The sudden collapse of Silicon Valley Bank has shone a spotlight on federal deposit insurance, which only extends to $250,000 of a customer’s money at a single bank. When Giannis Antetokounmpo first learned of the limit, he opened half a dozen bank accounts to protect his fortune.
The basketball star arrived in the US a decade ago at age 18, and went to the bank to open an account, he told Bloomberg on Friday. “I had no money growing up, so I asked them, ‘Is my money safe?'” he recalled. After finding out about the $250,000 cap, Antetokounmpo promptly opened accounts at “five, six, seven” banks.
Marc Lasry, the billionaire co-owner of Antetokounmpo’s team, the Milwaukee Bucks, shared his reaction to learning of Antetokounmpo’s numerous bank accounts at the Bloomberg Wealth Summit last year.
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“I’m like, ‘Giannis, you can’t be having accounts at 50 different banks,” Lasry said. “Let me tell you something, if JPMorgan goes under, your little dinky banks are going to go under too. Let me explain what you should buy, you should buy US Treasuries, you should buy this…'”
Read more: yahoo
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