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 god, I hope some very online VC types took a bath though.
@mquirion OK, I give. What's a VC?🙄
@PDFlynn @mquirion the investors who fund startups

@PDFlynn @mquirion VC= venture capitalist

See for example Sequoia Capital

https://en.wikipedia.org/wiki/Sequoia_Capital

Sequoia Capital - Wikipedia

@Voline OK, but are they like investors? I mean, investment firms or something?