And the banks in the USA are backstopped by FDIC, which will step in up to $250k... | Hacker News

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		bombcar on June 11, 2022 \| parent \| context \| favorite \| on: Do Kwon in more trouble And the banks in the USA are backstopped by FDIC, which will step in up to $250k. Bank shenanigans have happened in the past, but at least the smaller accounts survived unscathed. https://en.wikipedia.org/wiki/Washington_Mutual https://en.wikipedia.org/wiki/HomeFed_Bank (Somehow my family got caught in both of those, we weren't very good at picking banks heh)

arcticbull on June 11, 2022 [–]

And the FDIC is backstopped by the Fed. They have a $100B line of credit there.

In the WaMu case actually no money was lost by anyone - and they didn't even touch the Bank Insurance Fund. The Office of Thrift Supervision took control of WaMu and sold it JPMC.

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