Your edit is exactly what happened, with the line being “depositors aren’t equity holders.” Of course no mention of the fact that depositors are only insured up

Your edit is exactly what happened, with the line being “depositors aren’t equity holders.” Of course no mention of the fact that depositors are only insured up to $250k and anyone who went to business school knows this and the mechanisms for reducing risks of bank failures. No recognition of the gross incompetence by vc advised startups who are the depositors here. VC needs a haircut to capital and ego. It’s obvious now that free money is the reason for their success, not skill. Everyone looks like a genius in a bull market and when the bear comes fact and fiction are split.