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Didn’t they announce HSBC is buying SVB. And they specifically said that no tax payer funds would be used here. The only loses here are for the shareholders of
by vxNsr 4y ago
Didn’t they announce HSBC is buying SVB. And they specifically said that no tax payer funds would be used here. The only loses here are for the shareholders of SVB. Did the gov broker the deal, sure, but it sounds like most of that brokering happened on the other side of the ocean. Basically it sounds like exactly the sort of thing a libertarian would support.
- s1artibartfast 4y agoAn actual libertarian I would point out that HSBC is only buying the UK branch of SV Bank and the line about no taxpayer funds is evasive language and a borderline lie. No tax revenue is being used to bail out the depositors, but every American with a bank account is paying for it. They're just applying a new fee to every Bank in the country to cover the losses It is still socialized losses.
- vxNsr 4y agoHmmm… I guess I didn’t read those article closely enough. Re: the fee, where do you see that?
- s1artibartfast 4y agoIt is straight from the FDIC statement: https://home.treasury.gov/news/press-releases/jy1337 https://home.treasury.gov/news/press-releases/jy1337