Among the thousands of businesses that will face some form of financial compensation following the collapse of the Silicon Valley Bank (SVB), recipients of federal bailout money will include mainstream media outlets, social media companies, and the business interests of several Democratic elected officials across the country.
Vox also admitted to banking with SVB prior to its collapse, though it would not reveal the exact amount.
Newsom’s campaigns also received numerous donations from SVB, as the bank was known for its frequent financial support of Democratic and left-wing causes and candidates.
Newsom was one of the key players who told Biden at the onset of the crash that federal intervention was necessary as the bank’s collapse appeared imminent.
When SVB collapsed last weekend, it was estimated to have around $209 billion in assets and $175.4 billion in total deposits, thus making its failure the second-largest bank failure in American history, only behind the 2008 financial crash.
Despite the Federal Deposit Insurance Corporation (FDIC) taking control of the bank last Friday, the Biden administration has repeatedly insisted that the move was not a bailout, and that the FDIC’s actions would benefit average American workers and small businesses.
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