While depositors were protected, managements and investors with collapsed lenders SVB and Signature Bank will receive no bailout, said President Biden on Monday morning. nikhileshde reports
, and both happened within days of each other. The largest collapse was Washington Mutual Bank, which failed during the Great Financial Crisis.
While the banks’ depositors will have access to all of their funds, senior management was removed, the federal banking regulators and Treasury Department said in their joint statement Sunday. Biden alluded to this in his remarks, saying the people running a bank taken over by the FDIC should no longer work there.
The president also said taxpayers would not be responsible for the cost of bailing out the two lenders, saying instead the FDIC’s Deposit Insurance Fund would be replenished with fees on banks.
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