“Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.”
Every Silicon Valley Bank and Signature Bank depositor gets made whole, not just the insured ones, under a “systemic risk exception.” The statement swears no losses fall on the taxpayer. The special assessment lands on every other bank, including the ones that managed their risk. Shareholders lose and management is out, but uninsured depositors get a bailout the statement refuses to call one.