coffee, lunch, Wi-Fi, my gym membership, and my wework pass,” the TikToker captioned the video. “Tech is so hard omg [crying emoji].”
Or maybe Nicole Tsai – the moron who made the Day in the Life video about how cushy things are in the tech world:
There are dozens of those videos all over the Internet.THESE are the weasels you are bailing out. Oh, and don’t forget all the execs who sold millions in SIVB stock last week, right before they blew up. Or all the bonuses that were paid out on Friday. No biggie.
Now, some wags may point out “that money comes from the FDIC, NOT the taxpayers! Banks pay a fee into the FDIC fund to pay for all of that.”
True. BUT, the FDIC only has about $125 billion in that fund – to cover $22 TRILLION of deposits nationwide. Which means that less than 2% of the nation’s entire bank deposits are actually covered.
That $250,000 limit is there FOR A REASON.
So if the SIVB fiasco costs them, say, $70 billion when it SHOULD have only cost them $20 billion – that is $50 billion that is no longer in the fund that should be there for the poor saps who actually keep their balances under the limit.
Also not mentioned anywhere in the press: the San Francisco Fed had supervisory responsibility for SVB and the CEO of SVB was sitting on the board of the San Francisco Fed. You can’t make this up. Totally asleep at the wheel. But plenty of time to give speeches.
The Feds also closed Signature Bank in New York – a favorite of the crypto bros.
So I just have one question for the scumbag coastal elites. That would be those elites in California and New York who always blather about how “the blue states pay more in taxes than the red states. The red states could never stand on their own if they seceded. They need US to support them”: are you counting all the hundreds of billions in bailout money like this? The money the rest of us have to pony up when your Silicon Valley shitcos blow up or your Wall Street banking scams go under?
