US Government Spent $12,700,000,000 To Bail Out 10 Wealthy Depositors Amid Banking Crisis: Report
The Federal Deposit Insurance Corporation (FDIC) has released an unredacted document that shows the government guaranteed the deposits of Silicon Valley Bank’s (SVB) ten largest customers following its high-profile collapse in March.
The FDIC “mistakenly” released the complete version of the document following a Freedom of Information Act request from Bloomberg.
The document reveals the names of the firms that were bailed out, along with their total deposits that immensely exceed the $250,000 FDIC protection limit per account.
Stablecoin issuer Circle was SVB’s top depositor to the tune of $3.3 billion. In March, the Boston-based firm said $3.3 billion of the $40 billion backing its stablecoin USD Coin (USDC) was initially stuck in the bankrupt bank.
Venture capital giant Sequoia, a firm with $85 billion in assets under management, was also on the list with $1.1 billion in deposits.
In total, Silicon Valley Bank and its parent firm Silicon Valley Group were handed $4.6 billion.
Next up is Kanzhun Limited, an online recruitment services firm, which had over $902.87 million in deposits with SVB.
Coming in at number six is the California-based fintech firm Bill.com. The payments platform had a total balance of $761.10 million at SVB.
At number seven is Altos Labs, a biotech research company that had over $680.34 million stored with SVB.
Card issuing platform Marqeta is also on the list with more than $634.53 million in deposits.
Streaming device provider Roku had about $420 million in deposits with SVB.
Rounding out the list is IntraFi, a firm that offers FDIC-insured deposit solutions to large entities. According to the document, IntraFi had a total balance of $410.85 million at SVB.
All in all, the US government backstopped SVB’s 10 wealthiest depositors for over $12.75 billion.
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