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A comment on SVB Depositors, Investors Tried to Pull $42B Thursday. Parent comment

Re:SVB Depositors, Investors Tried to Pull $42B Thursday by deepGem on Saturday March 11, 2023 @08:12AM (#35108014)
You are right. There is no legal contract, it's an insurance policy. In practice this is as good as having a legal contract is what I meant.
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Re:SVB Depositors, Investors Tried to Pull $42B Thursday by eru on Saturday March 11, 2023 @09:56PM (#35115971)
In practice it's probably better than a legal contract for a small time depositor in some ways, because there's lots of political pressure on FDIC to make good on that.

If it was just a legal contract, in the worst case you'd have to sue to hold them to account.

(On the other hand, politics can change from one day to the next; but contracts are harder to unilaterally change.)

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