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Wouldn't reporting this to the FDIC through a private channel probably be a very reasonable first step? At least to me that feels like a good initial reaction
by munk-a 4y ago
Wouldn't reporting this to the FDIC through a private channel probably be a very reasonable first step? At least to me that feels like a good initial reaction to having stability doubts about a bank and I assume someone like Thiel making a report would be treated quite seriously.
- bko 4y agoYou're assuming the FDIC is a person who you can just ring up and have a talk with. This is a large bureaucratic organization that moves at a glacial pace. Consider that the SEC mishandled five separate inquiries into Madoff as early at 1992. https://www.theguardian.com/business/2009/sep/02/bernard-madoff-sec-report https://www.theguardian.com/business/2009/sep/02/bernard-mad...
- munk-a 4y agoYea - when doing stuff at the scale of billions of dollars I think a fair amount of caution and care is warranted. As far as I'm aware these are the people best placed in the government to deal with this issue. The SEC might also be an option (if you were primarily concerned about poor investment choices by the bank) but considering it involves a bank I think alerting the FDIC first and then allowing them to pursue the SEC if they warrant it feels pretty reasonable.