Dave123
Well-Known Member
Silicon Valley Bank spent billions on green energy, millions on Black Lives Matter and other leftist causes, until it finally ran out of ‘other people’s money’.
That’s when the Biden administration decided to bail out its depositors.
At a dinner hosted by Peter Orszag, Obama’s former budget director, Wally Adeyemo, Obama’s Nigerian assistant treasury secretary and Biden’s deputy treasury secretary, chatted with Blair Effron, an influential Biden donor, serving on Biden’s Intelligence Advisory Board, who had been hired as an advisor by SVB to deal with its financial crisis. The outcome was inevitable.
“Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them,” Biden lied.
The deposits of ordinary Americans were already protected up to $250,000.
But unlike banks that serve ordinary customers, the vast majority of SVB’s clients held over $250,000 and were not protected by FDIC insurance. Rather than risk its political donors and allies having to take a 10% loss on their funds, the Biden administration illegally bailed them out while unilaterally transforming FDIC insurance into a protection plan for its political allies.
The Biden bailout was not there to protect Americans, but leftist and even Chinese interests.
Read more at: https://www.frontpagemag.com/svb-went-woke-then-broke-then-got-a-bailout/
That’s when the Biden administration decided to bail out its depositors.
At a dinner hosted by Peter Orszag, Obama’s former budget director, Wally Adeyemo, Obama’s Nigerian assistant treasury secretary and Biden’s deputy treasury secretary, chatted with Blair Effron, an influential Biden donor, serving on Biden’s Intelligence Advisory Board, who had been hired as an advisor by SVB to deal with its financial crisis. The outcome was inevitable.
“Because of the actions that our regulators have already taken, every American should feel confident that their deposits will be there if and when they need them,” Biden lied.
The deposits of ordinary Americans were already protected up to $250,000.
But unlike banks that serve ordinary customers, the vast majority of SVB’s clients held over $250,000 and were not protected by FDIC insurance. Rather than risk its political donors and allies having to take a 10% loss on their funds, the Biden administration illegally bailed them out while unilaterally transforming FDIC insurance into a protection plan for its political allies.
The Biden bailout was not there to protect Americans, but leftist and even Chinese interests.
Read more at: https://www.frontpagemag.com/svb-went-woke-then-broke-then-got-a-bailout/