this post was submitted on 22 Nov 2024
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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.