Mike Masnick ✅Mar 12, 2023

So... the summary is that for all the fear some people had that taxpayers would "bail out billionaires," and the corresponding fear that companies had that "a ton of our money could evaporate and destroy the economy with massive downstream impact"... FDIC/Treasury stepped in and did the right thing: depositors made whole, no taxpayer funds, bank assessment to make up any difference, & SVB equity/unsecured debtholders (mostly) wiped out.

A very good result.

Show threadMike Masnick ✅Mar 12, 2023
Also, this avoids the very scariest result in my mind: that Peter Thiel, who likely set off the bank run in the first place, would step in and buy up the remains at a discount, and then own SVB.
Show threadVissMar 12, 2023
@mmasnick thats a legit horrorshow
Show threadVissMar 12, 2023
@mmasnick though we get to find out how things will work in the morning (presuming our new bank actually lets us in. its been phonetag-via-email since friday)
Show threadMike Masnick ✅Mar 12, 2023
@Viss yup. fingers crossed for tomorrow morning...
Show threadViss
@mmasnick even if it takes a few days, we'll be ok. we're small and used to this flavor of asshattery.
Mar 12, 2023 at 11:15pmTusky
Show threadMike Masnick ✅Mar 12, 2023
@Viss pretty much the same for us.
Show threadVissMar 12, 2023
@mmasnick heh, highfive :D