President Biden says taxpayers aren’t paying for failed bank losses because the money comes from the fees banks pay into the deposit insurance.
The Federal Deposit Insurance Corporation has $128 billion of cash on hand while deposits at failed banks are $264 billion, according to the latest data available.
Signature Bank has $88.6 billion of deposits and Silicon Valley Bank has $175.4 billion of deposits. According to the FDIC’s most recent quarterly report, the agency has a balance of $128 billion.
Signature failed Sunday and Silicon Valley failed Friday.
The FDIC, Treasury Department and Federal Reserve said jointly Sunday they are working together to allow depositors access to their money.
FDIC said Monday the exact amount of uninsured deposits will be determined once the agency obtains additional information from the banks and customers.
NO more Bailouts for the Rich !!! Fkkkk them
Yes > they don’t have enough so they TAKE OUR MONEY !!!!!!
No Bailouts for the Democrats & China !!! Hell NO
Democrat SCAM !!! The whole thing !!!! Biden & Pelosi STOLE it all !!!!
They’ll just order more magic paper and speed up the printing presses with larger denominations of bills.
Voila!