There wasn’t a bailout, they sold off all the assets to repay the bank depositors including those that had over the $250,000 limit. this was discussed and detailed when SVB was closed.
I haven’t been contacted, but people I worked with 10 years ago have been. Pay rates quoted are $48 an hour, equivalent to a GS-13.
the FED insured and paid the balances before they collected a penny from any sale of assets.
contrasted to the S&L crisis when the nation learned that FDIC investigated and paid out much later unlike SIPC that pays immediately to the limit then investigates.
The SVB assets did not cover their obligations (the reason it went under)...the sale of all the assets came up $20 billion short of what the FDIC had to pay out to depositors over $250K....therefore a “bailout” for those (over $250K) depositors.
See 6th paragraph:
https://www.fdic.gov/news/press-releases/2023/pr23023.html
For those with over $250,000.
Biden, “Third, investors in the banks will not to protected, they knowing took a risk and when that risk didn’t pay off, investors lose their money, that’s how capitalism works.” Looks like Biden bailed out the Rich Democrat Capitalists.