I am quite sure an investigation has already begun and people will be held accountable.
March 12, 2023
By Jeanna Smialek and Alan RappeportFederal regulators (click here) announced on Sunday that they would ensure that all depositors of Silicon Valley Bank — which failed Friday — were paid back in full as they rushed to contain fallout from the collapse of the large institution.
The Federal Reserve, Treasury and Federal Deposit Insurance Corporation announced in a joint statement that “depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer.”...
...The move to cover deposits came after the F.D.I.C. on Friday took over Silicon Valley Bank on Friday, putting nearly $175 billion in customer deposits under the regulator’s control. The bank’s failure, the largest since the depths of the financial crisis in 2008, has raised concerns that other financial firms could suffer similar fates as rising interest rates put pressure on the banking sector and as nervous depositors consider pulling out their money....
...That kind of broader panic is what regulators were trying to avert with the freshly announced package, which took advantage of an exception that allows the F.D.I.C. — which is usually supposed to clean up a failed bank in the cheapest way possible — to risk incurring additional costs if there is a risk to the financial system involved.
The agencies said that “any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”...
