(and the big depositors) of the biggest banks get full coverage..
Some banks (and especially their depositors) are more equal than others
Treasury Secretary Janet Yellen told senators that government refunds of uninsured deposits will not be extended to every bank that fails, only those that pose systemic risk to the financial system.
So if you have more than $250K in your local bank, yer screwed. But if you have a couple of tens of millions in a big bank, along with enough other big depositors, well then, the Biden Fed will be glad to cover all of those millions….even though the real limit is $250K for everyone else.
“Uninsured deposits, she (Yellen) said, would only be covered in the event that a “failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.” “(Read that as important and powerful depositors, especially “woke” and Democrat)
So the big banks (and depositors) will get more coverage and the little banks will get screwed….as will the small and mid-sized depositors.
They aren’t even trying to hide the criminal favoritism anymore.
They used “too big to fail” the last time.
I wonder what the Barbara Streisand code words are going to be this time.
I guess that Community Savings Bank of East Palestine, Ohio is SOL.