The US government's been selling SVB and First Republic's wine collections. Past bank failures have put far weirder assets in federal hands.

Abstraction: FDIC auctions unusual assets seized from failed banks

Key points:

• Heritage Auctions sold ~1,900 SVB wine bottles for ~$150,000 and ~400 First Republic bottles for ~$20,000 — roughly 40% below market value
• FDIC guarantees deposits up to $250,000 per insured account and recoups costs by selling seized assets
• Historically odd FDIC seizures: 25,000 lbs of frozen rabbit, a 12% stake in the Dallas Cowboys (1980s), and a cooler containing a human skull
• Other seizures included company planes, pianos, aquariums, derelict churches, synagogues, and an actively burning coal mine
• First Republic haul also included a 13-seat corporate jet and hand-made Baccarat crystal eagle figurines

Connections: Fdic · Silicon Valley Bank · First Republic Bank · Bank Failure · Banking Regulation

Source: https://markets.businessinsider.com/news/stocks/fdic-svb-first-republic-assets-wine-cowboys-rabbit-skull-coal-2023-9