The Elites Are Bailing Out Their Own Banks, Not Yours

 The systemic banking and financial crisis I've been warning about for years has arrived.

Now the banks are failing - Silicon Valley Bank went from passing its KPMG audit with flying colours and getting their debt rated "A" by Moody's mere weeks ago, to the executives frantically paying themselves bonuses and selling their shares in the hours and days before the bank failed and was taken over by the FDIC. 98% of the deposits in SVB were uninsured, meaning that those deposits wouldn't shouldn't have been covered by FDIC insurance.

This is Silicon Valley Bank - this is where the elites place their bets on Silicon Valley unicorns.

It turns out that only SVB and Signature banks would be covered; if any other banks fail, like your bank, your community co-op in your hometown or state, or any other bank in flyover America far away from the Coastal elites - if they get into trouble, then that's not covered.

"A bank only gets that treatment if a super-majority of the Fed board, and I, in consultation with the President conclude that failure to protect uninsured depositors would create systemic risk to the banking system".

"If you're a depositor with a Big Bank, preferred by the Fed, you're fully insured no matter what. If you're a depositor with a small bank, you aren't".

Well, this time they've blown up the banking system real good - and this time they may not be able to kick the can down the road. They may not even be able to save the "Too Big To Fail" banks by the time this is all over.

https://www.zerohedge.com/sponsored-post/elites-are-bailing-out-their-own-banks-not-yoursc