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I wonder why he thinks it’s unlikely a buyer steps up by Monday. He says that 98% of deposits will be covered in liquidation. The FDIC can backstop any remaining amount. And, all that’s left is a rich client base and the infra of a previously successful top-20 bank. Aren’t the remaining parts an extremely attractive asset for another bank or PE?

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The FDIC cannot backstop the remaining amount, that isn't how the FDIC works.

And the remaining parts aren't attractive if they have to be sold in order to meet demands for liquidity by creditors. That is the point he is making. Value in these situations is recursive, and can only be preserved if the govt steps in to break the doom loop.

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