US authorities spent $12.7 billion to bail out 10 wealthy depositors amid banking crisis: Report
The Federal Deposit Insurance Corporation (FDIC) has released an unredacted document showing that the government guaranteed the deposits of Silicon Valley Bank’s (SVB) ten largest customers after its high-profile collapse in March.
The FDIC “mistakenly” released the full version of the document following a Freedom of Information Act request by Bloomberg.
The document reveals the names of the firms that were bailed out, along with their total deposits that far exceeded the $250,000 FDIC protection limit per account.
Stablecoin issuer Circle was SVB’s largest depositor at a value of $3.3 billion. In March, the Boston-based firm said that $3.3 billion of the $40 billion backing its stablecoin USD Coin (USDC) was originally held in the bankrupt bank.
Venture capital giant Sequoia, a firm with $85 billion in assets under management, was also on the list with $1[ads1].1 billion in deposits.
In total, Silicon Valley Bank and its parent company Silicon Valley Group were handed $4.6 billion.
Next up is Kanzhun Limited, an online recruitment service firm, which had over $902.87 million in deposits with SVB.
At number six comes the California-based fintech company Bill.com. The payment platform had a total balance of USD 761.10 million with SVB.
At number seven is Altos Labs, a biotechnology research company that had over $680.34 million stored at SVB.
Card issuing platform Marqeta is also on the list with more than $634.53 million in deposits.
The streaming device supplier Roku had about 420 million dollars 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 with SVB.
All told, the US government bailed out SVB’s 10 wealthiest depositors for over $12.75 billion.
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