Maybe - after all, it was a tech sector bank in the deep blue state of CA. It was reported on Fox Business that 94% of the money invested there was uninsured by the FDIC (over the $250K limit). There could be a lot of resulting bankruptcies if that money goes up in smoke.
www.bls.gov
A lot of SVB assets were tied up in long term Treasury bonds. When interest rates started rising, their value was severely reduced. Very poor management resulted in failure. Now Biden has effectively lifted the $250K insurance cap for SVB depositors. They'll be paid by FDIC funds meant to cover other Bank failures. Guess who pays that tab at the end of the day?
Well hes a Democrat and he will gladly spend other people's money....why do you think they wanted 87,000 more irs agents.
Wait, you think Trump would have done anything different? Actually he would have, would have announced sooner that the government would have paid off his fellow rich people.....
Nope try again.....
Obama bailed out the banks.....trump did not.....Democrats love to spend other people's money.
If that isn't criminal abuse of depositor and shareholder monies it should be.It's probably not a coincidence that Biden and the feds gave special treatment to SVB depositors. They were a "special" bank in deep blue California that did all the right things for liberal causes, including donating over $73M to BLM groups. That's a lot of money for a bank to waste on social justice nonsense.
"Environmental, Social, and Governance, or "ESG," refers to non-financial standards used by asset managers and investors in financial decision-making."
Silicon Valley Bank donated millions to Black Lives Matter-related groups, social justice causes, records show
Online records show Silicon Valley Bank invested heavily in groups related to the Black Lives Matter movement and other social justice causes in the years before its collapse.www.foxbusiness.com
nypost.com
