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submitted 19 hours ago by shoulderoforion@fedia.io to c/technology@lemmy.world

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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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[–] boatswain@infosec.pub 2 points 2 hours ago (1 children)

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.

[–] TORFdot0@lemmy.world 3 points 2 hours ago (1 children)

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

[–] boatswain@infosec.pub 1 points 1 hour ago

Ah gotcha, that makes sense. Thanks.