Sharon Stone says she 'lost half of my money to this banking thing' during a teary-eyed speech at a charity fundraiser
- Sharon Stone spoke at the Women's Cancer Research Fund's "An Unforgettable Evening" fundraiser.
- On Thursday, Stone mentioned that she lost money because of "this banking thing."
Sharon Stone said she lost half her money because of "this banking thing" during a recent fundraiser.
A number of a-list celebrities attended The Women's Cancer Research Fund's "An Unforgettable Evening" fundraiser Thursday, including Stone, who received the Courage Award. A video shared by The Hollywood Reporter's Chris Gardner on Twitter showed Stone mentioning recent financial hardships during her speech while encouraging the audience to donate to charity.
"I know that thing that you have to get on and figure out how to text the money is difficult. I'm a technical idiot, but I can write a fucking check," Stone said. "And right now, that's courage, too, because I know what's happening. I just lost half my money to this banking thing, and that doesn't mean that I'm not here."
Stone became emotional during her speech, shedding a few tears as she spoke.
Representatives for Stone did not immediately respond to Insider's request for comment.
While Stone didn't elaborate on "this banking thing," her comments came after Silicon Valley Bank (SVB) fell apart last week. Insider's Dan DeFrancesco reported that a combination of rising interest rates, poor financial choices, a bad market for tech, and a bank run caused SVB's implosion on March 10.
It's the biggest bank collapse since Washington Mutual in 2008, prompting federal regulators to announce that it was bailing out SVB customers.
After shutting down SVB, federal regulators closed down New York's Signature Bank on March 12.
According to ABC News, the Federal Deposit Insurance Corporation protects depositors "at all FDIC-insured banks for up to $250,000 in funds for each different type of account held." The outlet reports that nearly every bank is FDIC insured, meaning bank account holders with $250,000 or less in their accounts can receive full protection from the US government in the case of a bank failure.
President Biden released a statement on Friday calling on Congress to hold bank executives accountable for their failures.
"No one is above the law — and strengthening accountability is an important deterrent to prevent mismanagement in the future," he said.
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