97% of the 175 billion on deposit was not covered by FDIC insurance.
Those companies are going to be wiped out unless the government steps in and exceeds the requirements of the insurance.
Source?
The equally bad part is that lines of credit that startups were drawing from are wiped out.
97% of the 175 billion on deposit was not covered by FDIC insurance.
Those companies are going to be wiped out unless the government steps in and exceeds the requirements of the insurance.