- Silicon Valley Bank’s implosion has spotlighted the federal deposit insurance limit of $250,000.
- The cap led NBA star Giannis Antetokounmpo to open numerous lender accounts to shield his fortune.
- Billionaire trader Marc Lasry advised the participant to invest in US Treasuries and other assets in its place.
The sudden collapse of Silicon Valley Financial institution has shone a highlight on federal deposit coverage, which only extends to $250,000 of a customer’s cash at a one lender. When Giannis Antetokounmpo initially uncovered of the limit, he opened 50 percent a dozen financial institution accounts to guard his fortune.
The basketball star arrived in the US a decade ago at age 18, and went to the lender to open up an account, he instructed Bloomberg on Friday. “I experienced no dollars developing up, so I requested them, ‘Is my funds secure?'” he recalled. Following finding out about the $250,000 cap, Antetokounmpo instantly opened accounts at “five, 6, seven” banking companies.
Marc Lasry, the billionaire co-operator of Antetokounmpo’s staff, the Milwaukee Bucks, shared his response to