• Blaat1234@lemmy.world
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    2 months ago

    Plenty of people lost most of their retirement savings - FDIC only goes up to 250k which isn’t enough for super frugal FIRE. And definitely not enough when you get old and medical bills are crazy high in Murica.

      • Blaat1234@lemmy.world
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        2 months ago

        That contradicts statements on https://arstechnica.com/tech-policy/2024/08/ex-bank-ceo-gets-24-years-after-falling-for-crypto-scam-causing-bank-collapse/

        Victims may never fully recover losses, DOJ says

        In the community, people are still struggling to recover, Mitchell told NBC News, noting that some people lost up to 80 percent of their retirement savings. For at least one woman, retirement is impossible now, Mitchell said, and for another local woman, it has become difficult to pay for her 93-year-old mother’s nursing home.

        US Attorney Kate E. Brubacher said that it’s hard to say when or if victims will be made whole again.

        But it seems like they didn’t let it fail completely and transferred all assets and most liabilities to Dream First Bank? That would be nice for the granny with more than 250K in the account.

    • idunnololz@lemmy.world
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      2 months ago

      Actually 250k is the minimum for FDIC. Also I’m only basing my information on this single article but it says he stole 47 million and then the article goes on to say that FDIC absorbed the 47 million loss. Given this wording it sounds like every single dollar was covered.