(Of course, they sold their stock and paid out large bonuses to each other before SVB went tits-up – DD)
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(New York Post) The feds’ move to guarantee all deposits at the doomed Silicon Valley Bank was “clearly” a bailout, according to a former chairman of the Federal Deposit Insurance Corp.
William Isaac, who served as FDIC chair from 1981 to 1985 during the Reagan administration, questioned whether federal regulators went too far with their move to backstop depositors.
“Well, clearly it is [a bailout],” Isaac said during a Monday appearance on Bloomberg Television.
“It’s not a bailout of the shareholders – they’re getting wiped out and that’s great, they should be, and the managers and the directors are losing their jobs. That’s fine, they should be.”
“I can’t criticize them for deciding to bail out all the depositors, because I’ve done that myself at the FDIC, but I really wonder whether there was something we might have done that was less dramatic and less of a bailout,” Isaac added.
Under normal conditions, the FDIC insures account balances of no more than $250,000.
Both federal regulators and President Biden insist that…
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