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🧐 @FDICGov's press release makes it sound like First Citizens Bank took all the loans that #SiliconValleyBank had on its books.
But... it did not.
$90 billion in toxic loans were left behind.
Cost to taxpayers currently estimated at $20bn but it will rise.
But... it did not.
$90 billion in toxic loans were left behind.
Cost to taxpayers currently estimated at $20bn but it will rise.
@FDICgov 🧵 Much of what is being written about #SVB is just as wrong as what's being printed right now about Citizens Bank "buying Silicon Valley Bank".
To be clear: $SIVB had $90 billion in loans so toxic no one would buy them.
#fundbanking / #venturedebt
cryptadamus.substack.com/p/how-everyone…
To be clear: $SIVB had $90 billion in loans so toxic no one would buy them.
#fundbanking / #venturedebt
cryptadamus.substack.com/p/how-everyone…
