To the dismay of Elon Musk and Mark Zuckerberg, the law currently prevents Big Tech companies from opening banks. But if Congress passes the GENIUS Act, tech firms may start issuing private currencies and forcing us to use them.
SVB loaded up on us treasuries right before covid, then fed raised the rate and they were sitting on ton of collateral that was now materially under water.
Daddy sam bailed them out and made and all depositors whole, ie they paid in excess of what FDIC insures.
Depositors were obviously better people such VC types and start ups…
SVB loaded up on us treasuries right before covid, then fed raised the rate and they were sitting on ton of collateral that was now materially under water.
Daddy sam bailed them out and made and all depositors whole, ie they paid in excess of what FDIC insures.
Depositors were obviously better people such VC types and start ups…
Must be nice being in the club.