>Those investment firms were stunned in late March when they found out their deposits weren’t protected, and the FDIC—acting as SVB’s receiver—had drained their

>Those investment firms were stunned in late March when they found out their deposits weren’t protected, and the FDIC—acting as SVB’s receiver—had drained their bank accounts, The Wall Street Journal reported previously. I don't really understand the reporting here. Really? The investment firms with funds in a tax haven were 'stunned' when they found out their deposits weren't protected? That doesn't sound credible to me. They're bloody investment firms! Figuring out how to manage money is literally their job, it's not credible to turn around and go "Gee, I'm just a simple guy trying to pay for groceries, I don't understand this complex banking stuff". Why write an article like this - other than you've been in contact with someone looking for a sympathetic write up to pressure regulators. If they really are this stupid - and I don't believe they are - get a list of their names and send the IRS after them because there's no way they successfully structured their companies to dodge the tax.