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FDIC insurance only covers accounts up to 250k. It's really only suitable for protecting middle class individuals, not corporations. 97% of the 175 billion on
by willmadden 4y ago
FDIC insurance only covers accounts up to 250k. It's really only suitable for protecting middle class individuals, not corporations.
97% of the 175 billion on deposit was not covered by FDIC insurance.
Those companies are going to be wiped out unless the government steps in and exceeds the requirements of the insurance.
- voisin 4y ago> 97% of the 175 billion on deposit was not covered by FDIC insurance. Source?
- willmadden 4y agoIt's a minimum of 85% uninsured from a recent regulatory filing: https://time.com/6262009/silicon-valley-bank-deposit-insurance/ https://time.com/6262009/silicon-valley-bank-deposit-insuran... The equally bad part is that lines of credit that startups were drawing from are wiped out.