An FDIC official did not comment on the details to CNN, but said it is standard practice and one of the first steps the independent government agency takes after being named receiver. US workers also received their annual bonuses on Friday, just hours before FDIC took over the collapsed lender, Axios reported. SVB collapsed Friday morning after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history.
The bank had more than 8,500 employees at the end of 2022. The FDIC said the main office and all 17 branches of SVB, located in California and Massachusetts, will reopen Monday. The FDIC, an independent government agency that insures bank deposits and oversees financial institutions, said all insured depositors will have full access to their insured deposits by no later than Monday morning. It said it would pay uninsured depositors an “advance dividend within the next week.
Wow! But getting debt relief from our student loans is a hard no. I see, because black folks are included in the relief, they against the relief but willing to pay folks more money for a job other white high paying executives fucked up. Such a double standard.
It’s Like when unemployment was paying people more than if they was working with the added $600 to what the state was already paying. Wastefulness
Disgusting
Why didn’t the financial wizards know about SVB’s poor financial position. My point is, we think they have all the answers but they don’t. Are there other banks in similar positions? Shush! Nobody wants to panic because that wouldn’t be good for a lot of reasons. $$$$$$$$$$$$$$$$
'Advanced dividend payout' for uninsured depositors
Our tax dollars 'at work'.