SVB Went Woke, Then Broke, Then Got a Bailout

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/
 

depserv

Well-Known Member
This gives new meaning to the phrase get woke go broke; under a corrupt political leadership it now means they get woke, we go broke. I think this is just another part of a deliberate ruination of the economy, done as a strategy of war, undertaken by traitors, who are literally waging war on America from the inside. There are rumors that this is just the tip of the proverbial iceberg.
 

GotGrace

Well-Known Member
This was a terrible precedent... bailing out an uninsured bank that was doomed to fail by the way it was run. This doesn't bode well for our financial system.
It puts our system in even more trouble. Were it not for the Lord protecting his kids we would already be destitute as a country. 31T $ debt makes me think we already are destitute.

The folks that bought all that stock should not have been reimbursed . When you buy stock you take on the risk.

Joey has things in a terrible mess now (when he stopped Keystone we thought that was terrible) and who knows what else is on the way.
 

GEOINTAnalyst

Well-Known Member

Gov Newsom banked with SVB and lobbied for its bailout​

If Gavin Newsom is trying to self-destruct, he’s doing a great job.
The governor of California recently praised Biden’s bailout of SVB, all the while omitting the fact that his wine companies and personal accounts all use SVB.
He said the FDIC’s decision to cover all depositor losses would have “profoundly positive impacts” on California businesses — but he didn’t mention that it would also have a “profoundly positive impact” on his own assets.
Newsom owns several wineries, CADE, Odette, and PlumpJack. All of them banked with SVB, and all were at risk of losing their deposit if holding over $250,000 threshold in a single account.
https://www.theblaze.com/shows/the-rubin-report/gavin-newsom
 
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