Silicon Valley Bank and the FDIC

Silicon Valley bank lost some money but they didn't lose it all. It's not like they were lending to random mortgage you know people who couldn't pay back their mortgages or betting on weird derivatives of synthetic instruments. These were uninsured deposits and the FDIC which is the federal government agency that ensures deposits and then takes over and deals with bankrupt banks is very good at what they do. If we had just gone through and let the FDIC resolve the bank as they should have today most of the all of the customers of Silicon Valley bank would probably have access between to between 40 and 70 percent of their deposits by the end of the week. This was not a big deal.