'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis
'I have no money': Thousands of Americans see their savings vanish in Synapse fintech crisis
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.
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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I can't wait until TRUMP Dismantles the Protections that PREVENT this type of thing from Normally Happening!
Except, if we already had protections to prevent this from happening, then it wouldn't have happened... Or at least the FDIC would have actually stepped in by now to pay everyone back and track down all the funds themselves.
What leads you to believe this?
The fact that every other article about his incoming administration is talking about their desire to dismantle the federal government, maybe.
God damnit, now I want to try to carbonate pasta sauce.
Don’t let your dreams be dreams. Soda machines and Prego are both fairly affordable. 😂
Example #1 is how he's cozied up to crypto and talked about deregulating it.
Republicans deregulate banks every time they get into office.
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
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.
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
Ah gotcha, that makes sense. Thanks.
It doesn't only cover 250k. There are different rates of coverage per account type, number of account holders, and bank. You can have millions of dollars covered by FDIC by moving portions of your money around to different accounts and different banks.
People are desperate and Trump is unpredictable. They 'know' the Dems aren't helping them, so Trump might accidentally do it!
I think you need to read it more carefully. He didn't use a /s tag
In case anyone is unfamiliar, BigMacHole is a joke account.
Thanks, I discarded my sarcasm detector in early 2017