Silicon Valley Bank staff offered 45 days of work at 1.5 times pay

[mfiguiere]

https://www.reuters.com/markets/us/svb-financial-collapse-repeat-pix-2023-03-11/

[steveBK123]

A reminder that the unwind process will not be immediate. The bank will open in some capacity Monday, with some access to some % of balances. The full process could take longer than that.

[rkagerer]

Who eats the cost of their salaries after FDIC took over and deferred bankruptcy?

Will there be corporate assets left after all the debtors are paid back (customers, vendors, etc), such that shareholders eat this? If not, does that mean FDIC carries the risk of having to pony up? Or will debtors take a haircut?

[jdsully → rkagerer]

The FDIC is funded by premiums paid for by the insured banks. It doesn’t rely on tax payer money.

[cft → jdsully]

Once that is depleted, they are allowed to tap into Fed money

[brasic → cft]

I’m sure you are aware but just to spell it out: fed money is _also_ not taxpayer money, it’s self-funded.

[kQq9oHeAz6wLLS → brasic]

Where does the fed get the money?

[trillic → kQq9oHeAz6wLLS]

By slightly devauling every other dollar in existence.

[uni_rule → kQq9oHeAz6wLLS]

They print it.