The US Treasury, Federal Reserve, and FDIC ensured depositors at each bank will be fully protected from financial losses by exceeding FDIC limits of up to $250,000, making the move to stave off a widespread financial crisis.
While depositors at those banks will be shielded, investors will not see any aid from taxpayer money, Biden said Monday in"Investors in the banks will not be protected. They knowingly took a risk and when the risk didn't pay off, investors lose their money. That's how capitalism works," he said. Biden said the US banking system was"safe," but contagion fears contained to sweep through regional banks.
shares fell by as much 78% to $17.53 and were subjected to at least three trading halts due to volatility.
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