The Federal Deposit Insurance Corporation (FDIC) has released an unredacted document that shows the government guaranteed the deposits of Silicon Valley Bank’s (SVB) ten largest customers following its high-profile collapse in March.
The FDIC “mistakenly” released the complete version of the document following a Freedom of Information Act request from Bloomberg.
The document reveals the names of the firms that were bailed out, along with their total deposits that immensely exceed the $250,000 FDIC protection limit per account.
Stablecoin issuer Circle was SVB’s top depositor to the tune of $3.3 billion. In March, the Boston-based firm said $3.3 billion of the $40 billion backing its stablecoin USD Coin (USDC) was initially stuck in the bankrupt bank.
#1: BTP Holdings To: Horse (#0)
That is a drop in the bucket compared to the $2.9 Trillion Rabbi Dov Zackheim plundered for the Pentagon coffers.
That part of the Pentagon that was hit on 9-11-2001 is where auditors were poring over the books to find the fraud. ;)
BTP Holdings posted on 2023-06-27 21:27:27 Reply Private Reply