Joint Statement by the Department of the Treasury, Federal Reserve, and FDIC

Re:Joint Statement by the Department of the Treasury, Federa... by dmichulke on Monday March 13, 2023 @01:45AM (#35131599)

What OP might mean:

Technically, your "jerks" don't lose capital (wealth) while the people with deposits in those banks do.

Yes, losing a job is a bad thing but a job is a mere right to a transaction (we exchange labor for money in the future) and not lost capital.

[ Parent | on HN ]

Re:Joint Statement by the Department of the Treasury, Federa... by codeddesign on Monday March 13, 2023 @02:38AM (#35131938)

It’s the fed protecting a bank with a large financial interest. This isn’t the last bank this year…but one of few that will be protected.

[ Parent | on HN ]

Re:Joint Statement by the Department of the Treasury, Federa... by feraloink on Monday March 13, 2023 @08:22AM (#35134719)

How fair is that? You aren't suggesting that it is fair, I realize.

And you are correct! Silicon Valley Bank was the first bank this year for whom the Fed is paying for uninsured deposits. The second bank is Signature Bank of New York, which regulators shut down one day later, on Friday March 10th. They are being protected as well. https://www.nytimes.com/2023/03/12/business/signature-bank-c...

[ Parent | on HN ]