A woke bank fails. President Joe Biden says it won’t hurt taxpayers. Governments don’t have but take. It will take money from you to pay back people invested in Diversity, equity and inclusion and Environmental, social and governance accounts meaning mostly Democrats.
The Silicon Valley Bank failed because it was largely managed by environmental equity oriented officials heavily invested in new technologies instead of diversified investments spread over multiple industries. The FDIC does cover accounts up to $250,000 but in this case some had vast amounts of money exceeding that.
Actually 97% of the accounts exceeded the limit by large amounts. And the administration has stated that it will cover all accounts meaning government is going to confiscate money from you to cover the poor choices made by people with even poorer financial judgment but millions of dollars.
By the way Barney Frank famous for the Dodd /Frank legislation dealing with banking regulation and is on the board of the failed SVB. It appears this board of directors was full of members with no financial ability or logic needed to even balance a checkbook. Unfortunately there will be more to fail because of a political agenda instead of a capitalist mindset that is required for all investors including treehuggers.
You should never put all your eggs in one basket and if you have money in a woke bank with a political agenda you probably should find one that is profit oriented for your needs and transfer money for safety.
Ed Edwards, Ellabell Ga