3 ms·

In the USA, all of the large banks are part of the Federal Reserve System and the FFIC insures all accounts up to a certain amount. I would say this nullifies t

In the USA, all of the large banks are part of the Federal Reserve System and the FFIC insures all accounts up to a certain amount. I would say this nullifies their claim to refuse the public as a largely publicly funded institution… the government, however, doesn’t care about the hoi polloi so this situation isn’t likely to ever change.

eru 3y ago
Alas, banks can not opt out of that system. And because they are forced to participate, I don't think their argument is nullified.
patmcc 3y ago
The FDIC isn't publicly funded, it's funded by premiums paid by the banks themselves (and the customers thereof, of course).