Now the banks are failing – Silicon Valley Bank went from passing its KPMG audit with flying colors and getting their debt rated “A” by Moody’s mere weeks ago, to the executives frantically paying themselves bonuses and selling their shares in the hours and days before the bank failed and was taken over by the FDIC.
98% of the deposits in SVB were uninsured, meaning that those deposits wouldn’t shouldn’t have been covered by FDIC insurance. That means any accounts with balances above $250K were facing the loss of their funds.
But this is Silicon Valley Bank – this is where the elites place their bets on Silicon Valley unicorns. So we can’t have that.
In a hastily convened meeting between the FDIC, the Fed and the US Treasury, it was decided that all deposits would be covered, insured or not.
www.zerohedge.com/personal-finance/your-bank-important-enough-save-dont-count-it
Here it is folks – from the mouth of the US Treasury Secretary herself:
Silicon Valley (mostly profitless unicorns incubated with printed money) are anointed and protected.
But your community bank can go fuck itself, and so can you.
Eat cake
Here it is folks – from the mouth of the US Treasury Secretary herself:
Silicon Valley (mostly profitless unicorns incubated with printed money) are anointed and protected.
But your community bank can go fuck itself, and so can you.
Eat cake pleb. pic.twitter.com/o6rBFGghFi
— Mark Jeftovic, The ₿itcoin Capitalist (@StuntPope) March 17, 2023
AC