Arvid & Tyler Find The Right Words
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The FDIC Takes Over a Bank
The FDIC, which is a US kind of regulatory agency that does this and also provides insurance against this sort of thing basically took over the bank on Friday. The big question in this case is the FDIC ensures $250,000 worth of deposits. And so if you have a million dollars, well, you have $250 that is insured and 750 that's technically uninsured. There was genuine interest to deal with this without letting it unfold and having these kind of contagion effects too.
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