re: Silicon Valley Bank was bailed out with billions of dollars, who was held accountable?

quote:

---

FDIC took the hit and not taxpayers. Banks pay premiums to FDIC and when when the fund gets low they charge more to banks to refill it. The largest banks pay the most.

---

quote:

---

Also during the GFC most banks paid back TARP plus interest. For example JPMorgan Chase took in $25b not bc they needed it but bc they were forced to and paid it back 12 months later along with $1B in interest to the Fed Govt.

---

I never said the US taxpayer were directly on the hook for these large banks getting bailed out. The American people pay with higher bank fees and rising interest rates for loans.....meanwhile the banks pay their depositors .75% interest on a savings account while the Fed funds rate is over 5%.

You mention JPMorgan, how about the other "too big to fail" banks and corporations who were "bailed out" during the financial meltdown of 2007-2008. Other than Lehman Bros being sacrificed the rest received hundreds of billions of dollars from the American people through Fed Monetary policy, namely ZIRP and QE. These large institutions were bankrupt if they were to use mark to market accounting methods but the federal government and Fed came to their rescue with ZIRP and QE and the consequences was one of the largest wealth transfer scams in US history from working class Americans to the investment class. The only wealth transfer that could potentially rival the 2007-2008 financial meltdown is the COVID19 wealth transfer scam.......trillions of US taxpayer dollars bailing out Union pensions, invested in green energy boondoggles, distributed to corporations for PPP.......street level hardworking Americans will eventually pay for any bailouts for the banks and "too big to fail" corporations.