[BI] California Gov. Gavin Newsom failed to publicly disclose his SVB ties while lobbying for a bailout

Thank goodness all those depositors with deposits well above the $250k FDIC insurance weren't bailed out. Just the $250k per depositor, right? Especially when those depositors are like my grandma. You may have heard of her: Roku McRoblox. Instead of receiving $250k, they each got their several hundred million. I'm okay with that, because our system can handle it and it stopped broader collapses (as teast so far this week) but being weirdly restrictive about the use of the term "bailout" reeks of disingenuous spin. There's not a legal definition of the word, so when Roblox gets several hundred million they would have otherwise lost, people see that as a bailout.

/r/moderatepolitics Thread Parent Link - businessinsider.com