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Their assets were worth less than they owed depositors. An auction would have caused a 30 percent or so loss to many millionaires.
by mynameishere 3y ago
Their assets were worth less than they owed depositors. An auction would have caused a 30 percent or so loss to many millionaires.
- yazaddaruvala 3y agoThe SVB investors which were many millionaires, did lose 100% of their investment. The depositors, regardless of wealth, were lied to about the safety of their funds. It was roughly fraud - it wasn't their fault - they didn't take excess risk. How is it a bailout to let them keep their money?