Daniel C
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Quick movement: given Signature Bank failure, the government together with the Federal Reserve are working to ensure all deposited accounts are protected, not just up to $250K.

Key: "Taxpayers will not bear any costs for any losses"

https://t.co/SZ0dFtoxPL
07:40 PM - Mar 12, 2023
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Sassy Musing
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In response to Daniel C.
Good. I'm not particularly wanting my tax dollars to go to anymore banks who should have managed better than they did. This will save employees of jobs because their paychecks drawn on this bank will clear.
07:52 PM - Mar 12, 2023
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Daniel C
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In response to Daniel C.
Note: there is a tendency to say "rich people's problems". At least at SVB, most of these deposits are for startups, not all IT or biotech. Dividing a company's deposits between multiple accounts to meet FDIC protections is not really very practical.

https://twitter.com/lcmichaelides/status/16
07:42 PM - Mar 12, 2023
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Daniel C
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In response to Daniel C.
The startups may eventually make their founders rich, but not all are - they are trying to get products and services to market, make payroll, pay development costs, etc. You only get rich if the company succeeds big time.
07:43 PM - Mar 12, 2023
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