FDIC accidentally releases list of companies it corruptly, illegally bailed out for far more than the known $250,000 insured limit in the Silicon Valley Bank collapse

As most adult Americans know, the FDIC insures bank accounts for $250,000, eh?  So if a small bank in Gotebo with lots of depositors under that limit failed, but one Republican depositor with, say, TWO MILLION in deposits--eight times more than the FDIC limit--said "Hey, we know you've got this silly rule that says you only insure to $250,000, but we want you to ignore it and pay us the whole $2 million we had in that bank.  So give us the money.  Now."

Now, that's screwy enough, but suppose the FDIC actually did as the depositor demanded.  How do you think the Mainstream media would react, eh?

They would have gone nuts, looking for who in the FDIC or Treasury or the White House had gotten paid off.

Now with that as reference: When Silicon Valley Bank failed last March, some companies had BILLIONS on deposit.  (For young Americans, a "billion" is bigger than a million.  Lots bigger.  In fact, ask your parents how much bigger a billion is.)

A *Chinese company* had $902 million on deposit, but astonishingly someone in the biden regime ORDERED the FDIC to pay that company every dollar they lost.  And just so you understand the staggering magnitude of this illegality, the $902 MILLION the FDIC paid this company is over three-thousand six hundred times the legal FDIC insurance limit.

Starting to understand what really happened yet?  Nah, you don't.

Some depositors had up to $4 BILLION in that bank.

If you wanna find the chain of corruption that resulted in the FDIC being ORDERED to violate the stated, well-known insurance coverage, read the word salad spewed by corrupt biden Treasury Secretary Janet Yellen in trying to explain this bizarre violation of paying off ALL depositors:

“American households depend on banks to finance their homes, invest in an education, and otherwise improve their standards of living. Businesses borrow from these institutions to start new companies and expand existing ones.”

There's not a single word of legal reasoning anywhere in that spew.  Yellen was simply trying to use emotion and psychologically loaded words to throw people off the scent of corruption.

Corrupt preznit Porridgebrain joined the camouflage, describing the huge, illegal payout as “protecting American workers and small businesses, and keeping our financial system safe.”  You'll see below what utter horseshit that was.

There is no question at ALL that one or more of the huge depositors--faced with the loss of hundreds of millions, if not billions of dollars, pressured the biden regime to order Yellen to order the FDIC to pay everyone off.  See, if they'd only paid off one or two of the billion-dollar holders, it would have been just too obvious.

The total loss to the FDIC was $15.8 BILLION--which is almost a large enough amount to be worth investigating who actually ordered the payoff.

Some of the companies that got multi-million-dollar bailouts:

    $1 billion to Sequoia--a firm famous for investing in companies like Apple, Google and WhatsApp.  The company has $85 billion assets under management. In addition to maintaining its own accounts at SVB, Sequoia recommended that all the startup companies it backed keep their funds at SVB too.  A representative for Sequoia declined to comment.

    Chinese firm Kanzhun got $902.9 million according to the FDIC document.  The company didn’t respond to repeated requests for comment.

    $680 million to Altos Labs Inc.  Privately held Altos has raised $3.27 billion from billionaire investors like Jeff Bezos and Yuri Milner.  An Altos representative declined to comment.

    $634 million to payments startup Marqeta Inc.

    $411 million to IntraFi Network, according to the FDIC document. However, in a statement the firm said that it didn’t actually have any of its own money with the lender, nor was it a client. The firm insisted that the $411 million is actually the funds of almost 2,000 depositors whose balances were fully insured when SVB collapsed, according to IntraFi.  No one explained why the FDIC paid IntraFi instead of the alleged individual depositors.

    $3.3 BILLION to crypto company Circle Internet Financial Ltd.  A spokesman said the company had no additional comment.  The amount paid by the FDIC is over 12,000 times the legal limit.

    $420 million to streaming video company Roku.  You'll be surprised to learn that a spokesman for the company had no comment.

    $670 million to finance company Bill.com.  The company said $370 million of that belonged to customers, but again no one explained why the FDIC paid the company instead of the depositors.  A company spokesman declined further comment.  The FDIC document listed Bill.com’s total balance at $761.1 million.  No one explained the discrepancy.

Starting to see what a staggering rape of the law this was?  Nah, didn't think so.

The Silicon Valley Bank itself, and its holding company, SVB Financial Group, were also listed as having a combined $4.6 billion in deposits.  The parent company has argued that at least $2 billion in deposits the parent had with the bank should be returned. Federal regulators have said the parent group must apply to the bank’s receiver to get the FDIC to pay it that amount.  Again, the parent company declined to comment.

After the FDIC realized it had mistakenly released the full list of payoffs in response to a Freedom of Information Act request from Bloomberg, an FDIC attorney sent Bloomberg a letter asking it to destroy the list and not publish or share it, saying the agency intended to “partially” withhold some of the information in the document because [insulting bullshit excuse redacted].

I expect you'll be surprised to learn that the FDIC  declined to comment on the substance of the information in the document.

Former VP Mike Pence argued that paying off all depositors was clearly not allowed by law.  He blasted Yellen's order to pay off all depositors in part because the move would give almost a billion dollars to a big Chinese company.

China, eh?  Hmmm...you don't suppose the Chinese government ordered biden to order...nah, dat jus' un-possible, comrade. 

Source.

https://fortune.com/2023/06/23/fdic-accidentally-released-list-of-companies-it-bailed-out-silicon-valley-bank-collapse/amp