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by thephyber
1195 days ago
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> How will they get it back? The bank is gone. FDIC will only give them $250k right? The FDIC opened up a new bank with a different name. On Monday, the insured $250k of deposits will be available and some modest amount above that will also be available. The FDIC announced a dividend will be paid next week to uninsured deposits. The remaining balances depend on how much of the assets are needed to be liquid short term versus long term.[1] The bank has a massive amount of assets and deposits. They just aren’t liquid and the run on the bank snowballed the illiquidity. They need something like a massive insurance company to offer them an annuity backed by their own treasuries — something to unlock short term liquidity of their assets. [1] https://www.axios.com/2023/03/10/silicon-valley-bank-governm... |
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