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am_Unition · 410 days ago · link · · parent · post: FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank
Run the bankssssssss! In all seriousness, this might be the first domino in a very serious national bank run. 16th largest bank in the nation (second paragraph of article). It's hard to tell because of how disproportionately large the individual account deposit balances were at SVB, which makes them especially vulnerable when the FDIC insured amount is only $250k. Am I supposed to believe that the VC elites won't be blowing up Congressional phone lines for a much larger bail-out than something (so far) only covering (reportedly) ~93% of SVB account assets? This could be a very big deal. Or not. Economics! It's totally a science. edit: nvm, the problem is solved, Twitter might buy SVB and take it "digital". (scroll up when page loads)