Basically, consumers just bailed out big tech in California. How is that for a kick in the balls after the past two years?
That’s $9.3665 billion dollars, just to cover those SVB accounts to $250,000 each.
There is probably a similar situation at Signature Bank.
This is just eating up the private FDIC fund.
As reported:
“The Deposit Insurance Fund, which will cover the deposits, is funded with quarterly fees assessed on financial institutions and interest on government bonds.”
Watch all the “fees” that banks and financial institutions will jack up later this week and next to cover their new costs.
The quote above reminds me of politicians saying “this will be paid for by increased taxes on business” without ever stating where business will be the money for the new taxes.
“...Signature Bank will rely on Wall Street and large financial institutions — not taxpayers — to foot the bill, Treasury officials said.”
It’s absolutely amazing that the federal government still hasn’t learned that government is not there to make money. The Constitution assigned to Congress responsibility for organizing the executive and judicial branches, “raising revenue,” declaring war, and making all laws necessary for executing these powers.
Therefore, since their only source of money receiving is the American citizens through taxes or assessments, or profits from sales from overseas sales which is in representation of the people, then how are taxpayers not footing the bill?
Simple, they are telling you you aren’t...whether you are or not.
wy69
Nope, how it will be paid is by printing more money, which will ignite inflation even higher. It’s invisible and the politicians think we think their hands are clean.
Sure.
We end up paying for everything.
Lies, lies and more lies from the democrat party’s information warfare wing.
... “Wall Street and large financial institutions — not taxpayers — to foot the bill” ...
So these firms/institutions voluntarily decided to buy garbage? Who negotiated the terms? Exactly who were the final decision makers? What’s guaranteed? Can anyone actually perform due diligence in 5 f’n days?
I got more Q’s than A’s.
Largest bank in England HSBC brokered a deal over the weekend to buy Silicon Valley Bank and settle the debt.
Breitbart
Do they not know that investors in Wall Street are taxpayers?
