I just knew SVB gamblers were going to made whole. (Heck of a job, Coonsie.)
Privatized Gains & Socialized Losses
Washington, DC — The following statement was released by Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg:
Today we are taking decisive actions to protect the U.S. economy by strengthening public confidence in our banking system. This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.
After receiving a recommendation from the boards of the FDIC and the Federal Reserve, and consulting with the President, Secretary Yellen approved actions enabling the FDIC to complete its resolution of Silicon Valley Bank, Santa Clara, California, in a manner that fully protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.
We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority. All depositors of this institution will be made whole. As with the resolution of Silicon Valley Bank, no losses will be borne by the taxpayer.
Counterpoint:
Matthew C. Klein
@M_C_Klein
“We aren’t using taxpayer money to do a bailout, we are just using the ESF and also having the Fed pretend that banks haven’t lost money on their bond portfolios and we are going to charge depositors at banks that didn’t fail to make depositors whole at banks that did”
One More:
I didn’t see any of these movies
Everything Everywhere All at Once’ wins seven Oscars, including best picture and acting nods for Michelle Yeoh, Ke Huy Quan and Jamie Lee Curtis. Brendan Fraser was named best actor for ‘The Whale’ plus ‘’Naatu, Naatu’ RRR’ wins best original song plus host Jimmy Kimmel’s best jokes – here’s the biggest moments at the 2022 Emmy Awards!