Submitted by Embarrassed_Roof8165 t3_11pz56i in wallstreetbets
Why is everyone screaming about a bailout and the fed printing money? Janet Yellen nor Jerome Powell can approve a bailout, that is left to congress. JY also directly said there will not be a bailout. All SVB/SBNY equity and debt is wiped, and the FDIC is paying claims by an assessment on member banks.
“Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.” https://www.fdic.gov/news/press-releases/2023/pr23017.html