KEY POINTS
- Thousands of Americans will receive little or nothing from savings accounts that were locked during the collapse of fintech middleman Synapse.
- Customers believed the accounts were backed by the full faith and credit of the U.S. government.
- CNBC spoke to a dozen customers caught in the predicament, people who have lost sums ranging from $7,000 to well over $200,000.
- While there’s not yet a full tally of those left shortchanged, at fintech Yotta alone, 13,725 customers say they are being offered a combined $11.8 million despite putting in $64.9 million in deposits.
This sucks big time. Real question, what motivated people to put huge sums of money into a startup company? Some deal on a loan?
I’m sorry this happened. I’m concerned that further deregulation and dismantling of consumer or protections will make this even worse.
Good news, there will be an absolute fuck-ton of further deregulation and dismantling of consumer protections over the next four years!
Four? Hah… you make me laugh. He’s never leaving
He’s an old man. Unless anti-aging research unexpectedly advances several orders of magnitude faster than its been doing in the next few years, he’ll be leaving office one way or another.
His father made it to 93. So, he has 15 more years.
That’s not how that works.
Curious why law enforcement wouldn’t be involved in this. Sure smells like a Madoff like thing in the background.
