ABC News on Twitter
twitter.com
Pres. Biden says those who invested in failed Silicon Valley Bank and Signature Bank will not be protected: “They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works.” https://t.co/HWi82gAbJP pic.twitter.com/3hVKFJqmZt— ABC News (@ABC) March 13, 2023

“That’s how capitalism works”!!

Has he been scrolling r/antiwork and r/collapse, signing in at the Bear of Hex, keep a copy of the Communist Manifesto bedside?

Is this just a joke?

On a serious note, if it’s not, how far are the puppets in government prepared to go in what could be a cataclysmic moment of comeuppance for the Economic Terrorists of Wall St?

  • TheCaconym [any]
    ·
    1 year ago

    What you are suggesting is that companies with millions of dollars that they need to pay their bills (including payroll) should go around opening hundreds of checking accounts at different banks to pay their bills and have it all insured

    That is, in fact, exactly what a lot of companies in this space are doing IIRC. It's not hundreds, but still; look at this for example. They split those startups' money into nine 250k batches, ensuring at least 2.25m$ is protected. I found these guys randomly but I'm sure they're neither alone nor the largest.

    • mkultrawide [any]
      ·
      1 year ago

      I have worked for everything from Fortune 50 companies to startup. Almost no one uses CDARS or any of the alternatives. I've never worked anywhere that used it. $2.25M is one payroll cycle at a lot of medium-sized companies. Amazon does ~$1B every two weeks just to it's warehouse employees.