Banks failing are hardly good news. But for most people, FDIC insurance *should* mean that most people shouldn’t lose a dime, though there will definitely be heartburn and inconvenience. This insurance covers up to, IIRC, $250,000 in savings, which is more than most people have. But some people have a *lot* more than that.
The Prince and Princess of Canada suddenly finding themselves utterly commoners is kinda hilarious. Oprah getting taken down a notch is kinda hilarious. She’s a billionaire ($2.5B or so), so losing half a billion seems like it won’t harm her much.
I keep seeing people say that SVB was a “woke” company with a lot of leftist policies, but I’ve not seen specifics. but I’ve not really looked, either, so I’ve no idea. It might simply be that they made generically bad business decisions. But it might also be that they backed a lot of crappy DIE investments and the like. Which would invoke a fair amount of schadenfreude, but then it’s likely a safe bet that a whole lot of *other* banks are doing the same.
>>>>>>>>>>>>>>ALERT<<<<<<<<<<<<<<
OPRAH STANDS TO LOSE $590 MILLION AFTER COLLAPSE OF SVB
"All her biggest accounts were with the bank." said a source familiar with her finances, "Like other tech savvy investors she banked with SVB and now it's all gone." pic.twitter.com/Wvi9x7ZbJ6
— iSource News (@isource_news) March 11, 2023