The FDIC mistakenly revealed to Bloomberg News details on the biggest customers at Silicon Valley Bank, the failed bank whose depositors were rescued through emergency action by regulators.
An FDIC document posted online by Bloomberg News on Friday offers new insights into who benefited from that controversial rescue in March when SVB became the second biggest bank failure in US history. According to Bloomberg, that document was accidentally released unredacted by the FDIC in response to a Freedom of Information Act request.
After SVB suddenly collapsed, the FDIC and other federal regulators decided to make all of the bank’s customers whole, including those with more funds than the $250,000 insurance limit.
That emergency move saved not only fledgling tech startups — some of which could have been wiped out by the SVB implosion — but some heavy hitters in the tech industry, too.
For instance, leading venture capital firm Sequoia Capital, held just more than $1 billion at SVB, according to the FDIC document. Sequoia, famous for its prescient investments in PayPal, Google, Apple and other tech firms, was SVB’s fourth-biggest depositor, according to the document.
www.yahoo.com/finance/news/fdic-accidentally-reveals-details-silicon-170705191.html
Oops, we reatil investors were not suppose to know that, and the FDIC wanted CNN to destroy the info and stated that it was private information. It’s very much a setup by our government, big business, and media.
h/t dre286286