The FDIC is currently trying to find another bank to pawn off SVB accounts so they don't have to pay out the insurance claims. However, if they can't find another bank and have to pay, guess what happens?
Hopefully the businesses with cash deposited there can figure out how to make payroll, because that will screw over employees living paycheck to paycheck.
The FDIC is currently trying to find another bank to pawn off SVB accounts so they don't have to pay out the insurance claims. However, if they can't find another bank and have to pay, guess what happens?
The silver lining is that, for once, it's the richest people ($250K) who get shafted, while the small clients get their money back.
Hopefully the businesses with cash deposited there can figure out how to make payroll, because that will screw over employees living paycheck to paycheck.
I'm trying to be positive here.