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grahamk1 t1_jc1y9hq wrote

Reply to comment by _toodamnparanoid_ in [OC] Bank Failures by US State since 2000 by pm_me_jupiter_photos

Yeah I lost about 20 million left to me by my grandfather when McIntosh bank went under. At the time I was young and my father sat me down and explained the situation. I didn’t earn it so strangely It didn’t bother me sure would be nice to have now though. I thought about it quite a bit when my own company was nearly bankrupted in 2018. Sometimes life’s funny

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PP7fromgoldeneye t1_jc3v7jb wrote

Damn that's terrible, wasn't a certain amount of money still insured? Also what kind of business that sounded like a sizable operation

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grahamk1 t1_jc43uwe wrote

No it was not cash it was shares in the bank itself so I got nothing. My grandfather had made his money in the textiles industry. My company was HR software. I have since sold it though and retired.

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PP7fromgoldeneye t1_jc52e7h wrote

Oh I understand now, still unfortunate situation. It's an eye opener on how situations like this happen, just like the recent news with SVB bank, many shareholders are likely to take a hit. In addition there could be other banks that crumble which makes me wonder how who is going to pay for the mistakes made for billions of dollars.

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