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re: Main Street is bailing out risky banks again; this time it's Menlo Park instead of Wall St
Posted on 3/13/23 at 8:47 am to frequent flyer
Posted on 3/13/23 at 8:47 am to frequent flyer
Yep. It's a corrupt system, and it's infuriating that flyover country has to backstop people who were foolish with their cash yet again.
FDIC insures up to $250K. So most individuals are covered and will have access to their cash today, which is great From there, the FDIC needs to liquidate and sell off assets of SVB to PNC, Regions, Fifth/Third and whoever else might want it. That liquidity should be used to make depositors beyond the FDIC limits whole. Any shortfall from that should be written off as a hard lesson learned.
FDIC insures up to $250K. So most individuals are covered and will have access to their cash today, which is great From there, the FDIC needs to liquidate and sell off assets of SVB to PNC, Regions, Fifth/Third and whoever else might want it. That liquidity should be used to make depositors beyond the FDIC limits whole. Any shortfall from that should be written off as a hard lesson learned.
2
Posted on 3/13/23 at 8:57 am to dewster
quote:
great From there, the FDIC needs to liquidate and sell off assets of SVB to PNC, Regions, Fifth/Third and whoever else might want it. That liquidity should be used to make depositors beyond the FDIC limits whole. Any shortfall from that should be written off as a hard lesson learned.
I mean this is pretty much exactly what's going to happen.
The plan to support deposits over $250k is mostly psychological to prevent other runs
Posted on 3/13/23 at 8:58 am to dewster
quote:
FDIC insures up to $250K. So most individuals are covered and will have access to their cash today, which is great From there, the FDIC needs to liquidate and sell off assets of SVB to PNC, Regions, Fifth/Third and whoever else might want it. That liquidity should be used to make depositors beyond the FDIC limits whole. Any shortfall from that should be written off as a hard lesson learned.
That is what is going to happen.
This isn't a taxpayer bailout of depositors.
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