'The Billionaire Bailout': FDIC Chair Says the Biggest Deposit Accounts at SVB Held $13 Billion

'The bailout really did protect billionaires from taking a modest haircut,' one observer wrote in response to the FDIC chief.

the federal government's swift action in the wake of SVB's failure"a good illustration of the enormous class bias in American policymaking."

For contrast, Gyauch-Lewis added,"consider student loan forgiveness. The legal justification is clear as day, and the authority itself is used regularly. According to the Higher Education Relief Opportunities for Students Act of 2003, the Education Department can forgive student loans as it sees fit in a national emergency."

to backstop the financial system and make all depositors at the California bank whole, including those with accounts over $250,000—the total amount typically covered by FDIC insurance.

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