Welcome to Fintech Friday!
Today we are diving into the banking mess with three banks going under.
We talk about what happened and what the government is doing about it.
The winners – Depositors getting all their money back even though 80% of them had over $250K which is the FDIC insurance limit.
The losers -Bank Executives and Investors Bank Executives and board members were all fired. From the rest of the fallout and news – someone should go to JAIL.
Investors – Are not getting their money back. It is lost. One Investor, Kevin O'Leary, AKA Mr. Wonderful from Shark Tank was all over every news outlet saying he lost over $10 Million
Right now, many tech companies, Saas companies, and startups are looking for a backup bank relationship and possibly merchant services.
Hope everyone enjoys this podcast – we will probably have part two as more of the story is exposed.