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The "also announcing a similar" bit is a subtle hint that one may also want to read the previous paragraph :-) "After receiving a recommendation from the board
by kgwgk 4y ago
The "also announcing a similar" bit is a subtle hint that one may also want to read the previous paragraph :-)
"After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer."
- heartbreak 4y agoIt’s pretty astonishing reading the comments in this thread just how many people have not read this press release. It’s not even a complicated message!
- kragen 4y agoi thought it was an unnecessarily ambiguous way to phrase it; 'fully protects all depositors' and 'will have access to all of their money' doesn't explicitly say that they won't take a haircut; after all, after a haircut, you still have access to all of your money, it's just that 'all of your money' is less than it was before it relies on the following paragraph to be explicit that all depositors will be made whole and will not lose any money
- kgwgk 4y ago> fully protects all depositors > will have access to all of their money Maybe the should have added > will not lose any money Third time’s a charm!