#fundbanking — Public Fediverse posts
Live and recent posts from across the Fediverse tagged #fundbanking, aggregated by home.social.
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#FDIC's press release makes it sound like #FirstCitizensBank bought all of #SiliconValleyBank.But... it didn't.
$90 billion in #SVB's toxic assets were left behind, In particular there were $60 billion in #venturedebt / #fundbanking garbage that will never be repaid bc it relies on new VSs¹ investing an even bigger pile of money into a bullshit tech startup than the last VSs did.
Cost to taxpayers¹ currently estimated at $20bn but it will rise.
more on #SVB: http://cryptadamus.substack.com/p/how-everyone-got-the-story-of-silicon
¹ "Venture Socialists"
² do not whine at me about how the money will come from FDIC not taxpayers because how tf do you think the money got into the FDIC's insurance fund? American people with bank accounts paid for it.