this post was submitted on 22 Nov 2024
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221
'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis (www.cnbc.com)
submitted 18 hours ago by shoulderoforion@fedia.io to c/technology@lemmy.world
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CNBC spoke to a dozen customers caught in the Synapse fintech predicament, people who are owed sums ranging from $7,000 to well over $200,000.

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[–] TORFdot0@lemmy.world 0 points 3 hours ago (1 children)

They are against things like the CFPB but they aren’t getting rid of the FDIC which is the good faith backing of the US banking system. The 1% isn’t so liquid that they wouldn’t lose huge amounts of money with a full scale banking crisis

[–] boatswain@infosec.pub 2 points 1 hour ago (1 children)

I don't know how relevant FDIC is to the 1%; it only covers 250k, and only in things like checking and savings accounts and CDs: https://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation

Most of the 1% wealth is probably tied up in things like stocks and real estate, or maybe they diversify all over the place.

[–] TORFdot0@lemmy.world 3 points 1 hour ago (1 children)

The FDIC coverage wouldn’t be what they would be worried about. They wouldn’t have their accounts much above FDIC limits.

My point is that the FDIC serves to prevent a banking crisis that would limit their ability to liquidate their assets and realize their wealth

[–] boatswain@infosec.pub 1 points 30 minutes ago

Ah gotcha, that makes sense. Thanks.