Now we know what to expect from banks when they fail and can't give depositors their money. Your deposits magically transform into investment instruments. Chinese tanks roll on streets to scare Henan Bank protestors.

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Now we know what to expect from banks when they fail and can't give depositors their money. Your deposits magically transform into investment instruments. Chinese tanks roll on streets to scare Henan Bank protestors. (theprint.in)

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[–] • 1 pt

FDIC was essentially done away with in 2012, look it up. Banks are only required to offer you "bank stock IOUs" in the effect of a bank run or other insolvency.

So you get bank stock that's actually worthless (because the bank is failing) instead of any insured money.

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