I am very close to changing my political affiliation from anarcho-capitalist to condottieri populist.
Anyone with a billion in cash on deposit has the money to a) do due diligence on the place they're storing the loot and b) buy some private deposit insurance. Uncle Warren would have been happy to write you a policy at a price that would make you wonder what you missed in the due diligence that you didn't perform.
From Bloomberg, June 23, 2023:
- Sequoia, Chinese tech firm Kanzhun among largest depositors
- New document shows top 10 customer balances at failed lender
When federal regulators stepped in to backstop all of Silicon Valley Bank’s deposits, they saved thousands of small tech startups and prevented what could have been a catastrophic blow to a sector that relied heavily on the lender.
But the decision to guarantee all accounts above the $250,000 federal deposit insurance limit also helped bigger companies that were in no real danger. Sequoia Capital, the world’s most prominent venture-capital firm, got covered the $1 billion it had with the lender. Kanzhun Ltd., a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, received a backstop for more than $900 million.
A document from the Federal Deposit Insurance Corp., which the agency said it mistakenly released unredacted in response to a Bloomberg News Freedom of Information Act request, provides one of the most detailed glimpses yet into the bank’s big customers.
The FDIC, which has been selling off pieces of the bank since its failure, asked that Bloomberg destroy and not share the depositor list, saying the agency intended to “partially” withhold some details from the document “because it included confidential commercial or financial information,” according to a letter from an attorney for the regulator. The agency subsequently declined to comment on the substance of the information in the document....
....MUCH MORE, they name names
