[oriettaxx]

"Gruenberg also revealed that $13.3 billion of the $18 billion allocated to protect Silicon Valley Bank, or nearly 74% of the funds used to assist the customers, were used to back deposits for a mere 10 accounts. "

74% !?!? to 10 accounts?

holy cow!

such a large proportion of the funds used to protect such a small number of accounts?

some are really more equal then others :(

[yieldcrv]

What do you mean? They insured all deposits, equally.

Yes, the amount of money in the hands of a few is that extreme

[oriettaxx]

yes, equally

but some are more equal :) take is as a joke

[yieldcrv]

can you explain the joke? Is it funny because it is a reference at all, or is there comedy on its own merit with some associated insight

[lsllc]

Paraphrasing George Orwell (from Animal Farm):

  All Men are Created Equal, But Some are More Equal Than Others

From this article [0]:

... by the end of Orwell’s book, the Seven Commandments had disappeared from the wall, replaced by one lone Commandment:

  All Animals are Equal
  But Some Animals are More Equal Than Others

In Animal Farm, the animals who, in the end, defined themselves as “more equal than others” were the pigs — the same animals who had instigated and led the revolution.

[0] https://pagosadailypost.com/2021/08/18/ready-fire-aim-all-me...

[yieldcrv]

So its the former, its funny because it’s a reference at all?

I’m quite aware it is a reference from Animal Farm, I didn't see how it was related and was wondering if there was more, or if the joke was funny aside from “unexpected orwell”

Is there a special privilege conveyed to the 10 large accounts over every other depositor that had more than $250k on account?

[lsllc]

I think the implication is that anyone with an account so large it takes up the lions share of $13B probably has enough influence to make this sort of bailout happen:

  "Gee [senator|congressperson|etc], my donation to your re-election campaign was in that SVB account, would be a shame if I lost it".

[vineyardmike]

> Is there a special privilege conveyed to the 10 large accounts over every other depositor that had more than $250k on account?

Yes the special privilege was a lot of money.

Everyone was not treated equally by being bade whole, even though they were treated equitably.

[lisasays]

Here's another paraphrase from the same book, adapted to the current situation:

    Nanny state bad.
    Nanny state with watered-down regulations, but which still bails out us when we screw up royally - better!