Why Silicon Valley Bank's customers were bailed out
would be made whole on Monday. They also rolled out other measures to support the broader financial system.
If the FDIC runs out of money, it can tap the US Treasury Department, which would mean taxpayer involvement. But even in the 2008 and 2009 financial crisis, when hundreds of banks failed, the FDICSo there's been no taxpayer funded bailout of SVB. Other banks are essentially paying to clean up the mess, through those FDIC assessments.
All told, there was about $150 billion of uninsured deposits. On Friday, when SVB failed, it was unclear when this money would be returned to depositors, or even if all the money would ever be given back. So, the FDIC, the Fed and the Treasury Department decided to go big and guarantee all SVB's deposits, even the roughly $150 billion that was supposed to be uninsured.
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