Treasury Secretary Janet Yellen, after consulting with the president and regulators, has authorized the plan that “fully protects all depositors.”
Currently, the maximum amount of protection provided by the FDIC to any one depositor is $250,000. However, under the new plan, all deposits, both insured and uninsured, will be protected.
“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,” according to the statement.
“Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”
Show of hands…who believes that? At best the “special assessment” on banks will be passed on to depositors via higher fees but I imagine there will be some chicanery behind the scenes that results in the losses very much being borne by the taxpayers. Got to make those billionaire venture capital types whole.
This is just more evidence that the fiat currency monetary system no longer represents stored value of labor but instead is just a social marker to designate who is and who is not in the preferred class in America.
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