Discover and read the best of Twitter Threads about #northerndistrictofcalifornia
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Supposedly, the #SiliconValleyBank #bailout wasn't a bailout: in a bailout, the *investors* get public money; but with #SVB, it was the depositors. But, of course, SVB's owners were also depositors in their bank. All in all, SVB's owners are entitled to $2B in public money. 1/ 
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/03/18/2-b… 2/
pluralistic.net/2023/03/18/2-b… 2/
When #Biden said, "investors in the banks will not be protected. They knowingly took a risk and when the risk didn’t pay off, investors lose their money. That’s how capitalism works," he was ignoring the fact that this isn't how *the law* works. 3/
