Tag: fdic
Signature Bridge Bank established by FDIC as successor to Signature Bank
: Treasury, Fed and FDIC joint statement on SVB and Signature Bank: full text
FDIC auction for SVB assets said to be underway
An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway, with final bids due this afternoon and a result potentially arriving late Sunday, according to Bloomberg. Bloomberg says that the U.S. Federal Deposit Insurance Corp. (FDIC), which stepped in and shut down SVB on Friday as it was experiencing an unprecedented […]
FDIC auction for SVB assets said to be underway by Darrell Etherington originally published on TechCrunch
The Ratings Game: Silicon Valley Bank becomes biggest bank since 2008 financial crisis to be taken over by FDIC
FTX’s money isn’t insured, FDIC says
The Federal Deposit Insurance Corporation (FDIC) slapped the Sam Bankman-Fried-owned cryptocurrency exchange FTX with a cease-and-desist order over “false and misleading statements” that suggest its assets are FDIC-insured. The FDIC doesn’t cover stocks or crypto, and only safeguards funds held in insured bank accounts.
In a letter to the exchange, the FDIC points to a now-deleted tweet from FTX president Brett Harrison, which states “direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” The referenced tweet also says that “stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.” The FDIC claims this falsely represents…