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.
@mmasnick except Peter Thiel and his cronies got out.
Maybe in the sequel.
@ferricoxide @mmasnick No idea if "causing a bank run" is even a legal thing if the person involved is not directly tied to the bank somehow?
We already knew Thiel was a bad guy, but an illegally bad guy? Way outside of my knowledge.
Whether intending to cause a run or not, if inside-information is used to make a financial decision impacting the "public", legal sanction can follow.
/shrug
Mike Masnick ✅
Bricin
Thomas H Jones II