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Re: Silicon Valley Bank gave company-wide bonuses hours before it collapsed: report

By: ctj1950 in 6TH POPE | Recommend this post (0)
Sun, 12 Mar 23 9:15 PM | 27 view(s)
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Msg. 40940 of 60008
(This msg. is a reply to 40939 by Decomposed)

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Yes. That’s how we’re set up now. Three accounts his,hers and ours.


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The above is a reply to the following message:
Re: Silicon Valley Bank gave company-wide bonuses hours before it collapsed: report
By: Decomposed
in 6TH POPE
Sun, 12 Mar 23 8:04 PM
Msg. 40939 of 60008

CTJ:

Re: “We’re closing on the sale of our boat Wednesday. Maybe I should ask for gold & silver bullion, instead of a bank transfer?”
In all seriousness, when you get the money, promptly break it up into accounts of less than $250k, each under a different name. (If it sold for less than $500k, then one in your name and one in your wife's. You might be able to do a third in a joint account... I'm not sure what FDIC rules permit.) Then transfer some so that it's in more than one bank. At that point, I think you'd be protected even if one of your banks were to fail.

The FED isn't bailing out SVB. But if there's a cascading effect, it may decide to do so with other banks... ones that did banking with the public. If that happens, you can bet on substantially more price inflation.






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