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It should be noted, this isn't really unique to Silicon Valley. It's more like the "capitalist" playbook.
by dfxm12 4y ago
It should be noted, this isn't really unique to Silicon Valley. It's more like the "capitalist" playbook.
- notch898a 4y agoWhat is "capitalist" about requiring FDIC for a retail banking charter, then the same government creating the requirement (at gunpoint of licensing scheme) takes the money for that requirement, and creates a "insurance scheme." Only it turns out that "insurance" is a fraud, as it is misrepresented. The premiums are advertised as being for backstopping up to 250k in the account, but it turns out this was a fraud and actually it's whatever arbitrary amount they choose all the way up to the biggest holder in the bank. And when they're finished, they'll assess a "special assessment" which totally isn't a tax, nevermind the licensees have no choice but to pay it.