– FDIC Mistakenly Releases List Of Top Firms Bailed Out By Biden Admin’s Backstop Of SVB Deposits:
A document released by the Federal Deposit Insurance Corp (or FDIC) which the agency said it mistakenly released unredacted in response to a Bloomberg News Freedom of Information Act request, has provided the most detailed glimpses yet into biggest Silicon Valley Bank customers who were bailed out when the Biden administration decided to backstop all the bank’s deposits.
As a reminder, when regulators stepped in to backstop all of Silicon Valley Bank’s deposits back in March, they saved thousands of small tech startups to prevent what many (especially those whose money was tiled up with SVB) said would have been a catastrophic blow to a tech sector that relied heavily on the lender.
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