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#FDIC's press release makes it sound like #FirstCitizensBank bought all of #SiliconValleyBank.

But... it didn't.

$90 billion in #SVB's toxic loans were left behind, In particular all of the #venturedebt / #fundbanking garbage that will never be repaid bc it relies on new VSs¹ investing an even bigger pile of money into a bullshit tech startup than the last VSs did.

Cost to taxpayers¹ currently estimated at $20bn but it will rise.

more on #SVB: http://cryptadamus.substack.com/p/how-everyone-got-the-story-of-silicon

¹ "Venture Socialists"
² do not whine at me about how the money will come from FDIC not taxpayers because how tf do you think the money got into the FDIC?