Silicon Valley “Bank” really operated like a hedge fund. They had less than 10% of their money FDIC insured.
Why are they even being treated like a bank?
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) March 14, 2023
Does she know that FDIC insurance is not something that a bank can simply adjust the coverage caps at will like it’s a fucking Geico homeowner’s policy? That by statute it only covers indiviudal depositors with assets valued up to $250,000 and is funded by regular dues payments to the government corporation by the banks? Probably not as she seems to think “their money” means it was Silicon Valley Bank’s, not those of its depositors, 90 percent of whom (if she’s even citing the right figure) had accounts valued at over $250,000 and thus were not covered by the FDIC.