Because the bank was insured by the Federal Deposit Insurance Corporation (FDIC), the FDIC “absorbed the $47.1 million loss” after “Hanes’ fraudulent actions caused HTSB to fail and the bank investors to lose $9 million,” the US Attorney’s Office said.
It sounds like no customer with the bank lost anything. Only investors who I assume are well off anyways.
It sounds like no customer with the bank lost anything. Only investors who I assume are well off anyways.
That’s still 47 million of everyone’s money that could have been better spent