Quote:
Originally Posted by RickFLM4
I misread it - went back and it does say unsecured creditors.
Not sure how they can say definitively taxpayers will not bear any cost though until it plays out.
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It is a bit of sleight-of-hand. The FDIC apparently has enough resources to take care of all deposits at SVB and Sig, and they may be making an assumption on the take rate being less than 100% (some deposits remain). But clearly they don’t have the resources to do that for all banks. I wonder how many more they could handle without emergency (taxpayer) funding? I think they are hoping depositors generally (not just at those two banks) don’t notice.