Depositors received a benefit beyond previously promised insurance and benefits. Calling it a bailout or not is based on one's personal biases or semantics.
> Depositors received a benefit beyond previously promised insurance and benefits.
?? The FDIC has always made all depositors whole. They have never stuck to the 250k I don't know why people have the impression they are doing something different then they have always done in this case; I just it's just extreme ignorance?
As I have already pointed out to you elsewhere, this is a falsehood. The FDIC is not permitted to pay out beyond the $250,000 except if a "systemic risk exception" is made.
If you click on random banks in receivership, you can see the dividend payments made to depositors above $250,000.
They usually manage to facilitate a bank takeover which does that, or sacrifices only some portion of uninsured brokered deposits, but there are certainly plenty of cases where that is not the case.
He's referring to this: https://www.ycombinator.com/blog/urgent-sign-the-petition-no...