US gov’t creates moral minefield after SVB and Silvergate bailout
Ensuring deposits for two collapsed banks favored by the rich has led the US government into quite the conundrum.
Cryptocurrency news by Protos · Protos
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Show Notes
While your favorite public-facing VC was having a complete meltdown and talking about buying guns on Twitter, financial regulators and governing bodies met behind closed-doors to stop what was beginning to resemble a regional-level bank run.
Their move became clear on Sunday when a joint decision was announced, ensuring that all depositors at Silicon Valley Bank (SVB) and Signature were fully covered – regardless of $250,000 limits on FDIC insurance.
The alteration seems to have driven the governmental bodies into an extremely morally hazardous minefield.
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