I told ya so……
President Biden who has been here before is NOT going to sit by while some lawmakers talk about leaving thousands of people to NOT get paid because the 16th largest bank ran out of money….
This is a act to stop possible OTHER bank runs…
This is breaking story….
More to come….
The series of crisis maneuvers by federal authorities — announced just hours before the start of trading in Asia — reflected the fear that has rippled through the banking sector just a few days after the collapse of Silicon Valley Bank, which many financial experts thought initially was confined to one part of the economy….
The ‘How’ this will be done….
The Treasury Department, Federal Reserve and FDIC said in a joint announcement that taxpayers would not bear losses from the moves to bolster the depositors at the two shuttered banks. Silicon Valley Bank collapsed late last week. Officials announced Signature’s closure on Sunday.
The agencies said Silicon Valley Bank’s depositors would have access to all their money on Monday. In a move to bolster confidence in the financial system, the Fed said it will make available funding to other banks to help assure they can meet the needs of all their depositors…
…
The dramatic moves marked an attempt by the Biden administration and regulators to contain possible financial contagion triggered by Silicon Valley Bank’s sudden collapse on Friday.
Over the weekend, the FDIC collected bids on the assets of Silicon Valley Bank in a race to offer a path forward for businesses whose funds are stuck at the failed lender, according to three industry sources familiar with the matter.
It could provide a mechanism for thousands of venture-backed startups and health care businesses, which had been customers of the defunct Northern California bank, to recover their money….
Update….
Biden people want to let u know that the GOVERNMENT isn’t spending any money on the SVB bailout….
BTW?
The Government/Taxpayers made money (Billions) on the 2008/2009 banks crisis ….
One would think they’ll make money on this also…..